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Shaping the Geriatric Medicines Market in 2025: Increasing Prevalence Of Age-Related Health Conditions Driving Growth In The Market
Geriatric Medicines Market Size
The market for geriatric medicines has seen rapid expansion recently. It is predicted to rise from a market size of $1227.91 billion in 2024 to $1430.84 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 16.5%. The surge during the historic period is ascribed to factors like the increasing occurrence of stroke, the rise in chronic diseases, growing pervasiveness of cardiovascular diseases, enhanced government backing, and a heightened focus on personalized medicine.
The market size of geriatric medicines is predicted to witness robust expansion in the upcoming years, potentially reaching a size of $2604.86 billion in 2029, with a compound annual growth rate (CAGR) of 16.2%. Imminent growth in the forecast period could be due to proliferating age-related health issues, increasing elderly population, escalating medical care costs, growing prominence of geriatric medicine, and heightened frequency of hypertension incidents. The forecast period is also expected to experience key developments such as wider use of digital pills and health-monitoring wearable devices, progress in strategies and tools for the safe administration of multiple medications, breakthroughs in stem cells and gene therapy research, growth in telehealth platform usage, and significant advancements in early detection and prevention of age-oriented diseases.
What Are the Primary Growth Drivers for the Geriatric Medicines Market?
As the occurrence of health issues correlated with aging increases, it is projected that the geriatric medicines market will see substantial growth. These health issues, which escalate in frequency or severity as one ages, are a natural outcome of the aging process. The escalation in these health conditions can be attributed to longer life spans, improvements in healthcare, and a larger elderly population. Geriatric medicines are specifically designed to manage these aging-associated health problems, thus enhancing older adults' quality of life and health outcomes. For example, a report by the Office for Health Improvement and Disparities (OHID), a government office in the UK, noted in March 2023 that 17.6% of people over 16 claimed to have persistent musculoskeletal (MSK) disorders such as arthritis or ongoing back or joint issues in the year 2022. This is a rise from the 17.0% prevalence noted in 2021. Consequently, the escalating occurrence of health issues linked to aging is spurring the expansion of the geriatric medicines market.
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Who Are the Dominant Companies Influencing Geriatric Medicines Market Trends?
Major companies operating in the geriatric medicines market are 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 Latest Innovations in the Geriatric Medicines Market?
Top companies in the geriatric medicines market are concentrating their efforts on creating innovative diabetes treatments to meet the increasing demand among the elderly population. These unique therapies improve diabetes management and outperform conventional methods, enhancing effectiveness, safety, and patient results. For example, in August 2023, Akums Drugs & Pharmaceuticals Ltd., a pharmaceutical contract manufacturing firm based in India, unveiled a new combination therapy comprising Vildagliptin SR and Metformin SR. This cutting-edge formulation was specifically created to manage Type 2 diabetes in older patients. It provides efficient blood sugar control and reduces concerns such as hypoglycemia and weight gain, which are of utmost importance for this age group. By combining the effects of both drugs, the therapy amplifies insulin secretion and successfully lowers blood sugar levels, ensuring safety and effectiveness. The Drug Controller General of India (DCGI) has given regulatory approval for the product.
What Are the Different Segmentations in the 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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Which Region Is at the Forefront of 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.
What Is Covered In The Geriatric Medicines Global Market Report?
- Market Size Analysis: Analyze the geriatric medicines Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the geriatric medicines Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall geriatric medicines market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the geriatric medicines market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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