Geriatric Medicines Market: Major Players Dominating this Market - Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company

Geriatric medicine is concerned with the specialist medical care of the frail older individual, and in the promotion of better health in old age. It mainly deals with the prevention, diagnosis, treatment, remedial and social aspects of illness in older people, mainly patients over 65 years of age. The incidence of diseases such as neurological disorder, cancer, rheumatoid arthritis, cardiovascular disorder, and increased use of multiple medicines (polypharmacy) are often leading to medicine-related problems, hence these are augmenting the market for geriatric medicine. The geriatric medicine market is expanding at a promising growth rate globally owing to the rising pace of the aging population, growing prevalence of the chronic diseases, and increased investment in the national healthcare system (developing economies). However, lack of specialized care centers and hospital units could hamper market growth from 2015 to 2023

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According to the World Health Organization (WHO), people over the age of 65 forms the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. In America, the healthcare cost consists of 95% are for chronic diseases. According to the State of Aging and Health in America 2013 it is estimated that by 2030, health care spending will increase by 25%, largely because the population will be older. However, this estimate does not take into account the higher costs of new technologies and inflation. The increasing prevalence of geriatric diseases, rise in chronic diseases, favorable government initiatives toward geriatrics, and increase in health care infrastructure is likely to boost market growth.

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Major Players of the Market

Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers SquibbZ Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Company Inc., Novartis AG, Pfizer, Inc., and Sanofi S.A are some of the major players operating in the global geriatric medicines market.

Geographical Insights

Geographically, geriatric medicines market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest share of 39.0% of the global geriatric medicine market in terms of revenue in 2014 followed by Europe. Factors like growing prevalence of cardiovascular disease cases and rapidly rising geriatric population are helping in augmenting the market. Asia Pacific was the third largest market for geriatric medicine, and is expected to register the fastest CAGR during the forecast period. Rising prevalence of increased geriatric population, increasing government initiatives, growth in health care infrastructure and expansion of market players in the region would contribute to the market growth.

Key Points form Table of Content

1. Global Geriatric Medicines Market – Industry Analysis

2. Market Segmentation – By Therapeutic Category

3. Market Segmentation – By Condition

4. Market Segmentation – By Geography

5. Recommendations

6. Company Profiles

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