Geriatric Medicines Market Huge Demand & Future Scope Including Top Players - GlaxoSmithKline Plc, BoehringerIngelheim GmbH, Novartis AG, Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott Laboratories Inc., AstraZeneca plc
The Global Geriatric Medicines Market Size is anticipated to reach over USD 1,157.34 billion by 2026 according to a new research published by Polaris Market Research.Geriatric medicines, also called geriatrics is a division of medicines associated with preventive, clinical, remedial, and social aspects of disease generally amongst people that are aged over 65 years or more. In response to the needs of an aging population, demand for geriatric medicines and appropriate cure has developed rapidly during last decades. The proper medical care for the geriatric patients across the range of ill health conditions includes co-morbid complications such as syncope, cerebral aging, and falls among others.
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The global geriatric medicines market is majorly driven by the factor including a rise in geriatric populations. According to the Eurostat, the number of people aged 65 years and above is expected reach 141 million by 2050 globally. In addition, the high market growth is expected on account of the increasing occurrence of numerous target disorders in the geriatric population, the demographic modification, the rising trend in lifestyle-associated risk aspects, and the considerably developed access to economic medicine across the developing and emerging regions.
Continuous R&D activities commenced by key players and pharmaceutical companies to provide to the patient demand is expected to gain the significant outcomes during the forecast period. Increasing occurrence of chronic ailments, refining healthcare organization in emerging economies, increasing acceptance of medical tourism, government initiatives as well as support to provide timely care, and increasing number of specialty clinics are some of the other factors driving of the geriatric medicines market. However, difficulties associated with drug compatibility, lack of patient involvement in clinical trials, and side effects associated with the medications are the factors hampering the market growth.
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North America is estimated to dominate the global Geriatric Medicines Market. The existence of developed healthcare facilities, favorable reimbursement policies, and the easy availability of important as well as life-saving medicine has significantly enhanced the average life expectancy rates in North America. Moreover, the number of people that are over 65 to 70 years suffering several target ailments is increasing continually which is further anticipated to boost the geriatric medicines market during the forecast period.
Some major key players in global Geriatric Medicines Market include GlaxoSmithKline Plc, BoehringerIngelheim GmbH, Novartis AG, Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott Laboratories Inc., AstraZeneca plc, Merck & Company Inc., and Sanofi S.A. among others.
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About us Polaris Market Research
Polaris Market Research is a global market research and consulting company. We provide unmatched quality of offerings to our clients present globally. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities.
We mainly focus on aiding our customers with substantial competitive intelligence, helping them to secure a competitive advantage in the market and accomplish sustainable growth in different market domains. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers. Through dedicated qualitative and quantitative primary and secondary market research and consulting assignments, we adeptly formulate competitive strategies to address business challenges for our clients through analyzing market trends and emerging technologies.
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