Geriatric medicines are a specialty branch of medical science that provides diagnosis and treatment options for the elderly. Most of the geriatrics is unable to take their medication properly at scheduled time due to complex medical and psychological problems. The geriatric population requires special care and attention for the speedy recovery of disease or disorder. The global geriatric medicines market is experiencing significant growth due to increasing government support toward old people for their health, safety, and nursing care. Developed nations already have quality geriatric care management systems in place and developing nations are making high investments in geriatric care.
There has been an unprecedented growth in the global geriatric population. According to the World Health Organization (WHO), people over the age of 65 forms the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. In America, the healthcare cost consists of 95% are for chronic diseases. According to the State of Aging and Health in America 2013 it is estimated that by 2030, health care spending will increase by 25%, largely because the population will be older. However, this estimate does not take into account the higher costs of new technologies and inflation. The increasing prevalence of geriatric diseases, rise in chronic diseases, favorable government initiatives toward geriatrics, and increase in health care infrastructure is likely to boost market growth.
The global geriatric medicines market has been estimated on the basis of therapeutic category and conditions. Based on therapeutic category the market is divided into eight segments on the basis of therapeutic category: analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic & antidepressant and others. Among these segments, analgesics accounted for the largest market share in 2014 in terms of revenue and would continue to dominate the market during the forecast period. Owing to increase in the chronic diseases, favorable government initiatives toward geriatrics and increase in healthcare infrastructure is likely to boost market growth.
On the basis of condition the geriatric medicines market is segmented into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. Cardiovascular holds the largest market share in 2014 in terms of revenue due to better effectively and increased efficiency. The segment is also expected to register the fastest growth during the forecast period. Factors such as rising geriatrics, obesity leading to the rise in risk of heart attacks and strokes support the growth of this segment.
Geographically, geriatric medicines market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest share of 39.0% of the global geriatric medicine market in terms of revenue in 2014 followed by Europe. Factors like growing prevalence of cardiovascular disease cases and rapidly rising geriatric population are helping in augmenting the market.
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Asia Pacific was the third largest market for geriatric medicine, and is expected to register the fastest CAGR during the forecast period. Rising prevalence of increased geriatric population, increasing government initiatives, growth in health care infrastructure and expansion of market players in the region would contribute to the market growth.
Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Company Inc., Novartis AG, Pfizer, Inc., and Sanofi S.A are some of the major players operating in the global geriatric medicines market.
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