In response to the needs and demands of an aging population, demand for geriatric medicines has grown rapidly in last few decades. The elderly patients across the globe face an array of ill health conditions which include co-morbid complexities such as falls, cerebral ageing, and syncope among others. According to the Eurostat the number of people aged 65 tears and above is likely to be 141 million by 2050 globally which is approximately 17%-30% increase in specific population group as compared to 2008 geriatric population.
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An article published by the Indian Express in June 2014 stated that people aged 60 years and above are likely to reach 323 million mark by 2050. In 2010 approximately 45-50% of the prescriptions were provided to people aged 60 and above and one in three patients took at least 5 drugs or more on a daily basis in United States. In last few decades, geriatric medicines have experienced substantial growth due to which it has now become a prominent part of the American medicines.
National Institute on Aging aims to improve health and well-being of older Americans through research and identification of new clinical interventions. In general geriatric medicines market can be segmented in three prominent sub classes’ namely therapeutic category, condition, and geography.
This report provides in-depth analysis of the global geriatric medicines market. The stakeholders for this report include companies involved in the research and development, manufacturing and commercialization of geriatric medicines, suppliers, and new entrants planning to invest in this market. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends, and competition for different geriatric medicines in the major five regions.
This research study analyzes the market for geriatric medicine market in terms of revenue (US$ Mn). For the research, 2014 has been considered as the base year, while all forecasts have been provided from 2015 to 2023. The global geriatric medicine market has been broadly segmented on the basis of condition (Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, Respiratory and Others), therapeutic category (Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic, antidepressant and others), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The market overview section of this report analyzes market dynamics such as drivers, restraints, and opportunities that influence the geriatric medicines market in the current and future scenario. Furthermore, the market attractiveness analysis and pipeline analysis has been included in market overview section in order to explain the intensity of competition in the market. Competitive scenario among the market players is analyzed through a heat map of major market players in the competitive landscape section of the report. All these factors will help the market players to decide about the business strategies and plans to be incurred in future for strengthening their position in the global market.
Major drivers that will positively uplift and boost the demand and growth for geriatric medicines market include increasing trend with respect to electric record among physicians which reduces the patient discomfort and helps practitioners having continuous patient monitoring. Apart from this innovations related to multiple chronic disease treatment, increasing collaboration of lay organization and NGOs with professional group will drive the geriatric medicines market in coming years.
Some of the major restraints to this market include lack of patient participation in clinical trials leading to development of vaccines or drugs that are not completely studied and safe.
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