The World Health Organization (WHO) predicts that the global geriatric population (65 and above) constitute the maximum share of world population. By 2050, the number of elderly people shall reach 2 billion, a 22% increase since the beginning of the 21st century. Naturally, there is an uptick in the prevalence of chronic ailments among people. This has also stimulated the growth of the geriatric healthcare industry.
Based on the abovementioned trends, the global geriatric medicines market is anticipated to expand positively at a CAGR of 6.0% during the forecast period (2020-2026). Increased government support for elderly healthcare and technological advancements in medical assistance are other important drivers behind the growth of the geriatric medicines market.
Key Takeaways of Global Geriatric Medicines Market Study:
- By therapeutics, analgesic drugs are projected to dominate the global geriatric medicines market, growing at a CAGR of 6.0% and capturing greater than two-fifth market share. Usage of painkillers such as Ibuprofen and Diclofenac to address chronic conditions such as arthritis are anticipated to drive the segment’s growth.
- The antihypertensive segment is anticipated to catch up, registering a CAGR of 6.5%. Increased prevalence of hypertension owing to changing lifestyles is a key growth determinant for this segment.
- By condition, the cardiovascular segment shall retain market hegemony over the forecast period. Projections indicate a market share exceeding two-fifths of the global geriatric medicines market. Increasing incidences of cardiac arrests and strokes among the geriatric population are anticipated to boost market prospects.
- By distribution channel, hospitals are anticipated to account for the maximum market share, capturing more than half of the global geriatric medicines market. The expanding base of hospitals and the surge in the number of hospital visits for the treatment of various chronic diseases are poised to steer growth.
- North America shall retain market leadership throughout the forecast period. The region is anticipated to expand at a CAGR of 5.9%, capturing nearly 2/5th of the global geriatric medicines market. Rising cases of diseases such as obesity, the presence of key market players, emerging clinical studies, and research projects are anticipated to boost the region’s growth.
- Asia-Pacific shows lucrative growth prospects. Rising prevalence of diseases due to a large population base and investment in health infrastructure shall also drive the region’s growth. Asia-Pacific is poised to expand at a CAGR of 6.7%, capturing 1/5th of the global geriatric medicines market.
- The coronavirus pandemic is set to leverage the geriatric medicines market. As the number of infections rise daily, the most vulnerable pool is the geriatric population. This is because they already suffer from chronic conditions, thus rendering them immunocompromised.
- Key players are ensuring that their supply chains in the geriatric medicines segment is not compromised. Moreover, they are also investing in clinical trials to develop critical drug formulations which could help eradicate the coronavirus.
- Astra Zeneca, for instance, has initiated a clinical trial to assess whether one of their drugs has the potential to alleviate the exaggerated immune response posed by the coronavirus infection. The trial would help assess how one of their existing medicines would help alleviate the cytokine storm associated with the coronavirus disease.
“The global geriatric medicines market is set to embark on a positive growth trajectory. Geriatric treatment has necessitated advancements to provide quality treatment to patients. Therefore, important manufacturers are continuously introducing new pipeline drugs for the treatment of lifestyle and chronic diseases,” concludes a Fact.MR analyst.
Product Development for Pipeline Drugs and Collaborations to be Key Growth Catalysts
The global geriatric medicines market comprises of the following prominent market players: AstraZeneca, Merck & Co, Inc., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Sanofi S.A., GlaxoSmithKline Plc., Eli Lilly and Company, Abbott Laboratories and Boehringer Ingelheim GmbH. Most of these companies concentrate on establishing a strong market presence through launch of new products, acquisitions & agreements and partnerships with local businesses.
For instance, Pfizer Inc., collaborated with Basilea Pharmaceutica Ltd. for marketing CRESEMBA, an anti-fungal medicine used to treat aspergillosis and mucormycosis in the Asia-Pacific in 2017. Presently, the company manufactures a wide range of products ranging from internal medicines, vaccines, oncology and rare diseases. Some of its medications are Zithromax, Zyvox, Zavicefta, Cresemba, Vfend and Tygacil.
Another important player, Merck & Co., announced in 2017 the launch of RENFLEXIS, a biosimilar of the Remicade medicine, to treat conditions such as Crohn’s Disease, Ulcerative Colitis and Rheumatoid Arthritis. Its existing product portfolio includes drugs such as Invanz for primary care and women’s health, Primaxin for Hospitals & Specialty Clinics and Cancidas for Oncology ailments.
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The research study on the global geriatric medicines market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global geriatric medicines market over 2020-2026.
It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of the therapeutic category (Analgesic, Anti-hypersensitive, Statins, Anti-diabetic, Proton Pump Inhibitor, Anti-coagulant, and Anti-psychotic & Anti-depressant), condition (Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory and Others) and distribution channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) across five major regions.