Some of the prominent players operating in the global geriatric
medicines market are Sanofi S.A., Pfizer, Inc., Novartis
International AG, Merck & Company Inc., GlaxoSmithKline plc, Eli
Lilly and Company, Bristol-Myers Squibb Company, C.H. Boehringer Sohn
AG & Ko. KG, Abbott Laboratories, Inc., and AstraZeneca plc.
Several players are capitalizing on emerging opportunities in a
number of developing nations as the governments are making
substantial investments in providing geriatric medicine and
palliative care, observes Transparency Market Research (TMR).
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The global market for geriatric medicines stood at US$ 504.7 bn in
2014 and is projected to expand at a CAGR of 7.3 % during 2015–2023.
Rising at this pace, the opportunities in the market is anticipated
to reach US$ 948.0 bn by the end of 2023.
Regionally, the global geriatric medicines market is segmented into
North America, Europe, Asia Pacific, Latin America, and the Middle
East and Africa. Of these, the Asia Pacific market is expected to
rise at the substantial CAGR over the forecast period. The growth of
the regional market is expected to be fueled by the increasing
prevalence of medical conditions and diseases affecting the aged
people and substantial government initiatives in providing quality
geriatric care through care units.
Based on the disease condition, the geriatric medicines market is
segmented into arthritis, cardiovascular, neurological, osteoporosis,
respiratory, and cancer. Among these, the cardiovascular segment held
the major revenue share in 2014 and is projected to rise at the
fastest CAGR over the forecast period. The dominance of the segment
is attributed to the rising prominence of cardiovascular conditions
affecting the elderly people needing geriatric care and the mounting
concerns related to cardiac attacks.
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The global geriatric medicines market is primarily driven the general
rise in the elderly populations in various regions, particularly in
developing and developed nations. The growing prevalence of adults
aged over 65 years that are affected by a variety of chronic
conditions and the rising incidence of diseases such as neurological
disorders, cancer, rheumatoid arthritis, and cardiovascular disorder
are the key factors boosting the geriatric medicines market. A large
number of aged people reliant on polypharmacy are prone to the
side-effects due to the interactions of the different medications.
This has propelled the demand for geriatric care, thereby catalyzing
the geriatric medicines market.
The increasing prevalence medication-related problems among older
adults and the pressing need for palliative care are the seminal
factors boosting the geriatric market. Furthermore, in recent years,
the concerted efforts by governments in providing quality geriatric
care in a number of emerging countries and the significant
investments made by them in opening geriatric care units have
accentuated the market. The rising prevalence of aged people
suffering from different chronic conditions has fueled the demand for
analgesics among the elderly population, thereby stimulating the
uptake of geriatric medicines. The increasing prevalence of various
cardiovascular conditions has triggered the incidence of heart
attacks, thereby fueling the demand for geriatric medicines.
However, the lack of awareness about the availability of geriatric
care among elderly patients in emerging nations is a crucial factor
likely to impede the market to an extent. On the other hand, constant
advances in healthcare infrastructure in several nations in
developing and developed regions is expected to open up exciting
opportunities for market players.
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