Global Geriatric Medicines Market to be Driven by Rise in Chronis Diseases

According to a new market report published by Transparency Market Research “Geriatric Medicines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the global geriatric medicines market was valued at US$ 504.7 bn in 2014 and is expected to grow at a CAGR of 7.3 % from 2015 to 2023, to reach an estimated value of US$ 948 bn in 2023.

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.

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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

On the basis of therapeutic category the geriatric medicines market is categorized into segments namely: analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic, and others. Among these segments, analgesic accounted for the largest market share in 2014 in terms of revenue and continues to dominate the market during the forecast period. It is approximately estimated that 60%–75% of people over the age group of 65 are reported with at least some persistent pain, the most frequent pain complaints among older people are osteoarthritic back pain, especially in the low back pain, musculoskeletal pain, peripheral neuropathic pain, and chronic joint pain.

The leadership of this segment is attributed due to increase in the chronic diseases, favorable government initiatives toward geriatrics and increase in health care infrastructure is likely to boost market growth. Statin is considered to be second-line treatment for cardiovascular disorders and diabetes. Hence, increased incidence of heart attacks, stroke, rheumatoid heart disease, change in lifestyle, and obesity is expected to accelerate market growth in the near future.

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On the basis of condition the geriatric medicines market is segmented into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. Cardiovascular holds the largest market share in 2014 in terms of revenue and continues to lead during the forecast period. The total number of inpatient for cardiovascular operations and procedures has increased by 28% from 2000 to 2012 as per the National Heart, Lung, and Blood Institute. With the rising aging population and obesity increases the risk of heart attacks and strokes support the growth of this segment.

Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb 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.

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This release was published on openPR.