The global geriatric medicines market size was valued at US$ 835.53 billion in 2021 and is expected to hit around US$ 1,423.6 billion by 2030 with a registered CAGR of 6.8% during the forecast period 2022 to 2030.
The geriatric medicines are prescribed to those people who is age of 65 and above. The therapeutics used for the treatment of geriatrics is antidiabetic, analgesic, antipsychotic, and antihypertensive. The geriatric medicines are used for the treatment of arthritis, cardiovascular disorders, cancer, and neurological disorders.
One of the key factors driving the growth of global geriatric medicines market is the growing population of geriatrics all around the world. As per the UN data from the World Population Prospects for 2019, the number of individuals over the age of 65 is expected to rise from 9% in 2019 to more than 16% by 2050. From 143 million in 2019 to 426 million in 2050, the number of people aged 80 and up is expected to increase. Thus, these figures have positive outlook on the global geriatric medicines market.
Another factor propelling the expansion of global geriatric medicines market is growing prevalence of stroke among geriatric population. In the U.S., stroke is the top of fatalities. As per the Centers for Disease Control and Prevention, one person dies from a stroke every 40 seconds in the U.S. and approximately 795,000 people are affected by stroke each year. There are around 610,000 first or fresh strokes and 185,000 recurrent strokes. This growing number of strokes is supporting the global geriatric medicines market growth and development.
In addition, the growing government initiatives are also boosting the growth of worldwide geriatric medicines market. Moreover, government agencies and public companies are highly investing and providing insurance policies to the consumers. For example, the Federal Long Term Care Insurance Program in the U.S. is a beneficial insurance for the elderly as it covers practically all medical care and costs for persons in the U.S. Similarly, the Long-Term Care Ombudsman Program helps older persons in the U.S. find residential care facilities, nursing homes, and assisted living settings.
The government is also providing tax benefits to the manufacturers of geriatric medicines. Those benefits are incentives and subsidies. This factor is supporting the growth of global geriatric medicines market. The market players operating in global geriatric medicines market are also adopting unique strategies for creating their position in the market. The non-profit organizations are collaborating with market players for providing drugs and medications to the geriatric people who are in need. This factor is contributing towards the growth of global geriatric medicines market.
Besides this, the major market players are adopting strategies such as joint venture, partnership, product launch, business expansion, merger, and acquisition. All these strategies help market players to reach maximum number of people this assist in the growth of revenue and sales share all around the world.
Report Scope of the Geriatric Medicines Market
|Market Size by 2030||USD 1,423.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 6.8%
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Therapeutics, Condition, Distribution Channels, Route of Administration, Geography|
|Companies Mentioned||GlaxoSmithKline PLC, Novartis AG, Pfizer Inc., Sanofi S.A., Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, Merck & Company Inc., Abbott Laboratories Inc., Eli Lilly & Company, AstraZeneca PLC|
The analgesics segment dominated the geriatric medicines market in 2021. The demand for analgesics is growing due to the surge in number of pain related disorders among old people. The bones of geriatric people are quite weak as compared to young population. The other factors driving the growth of analgesics segment is the growing drugs and medicines sales through over the counter (OTC) platforms and sales of prescription drugs.
The antidiabetic segment is expected to witness strong growth during forecast period. Diabetes affects a large percentage of the elderly. Around 20% of the population is affected by this disease by the age of 75. Diabetes in senior persons has a different metabolic profile than diabetes in younger patients, necessitating a different strategy to treatment. Due to all these factors, the antidiabetic segment is expanding at a rapid pace.
The cardiovascular segment dominated the geriatric medicines market in 2021. Cardiovascular disorders are more common in the elderly and those over the age of 65. In geriatric population, age is an individual cause of cardiovascular diseases, although other variables such as obesity and diabetes augment these risks. These factors have been shown to adversely affect and worsen cardiac risk factors linked to old age.
The cancer segment is projected to hit remarkable growth from 2022 to 2030. Cancer risk rises rapidly with the age, without a fact. People aged 65 and up account for almost 60% of all cancer cases. In addition, this stage accounts roughly 70% of cancer related mortality. As a result, cancer is an old age disorder. Given the rise in cancer incidence and standard of living among the senior population, a unique approach to the treatment and longevity of geriatric cancer patients is required.
North America dominated the geriatric medicines market in 2021 with a CAGR of 5.6% from 2022 to 2030. The geriatric medicines market is growing due to rising incidence of chronic disorders which include cancer and diabetes. As per the International Diabetes Federation, approximately 48 million adults in North America have diabetes in 2019, with more than half of these patients being over the age of 65. This trend is expected to continue in the coming years, resulting in increased need for geriatric specific treatments, which will drive the geriatric medicines market in the North America region.
Asia-Pacific is expected to develop at the fastest rate 6.5% during the forecast period. The countries such as India, Japan, and China are holds largest share in the Asia-Pacific geriatric medicines market. The factors such as launch of generic medicines, rising disposable income, and expansion of healthcare industry are driving the growth of geriatric medicines market in the region. The growing trend of medical tourism is also creating growth prospects for Asia-Pacific geriatric medicines market.
Some of the prominent players in the global geriatric medicines market include:
Segments Covered in the Report
By Distribution Channels
By Route of Administration
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