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| Geriatric Medicines Market |
The global geriatric medicines market is defined by medications that are specifically formulated and approved for older adults to address age-related health conditions and diseases. Geriatric medicines are a key aspect in treating older patients suffering from multiple chronic conditions. With aging, physiological and anatomical changes occur in the body that require special attention to treatment regimens. Geriatric medicines help bridge therapeutic gaps and improve quality of living for the elderly population. Some common classes of geriatric medicines include analgesics, antihypertensives, statins, anti-diabetics, anti-coagulants and vaccines. The global geriatric population has been rising significantly creating high demand for geriatric-specific formulations.
The Global Geriatric Medicines Market is
estimated to be valued at US$ 1,570.18
Bn in 2024 and is expected to
exhibit a CAGR of 6.6% over the
forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Geriatric
Medicines Market are Pfizer Inc., Takeda Pharmaceutical Company
Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie
Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb,
Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt
Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring
Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals.
The growth in geriatric population globally is driving high demand for
geriatric medicines. As people age, they are more prone to chronic diseases
like diabetes, cancer, neurological disorders etc. and require tailored
prescription drugs which consider their changed physiology and
multi-morbidities. According to United Nations data, over 703 million people
worldwide were aged 65 years and above in 2019. This number is projected to
double to 1.5 billion by 2050 pushing up requirements for eldercare solutions.
Technological advancements are aiding development of novel geriatric drug
formulations and delivery systems. Areas witnessing progress include gene
therapy, stem cell therapy, 3D printing, digital pills and artificial
intelligence. For instance, AI is helping detect potential adverse drug
reactions in elderly through integration of their genetic and clinical
profiles. It is enabling more effective and safe medication management for the
geriatric group.
Market Trends
- Increased research into geriatric-specific formulations of vaccines,
biosimilars and specialty drugs for diseases like Alzheimer's and arthritis is
a key trend. This will augment the preventive healthcare tools available for
the aged population.
- Digital health solutions tailored for elderly care like remote patient
monitoring, telehealth and digital therapeutics are gaining prominence. Such
technologies enhance accessibility and compliance of medication schedules.
Market Opportunities
- Growing focus on palliative care, both pharmacological and
non-pharmacological, creates scope for new product categories aimed at
improving quality of life for geriatrics.
- Opportunities lie in developing countries and emerging markets where elderly
population is rising rapidly but present healthcare capacity remains limited
for their needs. Enhanced medical access can unlock new revenues.
Impact of COVID-19 on Global Geriatric Medicines Market growth
The COVID-19 pandemic has significantly impacted the growth of the global
geriatric medicines market. During the initial lockdown phases in 2020, the
market experienced slower growth as non-essential medical services were disrupted.
Elderly patients were considered high-risk for COVID-19 infection, so many
postponed or avoided doctors visits. This led to reduced diagnosis and
treatment of age-related conditions. However, as the pandemic progressed,
telemedicine emerged as an important tool to continuously engage with elderly
patients and ensure medication adherence. Pharmaceutical companies also
increased production of essential medicines to meet stockpiling demands.
In the past year, the market has seen renewed growth post lockdowns. Prevention
of age-related disease complications in COVID-19 infected patients became a
priority. Also, the risks of infection while visiting hospitals encouraged
greater reliance on home healthcare solutions. This has driven innovations in
remote patient monitoring, pharmacy delivery services etc. Looking ahead, the
geriatric population worldwide is growing rapidly. Chronic diseases management
in the elderly will require integrated healthcare models combining telehealth,
personalized prescriptions and home nursing. More collaboration between pharma,
healthtech and insurance providers can help mitigate future healthcare access
issues for the senior demographic.
Geographical regions with concentrated Global Geriatric Medicines market value
The United States accounts for the largest share of the global geriatric
medicines market in terms of value. This is owing to factors such as the large
elderly population, high healthcare spending and presence of major
pharmaceutical companies. Within the US, states like California, Florida and
New York have seen higher sales of age-related ailment drugs due to their
demographics. Other top regions include Western European countries like
Germany, France, Italy and the United Kingdom due to universal healthcare and aging
societies. Japan is also a major mature market due to the highest percentage of
people aged 65 years and over globally.
Fastest growing region for the Global Geriatric Medicines market
China is expected to be the fastest growing regional market for geriatric
medicines. This is because China is experiencing rapid population aging coupled
with improving access to medical services in tier 2 and tier 3 cities.
Increased lifestyle diseases, a focus on traditional Chinese medicines for
elderly and favorable government policies to strengthen long term care are
fueling the growth. Other emerging Asian countries like Indonesia and India
will also see accelerated demand growth due to expanding medical infrastructure
and greater uptake of chronic condition medications. Middle Eastern nations are
emerging healthcare hubs investing in senior care facilities and medications.