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Global Geriatric Medicines Market $980 Billion by 2027

The global market for geriatric medicines predicted to cross $980 billion by 2027, expanding at a CAGR of 7.3% over the forecast period, driven by rising chronic diseases in elderly population and government support in developed and developing regions.

Global Geriatric Medicines Market

Demographic changes including prescribing for the elderly population is becoming an increasingly important aspect of clinical care.

  • Older patients have a higher prevalence of chronic and multiple illness and physiological changes associated with ageing may masquerade as illness.
  • Prevalence of prescription drug use among older adults increases substantially with age. 
    • Drug therapy in older people is also complicated by age-related pharmacokinetic and pharmacodynamic changes, which increase the sensitivity to many drugs. 
      • Geriatric conditions such as functional impairment and dementia are common and frequently unrecognized or inadequately addressed in older adults.

According to MSD manuals. among people  65, 90% use at least 1 drug per week, > 40% use at least 5 different drugs per week, and 12% use  10 different drugs per week.

  • Women take more drugs, particularly psychoactive and arthritis drugs. Drug use is greatest among the frail elderly, hospitalized patients, and nursing home residents; typically, a nursing home resident is given 7 to 8 different drugs on a regular basis.
Geriatric Medicines Market 

The global geriatric medicines market report estimates the market size ($million 2017 to 2027), market share, growth trends and forecast (CAGR% 2021 to 2027).

The global market for geriatric medicines segmented indication (arthritis, cancer, cardiovascular, neurological, osteoporosis, respiratory, others), therapeutic area (analgesics, anticoagulants, antidiabetic, antihypertensive, antipsychotics, proton pump inhibitors, statins, others), and geography.

  • Based on the conditions, the cardiovascular disease segment dominated the market, accounting for more than 40% share of total market, and expected to expand at the fastest CAGR in the coming years, due to globally increasing prevalence of cardiovascular diseases and availability of wide range of medical treatments.
    • The cardiovascular diseases are the number one causes of mortality and morbidity among the elderly population worldwide.
  • In terms of therapeutic category, the analgesic drugs segment accounted for the largest share of the market, attributed to increasing prevalence of arthritis in older population and usage of analgesics as first-line of treatment for arthritis.
    • However, the antihypertensive drugs segment is projected to expand at the fastest CAGR in the near future, owing to rapidly increasing cardiovascular disease and rich pipeline of clinical drug candidates.

The global geriatric medicines market research report is further divided by geography into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA) and Rest of the World.

  • Geographically, the North America region held the largest share of the total geriatric medicines market, followed by the Europe region, due to increasing incidence rate of arthritis and cardiovascular diseases among the elderly population and favorable healthcare policies by governments.
    • On the other hand, the geriatric medicines market in the Asia Pacific region expected to witness the fastest growth rate during the forecast period, attributed to strong economic growth in India and China, rapidly growing elderly population in China, South Korea, and India, and rising disposable income among the middle class families in developing countries.

The global research report also provides detailed market landscape and profiles of major competitors in the global market including company overview, financial snapshot, major products and services offered, and recent trends in strategic management.

Major competitors operating in the global market for geriatric medicines and included in this report are Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co. Inc., Novartis AG, Pfizer, Inc., and Sanofi S.A.

  • Indication 
    • Arthritis
    • Cancer
    • Cardiovascular
    • Neurological
    • Osteoporosis
    • Respiratory
    • Others
  • Therapeutic Area
    • Analgesics
    • Anticoagulants
    • Antidiabetic
    • Antihypertensive
    • Antipsychotics
    • Proton Pump Inhibitors
    • Statins
    • Others
  • Geography
    • North America (U.S., Canada)
    • Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
    • Asia Pacific (Japan, China, India, Rest of APAC)
    • Latin America (Brazil, Mexico, Rest of LA)
    • Rest of the World
  • Company Profiles
    • Abbott Laboratories, Inc.
    • AstraZeneca plc
    • Boehringer Ingelheim GmbH
    • Bristol-Myers Squibb Company
    • Eli Lilly and Company
    • GlaxoSmithKline plc
    • Merck & Co., Inc.
    • Novartis AG
    • Pfizer, Inc.
    • Sanofi S.A.

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