Geriatric Medicines Market By Therapeutic Category (Analgesics, Antidiabetics, Antihypertensives, Antidepressants, Others), By Therapeutic Condition (Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
Geriatric Medicines Market size is estimated to reach $1.5 billion by 2027, growing at a CAGR of 6.5% during the forecast period 2022-2027. Geriatrics, or geriatric medicine is a specialty that aims attention at the health care of elderly people. It targets to advance health by avoiding and treating ailments and disabilities in the elderly population. Delirium in geriatric medication is associated with anticholinergic concerns. Chronic pain administration in senior citizens is complicated. Secure and efficient application of analgesic medicines in geriatric patients needs risk-benefit analysis. Antipsychotics are extensively utilized in geriatric psychiatric ailments. An increasing count of atypical antipsychotics is accessible, advancing clinical alternatives however is making decision-making complex. Statins are medications that can decrease cholesterol. They perform by obstructing a substance the body requires to prepare cholesterol. Decreasing cholesterol is not the only advantage related to statins. These medicines have also been connected to a decreased hazard of heart ailment and stroke. These medications may assist in balancing the plaques on blood vessel walls and diminishing the hazard of some blood clots.
The increasing trend of lifestyle-related risk perspectives and the significantly advanced access to economic medication across the developing and emerging countries and the surging application of statins are set to drive the Geriatric Medicines Market. The continued R&D activities begun by key players and pharmaceutical firms to meet the patient demand are set to propel the growth of the Geriatric Medicines Market during the forecast period 2022-2027. This represents the Geriatric Medicines Industry Outlook.
The report: “Geriatric Medicines Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Geriatric Medicines Market.
By Therapeutic Category: Analgesics, Antidiabetics, Antihypertensives,
By Therapeutic Condition: Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory, Others.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).
- Geographically, North America Geriatric Medicines Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the increasing predominance of different incessant ailments like obesity and diabetes requiring the application of statins and the existence of a very large population of baby boomers in the U.S. requiring effective treatment in the North American region.
- Geriatric Medicines Market growth is being driven by the increasing geriatric population aged 65 years and above and the rising pervasiveness of many target ailments like obesity requiring the application of statins in the geriatric population. However, the dearth of geriatric care centers in rural areas is one of the major factors hampering the growth of the Geriatric Medicines Market.
- Geriatric Medicines Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Geriatric Medicines Market report.
Geriatric Medicines Market: Market Share (%) by Region, 2021
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Geriatric Medicines Market Segment Analysis – By Therapeutic Category
The Geriatric Medicines Market based on therapeutic category can be further segmented into Analgesics, Antidiabetics, Antihypertensives, Antidepressants, and Others. The Analgesics Segment held the largest market share in 2021. This growth is owing to the surging application of analgesics with the soaring occurrence rate of pain-associated syndromes in old age. The demand for suitable analgesic therapy boosts with the increase in prescription sales for pain administration. The soaring occurrence of conditions like osteoporosis, deficiency of musculoskeletal strength, vision deterioration, and unplanned falls are further propelling the growth of the Analgesics segment.
Furthermore, the Antidiabetics segment is estimated to grow with the fastest CAGR of 7.3% during the forecast period 2022-2027 owing to the increasing predominance of diabetes in the elderly age group leading to additional ailments apart from the application of antipsychotics in the treatment of geriatric psychiatric ailments.
Geriatric Medicines Market Segment Analysis – By Therapeutic Condition
The Geriatric Medicines Market based on therapeutic conditions can be further segmented into Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory, and Others. The Cardiovascular segment held the largest market share in 2021. This growth is owing to the increasing predominance of cardiovascular disease in the geriatric population. Antipsychotics are widely used in the treatment of geriatric psychiatric ailments. The proliferating application of antihypertensives to treat hypertension accompanies most cardiovascular ailments among the elderly and additional factors like frailty, obesity, and diabetes with increasing age are further propelling the growth of this segment.
Furthermore, the Diabetes segment is estimated to grow with the fastest CAGR of 7.7% during the forecast period 2022-2027 owing to the increasing pervasiveness of diabetes among the elderly apart from the application of antipsychotics in the treatment of geriatric psychiatric ailments.
Geriatric Medicines Market Segment Analysis – By Geography
The Geriatric Medicines Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. North America (Geriatric Medicines Market) held the largest share with 35% of the overall market in 2021. The growth of this region is owing to the existence of an enormous geriatric population and a well-established compensation scenario in the North American region. Antipsychotics are widely applied to geriatric psychiatric ailments. The existence of better healthcare infrastructure is further propelling the growth of the Geriatric Medicines Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the notable improvements in the healthcare facilities and the introduction of many generic and patented medications in the Asia-Pacific region. The expanding population of the elde5ly whose treatment may require the application of antipsychotics is further fuelling the progress of the Geriatric Medicines Market in the Asia-Pacific region.
Geriatric Medicines Market Drivers
Surging Significance Of Geriatric Medicines Are Projected To Drive The Growth Of Geriatric Medicines Market:
As per statistics by the University of Kentucky, 75% of older mature grown-ups consume one or more prescription medicines. Geriatric medicine (frequently mentioned as 'care of the elderly) is the biggest specialty in countries like the U.K. in terms of consultant numbers. Antipsychotics are extensively utilized in geriatric psychiatric ailments. With society's demographic alteration and a greater count of people living to old age, the specialty continues to acquire both significance and eminence. Geriatric medicine provides the individual a chance to specialize not only in the care of older people, however, also to sub-specialize and establish an interest in associated issues like stroke, falls, dementia, continence, and movement ailments. Physicians can perform in distinct clinical settings inclusive of acute care, rehabilitation wards, and the community. Organizations like the European Medicines Agency (EMA) serve a vital role in guaranteeing that the requirements of older people are taken into account in the establishment, certification, and applications of medicines in the European Union in this case. This involves developing guidelines on how to attend to the particular needs of older patients in medication development programs and enhancing the supplying of information for those patients. Older people are the fastest-growing population class in Europe and are the principal users of medicines. EMA has been undertaking different initiatives to guarantee that the establishment, measurement and safety monitoring of medications consider the rare considerations related to older patients. The surging significance of geriatric medicines is therefore fuelling the growth of the Geriatric Medicines Market during the forecast period 2022-2027.
Soaring Innovations In Geriatric Medicine Are Expected To Boost The Demand For Geriatric Medicines:
Apart from the extensive application of antipsychotics in geriatric psychiatric ailments, novel innovations are taking place in the field of Geriatric Medicine. In current months, a novel multidisciplinary initiative at UH (University Hospitals Cleveland Medical Center) has been offering all-inclusive assessment and medical administration for elderly individuals looking for renal transplants. As expanding counts of older patients battle with kidney failure, their appropriateness as transplant candidates requires to be thought out. As per the National Foundation for Transplants, the average wait time for kidney donation is 679 days, and the cost of a transplant surpasses $414,000. Healthcare organizations have a moral compulsion to guarantee that patients accepting transplanted organs are well-positioned for favorable long-term results. Physicians looking for a geriatric consultation for a transplant can access a designated order within the UH electronic medical record. The soaring innovations in geriatric medicine are therefore driving the growth of the Geriatric Medicines Market during the forecast period 2022-2027.
Geriatric Medicines Market Challenges
Challenges Of Medication Delivery To Geriatric Patients Are Hampering The Growth Of The Geriatric Medicines Market:
As per statistics by the University of Kentucky, 25% of older mature grown-ups consume 5 or more medicines on a routine basis. Older mature grown-ups with multimorbidity, polypharmacy, and complicated health requirements are the principal consumer of health care. Guaranteeing that medications are utilized securely, efficiently, and delivered effectively in this population is challenging. In this context, the technique of medicine delivery needs to look to overcome certain hardships of delivering medications to older people, and guarantee that every medicine is delivered by the optimal and most useful route for the patient in question. However, this poses considerable impediments, owing to the development of medications appropriate for application in older populations not frequently accounting for complicated health requirements, possible challenges in relation to drug disposition, security of excipients, and restraints with practical usability of dosage forms. These issues are thus hampering the growth of the Geriatric Medicines Market.
Geriatric Medicines Industry Outlook:
Regulatory approvals, technologically progressive products, novel product launches, acquisitions, collaborative agreements with other firms, and R&D activities are key strategies adopted by players in the Geriatric Medicines Market. Key companies of this market are:
- Endo Pharmaceuticals Inc.
- Merck & Co. Inc.
- AstraZeneca PLC
- Pfizer Inc.
- Allergan (AbbVie)
- Bristol-Myers Squibb Company
- Abbott Laboratories, Inc.
- Boehringer Ingelheim GmbH
- Eli Lilly and Company
- Novartis AG
- In December 2021, Novartis declared that it enrolled in a definitive agreement to gain all of the outstanding share capital of the U.K.-based ocular gene therapy firm Gyroscope Therapeutics. Geographic atrophy (GA) is a progressive form of dry age-related macular degeneration (AMD) that results in advanced and irrevocable vision loss. There are no certified treatments for GA, making it one of the most important unmet requirements remaining in retinal ailments.
- In September 2021, Novartis declared that it has gained Arctos Medical, including a pre-clinical optogenetics-based AAV gene therapy program and Arctos’ proprietary technology to its ophthalmology portfolio. The gain emphasizes Novartis's dedication to discovering treatments for patients with vision loss and the possibility of optogenetics as the basis of favorable therapeutics. Arctos established its technology as a possible technique for treating inherited retinal dystrophies (IRDs) and additional ailments that include photoreceptor loss, like age-related macular degeneration (AMD).
- In November 2019, Novartis AG gained the life science firm The Medicines Company for 9.7B USD. This is the 17th transaction of Novartis AG in the Life Science sector. This is 1st largest (revealed) transaction OF Novartis AG.
Report Code: HCR 88511
Report Code: HCR 41376
Report Code: HCR 1340
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