Press release
High Prevalence of Cardiovascular Diseases to Drive Geriatric Medicines Market
Geriatric medicine is a division of medicines associated with the clinical, remedial, preventive and social aspects of health issues faced by the populace aged over a certain limit- say 60 or 65. A substantial number among the geriatric population is rendered unable to consume their medication at accurately planned times on account of several medical and psychological issues. The aged pool of individuals require special attention and care for the rapid revival of the disease or disorder they are suffering from. According to statistic provided by the United Nations, the geriatric population is estimated to reach 1.4 billion by 2030 globally. This is expected to pave the way for the emergence of the geriatric medicines market in the forthcoming years.
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The global geriatric medicines market is further being provided an impetus for growth from the high interest from pioneer pharmaceutical enterprises looking to capitalize on the growing patient pool and their requirements. A number of governments are also taking an active interest in the field and working towards the promotion of specialty geriatric clinics and elderly care. While low awareness in some under developed parts of the world may hinder market growth to some extent, the market potential is expected to remain high due to the soaring aged population.
Based on the medical condition, the segments of cardiovascular diseases and arthritis are expected to account for a significant share of the global geriatric medicines market, as these two diseases are expected to generate nearly two-thirds of the market demand. Considering geographical segmentation, North America and Europe are anticipated to emerge as the most lucrative regions in the global geriatric medicines market. This could be ascribed to the favorable initiatives undertaken by the government to support the geriatric population, the high incidence of chronic ailments and the presence of leading pharmaceutical enterprises in the region.
Key vendors operating in the global geriatric medicines market are Eli Lilly and Company, GlaxoSmithKline plc, Merck & Company Inc., Abbott Laboratories, Inc., and Novartis International AG.
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