Geriatric medicine refers to a branch of medicine dealing with the diagnosis, treatment and prevention of diseases in the elderly population. Increasing demand for geriatric care medication and services is attributed to increasing needs of the elderly population. The geriatric population suffers from several ailments such as cerebral disorders, cardiac conditions and other metabolic disorders. As per the data published by the United Nations in the report titled “World Population Ageing” in the year 2013, the global share of the elderly population (aged above 60 years) has increased to 11.7% in the year 2013 as compared to the 9.2% in the year 1990 and is further expected to increase in the future, reaching around 21.1% by 2050. In addition, the geriatric population is expected to be more than 2 billion by 2050.
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As per research studies, the prevalence of chronic conditions is increasing among the baby boomer population. For instance, in the United States, around 62% of the elderly population ranging between 50 years to 64 years suffer from one of the six chronic conditions such as diabetes, high cholesterol, arthritis, heart disease and cancer and among the population aged 70 years and above suffer from at least one chronic condition which demands continuous care and management.
Geriatric Drugs and Disease Management Market: Key Trends and Opportunities
The overall incidence and occurrence of chronic conditions such as diabetes and hypertension is increasing and is further expected to increase with rise in the geriatric population. These chronic conditions and patients’ level of disability in turn influence the medical spending of the respective nations. With the increasing technological advances such as advanced monitoring equipment, innovative surgical techniques and novel drug delivery technologies result in the increasing medical care options to the geriatric population across the globe. As per the data enumerated by the United Nations, it has been estimated that there will around 20% increase observed in the hospital admissions by 2030 as compared to 2004 in the people aged above 65 years.
Hence, all these factors further demand enhanced accessibility to the medications and treatment. ACE inhibitors, aldosterone antagonists, anti-anxiety, vasodilators, anti depressants, anticonvulsants, anti diabetics, diuretics and respiratory agents account for some of the common drugs administered to the geriatric population. Increasing benefits of nutraceuticals promise significant market opportunities with respect to geriatric care. Disease management includes several services such as advanced care planning, nutritional care, socialization programs, sleep management and home care services.
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The market for geriatric drugs can be segmented by various drug classes and geriatric care services offered by the service providers. Regulatory and healthcare provisions for the geriatric population announced by the respective nation’s governments govern the market growth.
Geriatric Drugs and Disease Management Market: Regional Dynamics
Geographically, developed regions such as North America and European countries account for the largest market in terms of revenue. This is majorly due to high disposable income of the elderly in these countries followed by favorable reimbursement policies. While Asia Pacific and Rest of the World represent smaller markets as the policies are not standardized and low but increasing disposable incomes of elderly population. The major factors favoring the market growth are innovative medical technologies, novel therapies and enhanced support from the government.
On the other hand, factors such as lack of specialized patient care centers and other hospital units might restrain the market growth. UAS Laboratories, GGNSC Holdings LLC, Senior Care Centers of America along with Geriatric & Medical Companies, Inc., are some of the leading geriatric care service providers.