Geriatric Medicines

Global Geriatric Medicines Market to Reach US$222.5 Billion by 2030

The global market for Geriatric Medicines estimated at US$153.2 Billion in the year 2023, is expected to reach US$222.5 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2023-2030. Antihypertensive Therapeutics, one of the segments analyzed in the report, is expected to record a 6.8% CAGR and reach US$49.9 Billion by the end of the analysis period. Growth in the Analgesics Therapeutics segment is estimated at 5.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$41.7 Billion While China is Forecast to Grow at 9.1% CAGR

The Geriatric Medicines market in the U.S. is estimated at US$41.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$47.2 Billion by the year 2030 trailing a CAGR of 9.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.1% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.

Global Geriatric Medicines Market - Key Trends & Drivers Summarized

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. These medicines not only address disease management but also improve the overall quality of life for aging individuals by ensuring that treatment minimizes side effects and interactions with other medications. With the global population aging rapidly, especially in developed countries, the demand for geriatric medicines continues to grow, making it a crucial sector within the healthcare industry.

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.

What Is Driving the Growth of the Global Geriatric Medicines Market?

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.

Select Competitors (Total 52 Featured) -

• 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.

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