by Geriatric medicines refer to medical drugs that are meant for treatment of age-related diseases and conditions among the geriatric population. The global geriatric population has been increasing rapidly owing to improved healthcare infrastructure and medical facilities over the past few decades. Some of the common age-related conditions include cardiovascular diseases, cancer, diabetes, arthritis, neurological disorders, respiratory diseases, and others. Geriatric medicines assist in effectively treating and managing these prevalent health conditions among the elderly. The global geriatric medicines market is driven by the availability of an extensive range of pharmaceutical products in the forms of pills, capsules, injectables, topicals, and others. The global geriatric medicines market is estimated to be valued at US$ 1,004.71 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 global 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 key players have extensive experience in research and development of geriatric medicines and control a significant share of the global market.
Geriatric Medicines Market demand rising need for effective management of age-related disorders and diseases presents key opportunities for market players to introduce novel and cutting-edge drugs. Many players are focusing on gaining regulatory approvals and expanding their product portfolios, which has led to several pipeline drug candidates undergoing clinical trials. The increasing investment in R&D is also aiding the overall market expansion on a global scale.
With rising global geriatric population levels, there has been a surge in demand for geriatric medicines across regions worldwide. The market players are investing heavily in expanding their distribution networks and manufacturing facilities across developed as well as developing regions to tap the vast growth potential. North America and Europe currently represent the largest and most lucrative markets, however, Asia Pacific is expected to witness fastest growth owing to improving standards of medical facilities.
Market Drivers
The key driver influencing the demand for geriatric medicines is the rapidly growing geriatric population globally. As per United Nations reports, the global population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2019. With age comes physiological changes and increased susceptibility to diseases which require medical attention. This presents a steady long-term demand for pharmaceutical drugs meant for geriatric healthcare. Additionally, the rise in age-related conditions like Alzheimer’s and Parkinson’s diseases is also acting as a driver for the market. Furthermore, increasing healthcare expenditure and R&D investments by governments and market players are supporting the market growth.
PEST Analysis
Political: Geriatric Medicines Market Challenges and Opportunities Drug approval and regulations play an important role in the geriatric medicines market. Changes in regulations and healthcare policies impact the accessibility and affordability of medicines for the geriatric population.
Economic: With rising aging population and growing healthcare spending, geriatric medicines market is gaining traction. However, economic downturns impacts the affordability of premium geriatric drugs.
Social: Growing acceptance of usage of medicines for elderly care. Increased social awareness regarding age-related health conditions drives the demand for medicines catering specific needs of geriatrics.
Technological: Advancements in drug delivery systems help in improving compliance for geriatric patients. Technology enhances the efficiency of medicines administration and management of chronic conditions common in geriatric population.
The European region represents a substantial share in terms of value in the global geriatric medicines market. This is due to growing aging population, high healthcare spending, and favorable reimbursement policies for medicines in the region. North America also accounts for a significant share led by the US which has a considerable geriatric demographic.
The Asia Pacific region is poised to be the fastest growing regional market for geriatric medicines during the forecast period. This is attributed to factors such as increasing healthcare penetration, growing medical needs of aging population amid rising life expectancy, and wider acceptance of geriatric-specific drug therapy in developing countries of Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
