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Strong Growth Ahead: Geriatric Medicines Market Size To Grow At Arecord 16.2% Cagr By 2029
Geriatric Medicines Market
How Big Is the Geriatric Medicines Market Size Expected to Be by 2034?
The market for geriatric medicines has seen a swift expansion in recent times. It is projected to expand from $1227.91 billion in 2024 to $1430.84 billion in 2025, with a compound annual growth rate (CAGR) of 16.5%. This surge during the historic period can be linked to a rising incidence of stroke and chronic diseases, an increase in cardiovascular diseases, enhanced government backing, and a greater focus on personalized medicine.
The market for geriatric medicines is forecasted to experience a swift expansion in the upcoming years, with its size projected to reach $2604.86 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. The anticipated growth during this period can be linked to the escalating occurrence of health conditions associated with aging, growing elderly populace, increased healthcare spending, an upsurge in geriatric medicine, and rising cases of hypertension. The forecast period will witness major trends like the adoption of digital pills and health monitoring wearables, the creation of approaches and instruments to safely handle multiple medications, breakthroughs in stem cell and gene therapy, broadened adoption of telehealth platforms, and advancements in the early detection and prevention of diseases related to aging.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Geriatric Medicines Market Trends?
The geriatric medicines market is likely to see an upward trajectory due to the growing prevalence of age-related health issues. As people age, they experience health problems that become more frequent or intense, driven by factors such as longer lifespans, advancements in healthcare, and an aging population. Geriatric medicines play a crucial role in managing these age-related health conditions, providing special treatments designed specifically for older adults, hence enhancing their healthcare outcomes and the quality of life. The Office for Health Improvement and Disparities (OHID), a government institution from the UK, published a report in March 2023 indicating that in 2022, 17.6% of individuals aged 16 and above reported having a persistent musculoskeletal (MSK) condition such as arthritis or chronic back or joint problems. This was a rise from the prior year's prevalence of 17.0%. Consequently, the escalating prevalence of age-associated health issues fuels the expansion of the geriatric medicines market.
Who Are the Top Competitors in Key Geriatric Medicines Market Segments?
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 Actigraphy Devices Market Trends Are Gaining Traction Across Different Segments?
Leading organizations in the geriatric medicines sector are turning their focus toward the creation of innovative diabetes treatments aimed at satisfying the increasing need for efficient solutions among the fast-ageing population. Unlike traditional approaches, these novel diabetes therapies emphasize enhancing diabetes control or introducing potential cures, thereby resulting in improved effectiveness, safety, and patient results. For instance, Akums Drugs & Pharmaceuticals Ltd., a pharmaceutical contract manufacturing corporation based in India, in August 2023, introduced a unique combination therapy made up of Vildagliptin SR and Metformin SR. This state-of-the-art compound, particularly designed for managing Type 2 diabetes in aged patients, promises potent glycemic control. The therapy also mitigates key issues such as hypoglycemia and weight increase, which are particularly significant for this age group. The combination therapy enhances insulin release and effectively lowers blood sugar levels by combining the actions of both drugs, therefore guaranteeing safety and effectiveness. The new product has officially received approval from the Drug Controller General of India (DCGI).
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Which Regions Are Becoming Hubs for Geriatric Medicines Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geriatric Medicines Market?
2. What is the CAGR expected in the Geriatric Medicines Market?
3. What Are the Key Innovations Transforming the Geriatric Medicines Industry?
4. Which Region Is Leading the Geriatric Medicines Market?
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