Press release
Geriatric Medicines Market will Propagate at a Formidable CAGR of 7.27% during 2017 to 2023
This past century since the end of the Second World War in 1945 is believed to be the most peaceful time in humanity, and populations have prospered. As a result, as we come close to the end of the century since the war – geriatrics have proliferated. According to latest 2017 estimations by the United Nations, there will be 1.4 billion people aged over 60 years in the World by 2030. Without proper care, an aging body invariably loses immunity and geriatrics are highly prone to neurological, cardiovascular, and respiratory diseases, among others.
Geriatric medicines are a specialty branch of medical science that provides customized diagnostics and treatment options for the elderly, and the market for the same is flourishing. This business intelligence report has projected that the demand in the global geriatric medicine market will propagate at a formidable CAGR of 7.27% during the forecast period of 2017 to 2023. In terms of revenue, opportunities in the global geriatric medicine market is estimated to translate into US$ 948,005.3 mn by the end of 2023, swelling up substantially from the market’s evaluated worth of US$ 622,175.8 mn as of 2017.
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Apart from apparent aging population, the global geriatric medicine market is gaining impetus from increased focus of various pioneering pharmaceutical companies to derive drug formulations specifically for the new pool of patients. A number of governments are taking initiatives to promote geriatric care and specialty clinics are mushrooming. All these, and quite a few more, drivers will ensure a healthy future for the geriatric medicine market. However, the lack of awareness in the rural parts of the world and side effects of geriatric medicines are a few restraints that need to be overcome before the market attains its true potential.
Analgesic and Antihypertensive Key Therapeutic Category Segments
On the basis of therapeutic category, the market for geriatric medicine has been segmented into anti-diabetic, antihypertensive, analgesic, proton pump inhibitor (PPI), statins, antidepressant, antipsychotic, and others. Among these, analgesic and antihypertensive have been identified as the two segments of geriatric medicine market that are showing greatest promise. While the analgesic therapies are evaluated to produce a demand worth of US$202,399.1 mn by 2023, the demand for the antihypertensive segment is projected to expand at an above-average CAGR of 8.0% during the aforementioned forecast period. Analgesics are a category of drugs that relieve pain selectively without blocking the conduction of nerve impulses, and it does not affect the consciousness of the subject. Increasing number of arthritis cases across the world is expected to drive the demand for analgesic geriatric medicines, which are considered to be the first-line of treatment for the joint disease.
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On the other hand, antihypertensive are a class of drugs that are used to treat hypertension (high blood pressure). Antihypertensive therapy prevents complications of high blood pressure such as stroke and myocardial infarction. Restless lifestyle of the urban populations and increased life expectancy are some of the key drivers of the market for antihypertensive medicines for geriatrics, which will be nearing a valuation of 193,867.1 mn by 2023. During the study for this report, satins and PPI emerged as the next two lucrative therapeutic category segments of the geriatric medicine market, promising to generate a revenue of US$157,368.9 mn and 125,136.7 mn respectively by the end of 2023.
CVDs and Arthritis Profitable Medical Condition Segments
The report also bifurcates the geriatric medicine market based on medical condition, into neurological, respiratory, osteoporosis, cancer, arthritis, cardiovascular, and others. Cardiovascular and arthritis segments are the two segments that are constituting for the most prominent chunk of demand. The two medical conditions will generate more than two-third of the total demand in the global geriatric medicine market. This report provides calculated and estimated lucrativeness of each of these market segments in terms of US dollar million.
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North America Producing Maximum Demand for Geriatric Medicines
Geographically, North America and Europe are the fattest regions in terms of revenue for the players in the global geriatric medicine market, although the analyst of the report has strongly highlighted the growing potential of Asia Pacific. By 2023, the North America geriatric medicine market is estimated to be worth US$360,242.0 mn, gaining traction from high prevalence of chronic diseases, favorable government initiatives for the elderly, and presence of several pioneering companies of this market.
On the other hand, China and India account for 19 and 18 percent of the world’s population respectively, according to the United Nations. Healthcare infrastructure is improving in urban parts of these two emerging economies and government support is there to be availed too. The Asia Pacific geriatric medicine market is projected to be worth US$207,139.2 mn by the end of 2023.
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