Albany, NY, Feb. 19, 2016 (GLOBE NEWSWIRE) — According to a new market report published by Transparency Market Research “Geriatric Medicines Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” the global geriatric medicines market was valued at US$ 504.7 bn in 2014 and is expected to grow at a CAGR of 7.3 % from 2015 to 2023, to reach an estimated value of US$ 948 bn in 2023.
Geriatric medicine is concerned with the specialist medical care of the frail older individual, and in the promotion of better health in old age. It mainly deals with the prevention, diagnosis, treatment, remedial and social aspects of illness in older people, mainly patients over 65 years of age. The incidence of diseases such as neurological disorder, cancer, rheumatoid arthritis, cardiovascular disorder, and increased use of multiple medicines (polypharmacy) are often leading to medicine-related problems, hence these are augmenting the market for geriatric medicine. The geriatric medicine market is expanding at a promising growth rate globally owing to the rising pace of the aging population, growing prevalence of the chronic diseases, and increased investment in the national healthcare system (developing economies). However, lack of specialized care centers and hospital units could hamper market growth from 2015 to 2023
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There has been an unprecedented growth in the global geriatric population. According to the World Health Organization (WHO), people over the age of 65 forms the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. In America, the healthcare cost consists of 95% are for chronic diseases. According to the State of Aging and Health in America 2013 it is estimated that by 2030, health care spending will increase by 25%, largely because the population will be older. However, this estimate does not take into account the higher costs of new technologies and inflation. The increasing prevalence of geriatric diseases, rise in chronic diseases, favorable government initiatives toward geriatrics, and increase in health care infrastructure is likely to boost market growth.
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On the basis of therapeutic category the geriatric medicines market is categorized into segments namely: analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic, and others. Among these segments, analgesic accounted for the largest market share in 2014 in terms of revenue and continues to dominate the market during the forecast period. It is approximately estimated that 60%–75% of people over the age group of 65 are reported with at least some persistent pain, the most frequent pain complaints among older people are osteoarthritic back pain, especially in the low back pain, musculoskeletal pain, peripheral neuropathic pain, and chronic joint pain.
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Major Market Players:
Abbott Laboratories, Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline Plc., Merck & Company Inc., Novartis AG, Pfizer, Inc., and Sanofi S.A are some of the major players operating in the global geriatric medicines market.
The global geriatric medicines market is broadly segmented in report as follows:
- Global Geriatric Medicines Market, by Therapeutic Category
- Global Geriatric Medicines Market, by Condition
- Global Geriatric Medicines Market, by Geography
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