Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) — The “Geriatric Medicines – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Geriatric Medicines was estimated at US$153.2 Billion in 2023 and is projected to reach US$222.5 Billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the global geriatric medicines market is driven by several factors, including advancements in drug development, an aging global population, and increased healthcare investment. One of the key growth drivers is the expanding elderly population, which is leading to a higher prevalence of chronic diseases that require long-term medical treatment. Pharmaceutical companies are responding by developing more targeted therapies and innovative drug delivery systems that cater to the specific needs of geriatric patients.
Additionally, advancements in biotechnology and personalized medicine are opening new avenues for creating drugs that are more effective and have fewer side effects. The increasing focus on healthcare infrastructure improvements, especially in developing countries, is making geriatric medicines more accessible to a broader population. Furthermore, governments and healthcare organizations are placing a greater emphasis on preventive care and chronic disease management for the elderly, further driving the demand for specialized medicines. These factors, combined with growing public awareness of geriatric health issues, are contributing to the sustained growth of the global geriatric medicines market.
What Are Geriatric Medicines, and Why Are They Vital for an Aging Population?
Geriatric medicines are specialized drugs designed to address the unique health challenges faced by elderly patients. As people age, they often encounter multiple health issues, including chronic conditions like hypertension, diabetes, arthritis, and cognitive disorders, requiring a multidisciplinary approach to treatment. Geriatric medicines cater specifically to this demographic, focusing on conditions that are prevalent in older adults and providing therapies that are more appropriate for their physiological and metabolic needs.
How Are Advances in Pharmaceuticals Shaping Geriatric Medicine Development?
Advances in pharmaceutical research and development are having a profound impact on the creation of more effective and safer geriatric medicines. One major area of innovation is the development of personalized medications that are tailored to the specific needs of elderly patients, taking into account their unique health conditions and the polypharmacy issues often associated with aging. Slow-release drug formulations, combination therapies, and easier-to-administer medications, such as patches and dissolvable tablets, are being developed to address compliance challenges that older adults face.
Furthermore, biotechnology is playing a key role in creating targeted therapies for conditions such as Alzheimer’s, osteoporosis, and cardiovascular diseases, which are more prevalent in the geriatric population. These advancements not only improve treatment outcomes but also reduce the risk of drug interactions and side effects, ensuring that older adults can manage their conditions more effectively.
Why Are Changing Demographics and Healthcare Systems Driving Demand for Geriatric Medicines?
The aging global population is a significant driver of the demand for geriatric medicines. As life expectancy increases, the proportion of elderly individuals is growing rapidly, particularly in regions like North America, Europe, and East Asia. This demographic shift is creating an urgent need for healthcare systems to adapt and provide adequate medical care for older adults. Governments and healthcare providers are investing more in geriatric healthcare, with a focus on preventive care and the management of age-related chronic diseases.
Additionally, as healthcare infrastructure improves in emerging markets, access to geriatric care is expanding, further fueling demand for specialized medicines. Public awareness of age-related health conditions is also increasing, leading to greater demand for early diagnosis and treatment options for conditions such as dementia, arthritis, and cardiovascular diseases. This growing focus on elderly care is transforming the healthcare landscape and making geriatric medicine a priority for healthcare providers and pharmaceutical companies alike.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Antihypertensive Therapeutics segment, which is expected to reach US$49.9 Billion by 2030 with a CAGR of a 6.8%. The Analgesics Therapeutics segment is also set to grow at 5.7% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $41.7 Billion in 2023, and China, forecasted to grow at an impressive 9.1% CAGR to reach $47.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Geriatric Medicines Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Geriatric Medicines Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 304 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $153.2 Billion |
| Forecasted Market Value (USD) by 2030 | $222.5 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Geriatric Medicines – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Global Aging Population Throws Spotlight on the Increasing Demand for Geriatric Medicines
- Increasing Prevalence of Age-Related Chronic Conditions Spurs Significant Growth in the Market for Geriatric Medicines
- Technological Advancements in Drug Delivery Systems Strengthen the Business Case for Specialized Geriatric Formulations
- Expansion of Elderly Healthcare Programs Expands Addressable Market for Geriatric Medicines Across Healthcare Systems
- Growing Awareness of Preventive Healthcare and Early Intervention Propels Demand for Geriatric Medicines Focused on Disease Prevention
- Increasing Focus on Personalized Medicine Drives Adoption of Tailored Geriatric Drug Regimens Based on Individual Health Profiles
- Rising Incidence of Polypharmacy in the Elderly Generates Demand for Safer and More Compatible Geriatric Medicines
- Shift Toward Home Healthcare and Telemedicine Expands Opportunities for Remote Monitoring of Geriatric Drug Therapies
- Growing Popularity of Over-the-Counter (OTC) Geriatric Supplements Strengthens Market for Preventive Geriatric Healthcare
- Increased Research and Development in Age-Related Diseases Drives Growth in Geriatric Medicines Targeting Dementia, Arthritis, and Cardiovascular Issues
- Rising Focus on Palliative Care and Pain Management Expands the Market for Geriatric Medicines That Improve Quality of Life
- Increased Use of Biotechnology and Gene Therapy Generates New Opportunities for Innovative Geriatric Medicines
FOCUS ON SELECT PLAYERS:Some of the leading companies featured in this Geriatric Medicines market includes
- AbbVie, Inc.
- Adare Pharma Solutions
- Akums Drugs & Pharmaceuticals Ltd.
- Bausch Health Companies Inc.
- Boehringer Ingelheim International GmbH
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Endo Pharmaceuticals, Inc.
- Ferring International Center SA
- Fortis Healthcare Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/28a9h3
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- Geriatric Medicines Market
