June 16, 2024

Altapharma Market Is Expected To Be Flourished By Growing Geriatric Population

The Altapharma market comprises pharmaceutical products that are designed to specifically target age-related diseases and conditions. This includes drugs used for common ailments like arthritis, high blood pressure, diabetes, dementia among elderly patients. With rising life expectancy across the globe, the geriatric population aged 65 years and above is steadily increasing which is expected to drive demand for Altapharma products. Common prescription drugs include medications for cardiovascular diseases, analgesics, antidiabetics, antimicrobials, dermatological products, gastrointestinal drugs, respiratory products and vaccines. The global Altapharma Market is estimated to be valued at US$ 206.43 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Geriatric Population: As mentioned in the heading, one of the key drivers propelling growth of the Altapharma market is the rising geriatric population globally. As per WHO, the number of people aged 65 years and above is projected to reach 1.5 billion in 2050 from 703 million in 2019. With advanced age comes an increased health issues requiring medical attention. This will correspondingly increase demand for pharmaceutical products designed for elderly care.

Rising Prevalence of Chronic Diseases: Chronic diseases like cancer, diabetes, respiratory diseases that require long term treatment have a high prevalence among the aging population. Growing burden of such conditions is anticipated to boost sales of Altapharma drugs over the next few years. For instance, around 60-80% of older adults have at least one chronic medical condition in the U.S. Their effective management relies on the use of various prescription Pharmaceuticals.

Segment Analysis
The Global Altapharma Market Size is dominated by the pharmaceutical segment which accounts for over 65% share of the overall market. The pharmaceutical segment manufactures drugs and medicines that are used for treatments of various diseases. This segment is dominating as people require medicines on a daily basis for various medical conditions which keeps the demand consistently high.

PEST Analysis
Political
: The regulations around drug approval and clinical trials impact the Altapharma market. Frequent changes in regulations can affect the development and commercialization of new drugs.
Economic: The overall economic growth and disposable income levels determine the spending on healthcare and pharmaceutical products. Rising income levels in developing nations are driving market growth.
Social: Ageing population, increasing lifestyle diseases and growing health awareness are the key social factors augmenting the demand for pharmaceutical drugs.
Technological: Advancements in drug delivery mechanisms, biologics and personalized medicines are transforming the pharmaceutical industry. New technologies allow development of advanced medicines.

Key Takeaways
The global Altapharma market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis shows that North America dominates currently due to presence of major players and rapid adoption of new drugs. The US accounts for over 40% share of the North America Altapharma market. Key players operating in the Altapharma market are Applied Poleramic, Inc., Arkema, Creative Composites, Ltd., Faurecia, Hexagon AG, Hexcel Corporation, Hexion Inc., Hitco Carbon Composites Inc., and Kineco Limited.

Key players operating in the Altapharma market are Applied Poleramic, Inc., Arkema, Creative Composites, Ltd., Faurecia, Hexagon AG, Hexcel Corporation, Hexion Inc., Hitco Carbon Composites Inc., and Kineco Limited. Applied Poleramic, Inc. specializes in advanced ceramic materials and technologies and is a leader in the pharmaceutical excipient market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it