A recent business and commerce study conducted at Transparency Market
Research (TMR) has detected that the geriatric medicine has opened a
niche for the major pharmaceutical companies, and there is strong
potential of profit if leveraged properly. The intelligence report
has notified that the competition in the global geriatric medicine
market is intensifying as a result of more and more players making a
foray. However, there are vast new opportunities in vastly populated
region of Asia Pacific and those players who expand their businesses
into emerging economies such as China and India will stand to benefit
in the near future.
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In addition to that, overcoming technical complexities via R&D
practices to treat chronic diseases such as diabetes and CVDs is a
strategic mode for the players to gain ground over their competitors.
For instance, Sanofi S.A. introduced Fluzone High-Dose vaccine in the
U.S. market mid-last year, which is first of its kind vaccine that
has showcased strong efficacy against influence among geriatrics.
The report identifies Abbott Laboratories, Inc., Pfizer, Inc., Merck
& Company Inc., Novartis International AG, GlaxoSmithKline plc,
Eli Lilly and Company, and AstraZeneca plc. as some of the other
companies that are ahead of the curve in the global geriatric
medicine market. As per the estimations of the TMR report, the global
geriatric medicine market will be worth US$948,005.3 mn by the end of
2023, with the demand expanding at a notable CAGR of 7.27% during the
forecast period of 2017 to 2023.
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Based on the category of therapeutic, the market for geriatric
medicine has been segmented into anticoagulant, proton-pump
inhibitors (PPIs), antidiabetic, statins, antihypertensive,
analgesic, antipsychotic, and others. On the basis of medical
condition, the market has been bifurcated into respiratory,
osteoporosis, neurological, cancer, arthritis, cardiovascular, and
others. Geographically, while North America and Europe are expected
to hold onto their position as the regions with most potential, the
demand for geriatric medicine from the region of Asia Pacific is
anticipated to multiply at a much strong CAGR than then global
average.
The radical manner with which the percentage of people aged over 60
years has increased in the World’s population is the primary driver
of the global geriatric medicine market. The United Nations has
estimated that there will be 1.4 billion people aged over 60 years by
2030, posing for a strong demand potential. In addition to that,
rigorous research and development activities undertaken by pioneering
pharmaceutical companies to cater to this demand is expected to bear
fruits in the near future.
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Prevalence of several chronic diseases, improving healthcare
infrastructure in a number of emerging economies, growing popularity
of medical tourism, government initiatives to provide care to
elderly, and mushrooming of specialty clinics are some of the other
driver of the geriatric medicine market. On the other hand,
complexities pertaining to drug compatibility, strong lack of patient
participation for clinical trials, and side effects are a few
challenges obstructing the market from achieving its potential.
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