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The geriatric medicines market is estimated to increase by USD 44.85 billion and grow at a CAGR of 6.81% between 2022 and 2027. The expansion of the market is influenced by various factors, such as the rising elderly population, the increasing demand for personalized medicine, and the heightened support from government and non-governmental organizations for the elderly. However, challenges persist, including the adverse effects linked to medications for the elderly, stringent regulatory standards, and the complexity in defining the age group.
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This market report extensively covers market segmentation by distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), type (analgesics, antidiabetics, antihypertensives, statins, and others) and geography (North America, Europe, Asia, and Rest Of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the hospital pharmacies segment will be significant during the forecast period. Due to their significant benefits in pain relief, analgesics such as aspirin, opioids, and paracetamol are widely used across the globe. Additionally, there is an increase in the adoption of analgesics because of the recommendation from organizations such as the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) for using paracetamol as first-line therapy for treating pain conditions.
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The hospital pharmacies segment was valued at USD 38.36 billion in 2017 and continued to grow until 2021. Paracetamol has become one of the most commonly prescribed medications in the US due to recommendations from health organizations across the world. However, improper consumption or overdose of these drugs can generate mild to fatal side effects such as orthostatic hypotension, heart failure, and delirium on consumers. Thus, the increase in the frequency of such side effects can lead to a major shift in clinical practices, thus decreasing the adoption of analgesics. For instance, Aspirin is known to have severe side effects on patients with ulcer conditions. Even though, these side effects can hinder the market growth, due to the increasing adoption, it is expected to significantly drive the market growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as early adoption of analgesics such as aspirin, opioids, and paracetamol, high awareness among the vastly susceptible cohort regarding the need for timely treatment, and established healthcare infrastructure in the region have significantly contributed to the market growth in North America. Additionally, favorable reimbursement policies, growing FDA drug approvals, and high healthcare expenditure are some of the key factors that are expected to fuel the market growth in the region during the forecast period.
The market is witnessing significant growth, driven by the rising elderly population globally. With aging comes an increased prevalence of chronic disorders like cardiovascular disease, rheumatoid arthritis, and neurological conditions, leading to a surge in demand for diagnosis, treatment, and prevention measures. However, challenges like polypharmacy and adverse side-effects from medications persist. The market offers a range of therapeutic options, including analgesics, antihypertensives, statins, and antidiabetics, catering to diverse therapeutic conditions. While patented drugs dominate, the market also sees the presence of generic alternatives. As medical tourism gains traction, the market is poised for further expansion in addressing the unique healthcare needs of the elderly. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The burgeoning geriatric population stands out as a pivotal driver in propelling the growth of the market. With age-related health challenges becoming increasingly prevalent due to sedentary lifestyles and poor dietary habits, conditions like stroke and diabetes are posing significant medical concerns globally, particularly among older individuals. As the aging process correlates with heightened vulnerability to infections and declining immune function, ailments such as lung disease, cancer, and stroke become more prevalent in this demographic. Consequently, the demand for geriatric medicines, tailored to address these specific health needs, is poised to surge in the forecast period.
A key factor shaping the global market growth is the rise in therapeutic approaches. Due to the emergence of therapeutic approaches to treat emotional and psychiatric disorders such as depression for older adults, the global market has been witnessing significant growth over the last few years.
For instance, geriatric group therapy reduces social isolation, support, and camaraderie. Additionally, geriatric drug therapy is multidisciplinary in nature as it involves geriatricians, physicians, pharmacists, nurses, and caregivers who provide and guide patient therapy according to individual needs. Furthermore, support from the healthcare system and regulatory authorities in building the necessary framework of support and resources has boosted such therapeutic approaches. Thus, such developments are expected to drive the market growth during the forecast period.
The side effects associated with geriatric medicines are one of the key challenges hindering global market growth. The side effects caused by the long-term use are serious, as regular use causes various side effects such as headache and confusion, dizziness, weight loss, or weight gain. In some rare cases, they may even trigger or worsen skin disorders.
Some serious side effects include orthostatic hypotension, heart failure, and delirium. These factors can pose as a significant challenge in the use for the long term, resulting in low preference among patients, which, in turn, hinders the growth of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc: The company offers geriatric medicines such as Immunology HUMIRA, RINVOQ, SKYRIZI.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by various factors including the rising prevalence of chronic disorders among the geriatric population such as cardiovascular disorders, rheumatoid arthritis, and neurological disorders. With aging, individuals often experience high cholesterol and blood sugar levels, as well as reduced immunity, necessitating specialized medications. However, challenges arise from polypharmacy, leading to adverse side effects and drug interactions. Despite these challenges, advancements in medical infrastructure facilitate rapid recovery and personalized care plans for geriatric patients, encompassing cognitive, physical, and psycho-social assessments. The market offers a range of patented and generic drugs targeting therapeutic conditions like osteoporosis, respiratory issues, and Alzheimer's disease, catering to the diverse needs of the aging population.
The market is witnessing significant growth driven by various factors, including the rising prevalence of chronic diseases among the aging population, such as high cholesterol and blood sugar levels, low immunity, and cognitive impairment like Alzheimer's disease (AD). With increasing diagnoses and underlying diseases, the demand for personalized care plans, safe use of medicines, and rehabilitation services is on the rise. However, challenges such as adverse drug reactions and drug-induced disorders persist, necessitating careful diagnosis and cognitive assessment. As medical tourism gains traction, the market is witnessing a surge in the demand for patented drugs, particularly in therapeutic categories like proton pump inhibitors and anticoagulants.
Geriatrics, the branch of medicine focused on the care of elderly individuals, faces challenges associated with age-related health conditions such as high cholesterol levels, high blood sugar levels, and low immunity levels. As seniors are more susceptible to these ailments, they may require hospitalization for proper management and treatment. During hospitalization, geriatric patients undergo thorough physical assessments to evaluate their overall health status and identify any underlying issues. Based on these assessments, healthcare professionals develop personalized care plans tailored to the individual's needs, considering factors like medical history, current conditions, and functional abilities. For many elderly individuals, transitioning back home after hospitalization is crucial for their well-being. Home care services play a vital role in providing assistance with activities of daily living, medication management, and monitoring health status to prevent rehospitalization. In cases of medical emergencies, prompt and effective care is essential. Seniors may require specialized emergency care to address acute health crises and ensure optimal outcomes.
Within the realm of pharmaceuticals, certain therapeutic categories are particularly relevant to geriatric care. These include antipsychotics and antidepressants, which are commonly prescribed to manage psychiatric disorders prevalent among older adults. Additionally, over-the-counter (OTC) medications are frequently used for symptomatic relief of minor ailments and chronic conditions in this population. In summary, geriatric care encompasses a comprehensive approach to addressing the unique healthcare needs of elderly individuals. From managing chronic conditions to providing personalized care plans and ensuring access to appropriate medications, the goal is to optimize health outcomes and quality of life for seniors.
Geriatric Medicines Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.81% |
Market growth 2023-2027 |
USD 44.85 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.63 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, Germany, China, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., AstraZeneca PLC, Aurobindo Pharma Ltd., Boehringer Ingelheim International GmbH, Bristol Myers Squibb Co., Cipla Ltd., Dr Reddys Laboratories Ltd., Eli Lilly and Co., Endo International Plc, GlaxoSmithKline Plc, Lupin Ltd., Merck and Co. Inc., Novartis AG, Otsuka Holdings Co. Ltd., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc., and Sanofi |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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