How Has The Geriatric Medicines Market Size Evolved Historically?
The geriatric medicines market has seen considerable growth due to a variety of factors.
• The market for geriatric medicines has seen a significant expansion in the recent past. There is a predicted growth from a worth of $1227.91 billion in 2024 to an anticipated value of $1430.84 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.5%.
The historical growth has been powered by factors such as a surge in stroke prevalence, escalating chronic disease cases, increased occurrence of cardiovascular diseases, amplified government aid, and a growing focus on individualized medicine.
What is the Forecasted Growth of the Geriatric Medicines Market Size?
The geriatric medicines market is expected to maintain its strong growth trajectory in upcoming years.
• The market for geriatric medicines is poised for robust growth in the coming years, with an expectation to reach $2604.86 billion in 2029, growing at a CAGR of 16.2%.
The forecast period's growth can be linked to the escalating occurrences of health issues related to aging, an increase in the elderly population, increased funding towards healthcare, an upsurge in geriatric medicine, and a rise in the incidence of hypertension. Major trends set to dominate the forecast period include the utilization of digital pills and health-centric wearable devices, the creation of methodologies and resources for managing multiple medications safely, progress in stem cells and gene therapy, wider application of telehealth platforms, and breakthroughs in early detection and prevention of diseases associated with aging.
What Are The Key Drivers Fueling Growth In The Geriatric Medicines Market?
The rise in age-related health issues is predicted to fuel the expansion of the geriatric medicines market. The incidence of health issues related to aging intensifies or increases with age, due to the natural aging progression. Factors such as longer life spans, advancements in the healthcare sector, and an aging population primarily contribute to the increase in these health conditions. Geriatric medicines provide specific treatments for older adults, thereby enhancing their health outcomes and life quality. For instance, a report by the UK government organization, the Office for Health Improvement and Disparities (OHID), disclosed that in March 2023, 17.6% of people who were 16 or older in 2022 have been grappling with a persistent musculoskeletal (MSK) condition like arthritis, or continuous back or joint issues. This signifies a rise from the 2021 prevalence rate of 17.0%. With this, the escalating occurrence of health conditions related to age fuels the geriatric medicines market's expansion.
What Is The Segmentation Of The Global Geriatric Medicines Market?
The geriatric medicines market covered in this report is segmented –
1) By Therapeutics: Analgesics, Antihypertensive, Statins, Proton Pump Inhibitors, Anticoagulant, Antipsychotic, Other Therapeutics
2) By Condition: Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, Respiratory, Other Conditions
3) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
Subsegments:
1) By Analgesics: Non-Opioid Analgesics (Acetaminophen, NSAIDs), Opioid Analgesics (Morphine, Oxycodone), Topical Analgesics (Lidocaine Patches)
2) By Antihypertensive: Angiotensin-Converting Enzyme (ACE) Inhibitors, Angiotensin II Receptor Blockers (ARBs), Beta-Blockers, Calcium Channel Blockers, Diuretics, Alpha-Blockers
3) By Statins: Atorvastatin, Simvastatin, Rosuvastatin, Pravastatin, Lovastatin
4) By Proton Pump Inhibitors: Omeprazole, Esomeprazole, Lansoprazole, Pantoprazole, Rabeprazole
5) By Anticoagulant: Warfarin, Direct Oral Anticoagulants (DOACs): Dabigatran, Rivaroxaban, Apixaban, Heparin
6) By Antipsychotic: Atypical Antipsychotics, Typical Antipsychotics
7) By Other Therapeutics: Antidepressants (SSRIs, SNRIs), Antidiabetic Medications (Insulin, Metformin), Anticonvulsants, Anti-Inflammatory Drugs (Corticosteroids), Cognitive Enhancers (Donepezil, Memantine)
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What Emerging Trends Are Shaping The Geriatric Medicines Market Landscape?
Top-tier businesses in the geriatric medicines market are striving to create inventive diabetes treatments to meet the increasing need for efficient remedies among the elderly. These treatments aim to enrich diabetes care or provide potential cures that go beyond conventional methods, thus enhancing efficacy, safety, and patient results. For example, Akums Drugs & Pharmaceuticals Ltd., an Indian pharmaceutical contract manufacturing firm, revealed a new combination treatment involving Vildagliptin SR and Metformin SR in August 2023. This advanced blend targets the management of Type 2 diabetes in aging patients specifically. It is formulated to provide optimal blood sugar control and the treatment reduces significant issues like hypoglycemia and weight gain, issues that are especially vital for this age group. By facilitating the mechanisms of both medicines, the combination strengthens insulin release and effectively lowers blood sugar levels, ensuring both safety and efficacy. The Drug Controller General of India (DCGI) has granted this product regulatory approval.
Who Are the Key Players in the Geriatric Medicines Market?
Major companies operating in the geriatric medicines market are include:
• Pfizer Inc.
• Merck & Co. Inc.
• AbbVie Inc.
• Sanofi S.A.
• Bristol-Myers Squibb Company
• Novartis AG
• F. Hoffmann-La Roche AG
• GlaxoSmithKline plc
• Eli Lilly and Company
• Viatris Inc.
• Teva Pharmaceutical Industries Ltd.
• Boehringer Ingelheim GmbH
• Regeneron Pharmaceuticals Inc.
• Macleods Pharmaceuticals Ltd.
• Apotex Inc.
• Intas Pharmaceuticals Limited
• Dr. Reddy's Laboratories
• Lupin Limited
• Biocon Limited
• Torrent Pharmaceuticals Ltd.
• Endo Pharmaceuticals Inc.
What are the Regional Insights into the Geriatric Medicines Market?
North America was the largest region in the geriatric medicines market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric medicines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
