The World Health Organization reveals that the proportion of the world’s population over the age of 60 is likely to double from 12% in 2015 to 22% by 2050. By 2020, the number of people above the age of 60 will surpass the number of children below the age of five. Compared to the past, the WHO states that the pace of population aging is much faster today, with almost every country facing severe challenges to make sure their health systems are capable of dealing with this shift in demographics.
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The constantly rising size of the aging population is the most important factor driving the global geriatric medicines market. This, combined with the increasing prevalence of chronic diseases and the surge in government support, is projected to fuel the geriatric medicines market in the years to come.
The geriatric medicines market is segmented on the basis of condition into arthritis, cancer, respiratory, cardiovascular, neurological, osteoporosis, and others. In terms of revenue, cardiovascular held the largest share in 2014, driven mainly due to the increased effectiveness and efficiency of geriatric medicines. Expanding at the highest CAGR from 2015 to 2023, this segment is also propelled by the increase in obesity levels across the globe, the rise in the number of geriatrics, and the surge in heart attacks and stroke incidences.
On the basis of therapeutic category, the geriatric medicines market is broken down into antihypertensive, antidiabetic, anticoagulant, analgesic, statins, proton pump inhibitors, antipsychotic and antidepressants, and others. Accounting for the largest share in the overall geriatric medicines market, analgesics emerged as the leading segment in 2014 and this segment is projected to retain its lead through 2023.
The global geriatric medicines market is geographically divided into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Accounting for a 39% share in 2014, North America dominated the overall geriatric medicines market in terms of revenue. This region is fueled by the rapidly rising geriatric population and the increasing prevalence of cardiovascular diseases. Europe is the second largest market for geriatric medicines. On the other hand, Asia Pacific – the third largest geriatric medicines market in the world – is projected to emerge as the most rapidly expanding regional segment by 2023, thanks to the rise in government initiatives, the growing proportion of the geriatric population, the expansion of market players in the region, and the rapid growth in healthcare infrastructure.
The global geriatric medicines market is poised to expand at a 7.30% CAGR from 2015 to 2023. Making the most of this healthy growth trajectory are the leading players within the geriatric medicines market: Bristol-Myers Squibb Company, Pfizer, Inc., Abbott Laboratories, Inc., Novartis AG, GlaxoSmithKline Plc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Merck & Company Inc., AstraZeneca plc, and Sanofi S.A. Consistent efforts from these companies to cater to the growing demand for geriatric medicines is anticipated to push the market from a value of US$504.7 bn in 2014 to US$948 bn by 2023.
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