Geriatric Medicines Market Segmentation by Indication (Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory, and Others); by Drug Class (Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic, and Antidepressant); by Route of Administration (Oral, Parenteral, and Others); and by End-Users (Hospitals, Homecare, Specialty Clinics, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Geriatric Medicines Market Highlights Over 2022 - 2031

The global geriatric medicines market catered the revenue figure of approximately USD 800 million by the end of the year 2021 and is expected to garner significant revenue by the end of the year 2031, by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be majorly attributed to the rise in geriatric population along with the increasing incidence of chronic diseases such as diabetes and others. Moreover, the increasing initiatives and support by the government towards the old population for their health, safety, and nursing care is another factor anticipated to drive the growth of the market. As sourced from the World Health Organization (WHO), diabetes was reported to be the ninth leading cause of death with an estimate of 1.5 million deaths directly caused by diabetes, in the year 2019.

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Geriatrics is the study of medicine which focuses on the diagnosis, promotion, treatment, and prevention of diseases that occur in the older population. The geriatric patients require special attention and they are under the care of geriatrician. A geriatrician is a physician specially trained to manage the well-being of elderly, in order to maintain health and independence, for as long as manageable.

The global geriatric medicines market is segmented by indication, drug class, route of administration, and end-users. The drug class segment is further divided into, analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic, and antidepressant. Among these segments, the analgesic segment held the largest market size in value in the year 2021 and is expected to grow at a notable CAGR during the forecast period. The growth of the market is a result of the increasing need for pain killers for various chronic conditions, such as arthritis, osteoporosis, lack of musculoskeletal strength, vision impairment, and others.

Global Geriatric Medicines Market Regional Synopsis

Regionally, the global geriatric medicines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these regions, the market in North America region witnessed significant growth in the year 2021. The market growth can be associated with the highly structured health care industry and awareness about therapeutic advancements in the region. On the other hand, the market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of growing investment in healthcare infrastructure, rising geriatric population, and increasing cases of neurological conditions. Additionally, high economic growth and increasing population in countries such as India and China are major factors contributing to the growth of the market. As per the World Health Organization (WHO), the population aged 60 or above accounted for 9.8% in 2017 and is estimated to reach 13.7% by the year 2030 in the Southeast Asia region.

Market Segmentation

Our in-depth analysis of the global geriatric medicines market includes the following segments:

By Indication

• Cardiovascular

• Arthritis

• Diabetes

• Neurological

• Cancer

• Osteoporosis

• Respiratory

• Others

By Drug Class

• Analgesic

• Antihypertensive

• Statins

• Antidiabetic

• Proton Pump Inhibitor

• Anticoagulant

• Antipsychotic

• Antidepressant

By Route of Administration

• Oral

• Parenteral

• Others

By End Users

• Hospitals

• Homecare

• Specialty Clinics

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Geriatric Medicines Market

Growth Drivers

• Increasing government support for the elderly

• Increasing geriatric population

• Increasing incidences of chronic diseases

Challenges

• High cost of drugs and treatment

Key Companies Dominating the Global Geriatric Medicines Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global geriatric medicines market that are included in our report are GlaxoSmithKline plc, Novartis AG, AbbVie Inc, Pfizer Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., Sanofi, Eli Lilly and Company, Boehringer Ingelheim International GmbH, and AstraZeneca among others.

Latest Developments in the Global Geriatric Medicines Market:

• 13 January 2022: AstraZeneca announced a collaboration agreement with Scorpion Therapeutics to discover and develop treatment for transcription factors in order to stop the spread of cancer in cells.

• 27 January 2022: Merck also known as MSD announced European Commission’s approval for KEYTRUDA which will be used as monotherapy treatment in adults diagnosed with renal cell carcinoma (RCC). The treatment showed improved results in disease -free survival in the third phase of trial.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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