Geriatric Medicines Market Size is Growing Globally by 2024

Global Geriatric Medicines Market: Overview

Geriatrics is a division of medicines related to the remedial, clinical, social, and preventive aspects of ill health generally among populace over 65 years. The majority of the geriatrics is not capable to take their medication accurately at the planned time owing to complex psychological and medical issues. The geriatric population needs special attention and care for the rapid revival of disorder or disease.

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Global Geriatric Medicines Market: Growth Factors

The growth of the worldwide geriatric medicines market is mainly fueled by the general increase in the aged populations in several regions, mainly in developed and developing countries. The mounting frequency of adults aged over 65 years that are distressed by a range of chronic conditions and the increasing prevalence of diseases such as cancer, neurological disorders, cardiovascular disorder, and rheumatoid arthritis are the few of major factors driving the growth of the geriatric medicines market. Moreover, a huge number of aged people dependent on polypharmacy are likely to have side-effects owing to the interactions of the diverse medicines. This, in turn, has augmented the need for geriatric care and thus boosting the geriatric medicines market growth.

Also, the rising occurrence medication-related issues among older adults and the urgent requirement for palliative care are the determining factors fueling the geriatric medicines market growth. Nevertheless, the dearth of wakefulness about the accessibility of geriatric care among aged patients in budding countries is a critical factor expected to hamper the market growth. Then again, the continuous progress in healthcare infrastructure in a number of countries in the developed and developing regions is anticipated to bring up exhilarating avenues for the market players.

Global Geriatric Medicines Market: Segmentation

The worldwide geriatric medicines market can be segmented based on therapeutic category, condition, and region. The therapeutic category of the geriatric medicines market can be bifurcated into antihypertensive, analgesic, antidiabetic, statins, anticoagulant, proton pump inhibitor, antidepressant & antipsychotic, and others. The condition segment of the geriatric medicines market can be categorized into arthritis, cardiovascular, cancer, neurological, respiratory, osteoporosis, and others. Geographically, the worldwide geriatric medicines market can be divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

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Global Geriatric Medicines Market: Regional Analysis

North America is anticipated to dominate the worldwide geriatric medicines market. The market growth in this region can be attributed to the existence of a huge geriatric population, a well-developed compensation scenario, and the existence of superior healthcare facilities. Further, Asia Pacific region is also expected to grow at a rapid pace owing to the noteworthy enhancements in the healthcare facilities, the launch of numerous generic and patented drugs, the increase in disposable incomes, a rise in private & public healthcare expenditure, and the rise in a number of elderly population.

Global Geriatric Medicines Market: Competitive Players

The prominent players in the worldwide geriatric medicines market include Boehringer Ingelheim GmbH, Eli Lilly and Company, Pfizer, Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Inc., Merck & Company Inc., GlaxoSmithKline plc, AstraZeneca plc, Sanofi S.A., and Novartis AG.

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Global Geriatric Medicines Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa