The global geriatric medicines market consists of medications that help in management of diseases predominantly found in geriatric population such as cardiovascular diseases, diabetes, arthritis, cancer, neurological diseases, and respiratory diseases. These medicines include drugs for treatment of several chronic health conditions associated with old age such as cognitive impairment, depression, osteoporosis, arthritis, and pain management. The geriatric population requires special dosage forms and packaging to ease administration of medicines as well as to improve medication adherence.
The Global Geriatric Medicines Market is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global geriatric medicines are Pfizer Inc., Takeda
Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries
Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb,
Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt
Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals.
Geriatric Medicines Market demand in the geriatric medicines market is attributed to the increasing geriatric population worldwide. According to a United Nations report, there were 703 million persons aged 65 years or over in the world in 2019, and projections indicate that the global geriatric population aged 65 years or over is projected to double to 1.5 billion by 2050.
The global geriatric medicines market has been expanding significantly with rising demand across regions. The Americas dominated the market in 2020 and accounted for the largest share owing to the presence of key players, growing geriatric population and government initiatives to support elders. However, the Asia Pacific region is expected to be the fastest growing market over the forecast period owing to rising medical expenditures, increasing availability and affordability of medical care for geriatric population in developing countries in the region.
Market Key Trends
Geriatric Medicines Market Challenges and Opportunities diseases management through combination therapies is one of the key trends being witnessed in the geriatric medicines market. Several products are being designed to treat multiple chronic conditions prevalent in the geriatric population through a combination of drugs. For instance, pharmaceutical companies are developing combination therapies for the treatment of cardiovascular diseases along with diabetes to reduce the overall pill burden in the elderly.
Porter’s Analysis
Threat of new entrants: New entrants face significant costs for R&D, clinical trials, and regulatory approvals which pose a barrier.
Bargaining power of buyers: Individual consumers have low bargaining power but group buyers like hospitals and insurance companies have higher bargaining power.
Bargaining power of suppliers: Large pharmaceutical companies have significant bargaining power as suppliers of drugs and raw materials.
Threat of new substitutes: Technological advancements and new treatments may pose threats from substitutes.
Competitive rivalry: Fierce competition exists between large multinational pharmaceutical companies.
Geographical Regions
North America holds the largest share in the global geriatric medicines market owing to high healthcare expenditure and supportive reimbursement policies. Growing aging population and increasing uptake of generic drugs have further boosted market growth in this region. Asia Pacific is poised to register the fastest growth owing to expanding base of aging population, improving healthcare facilities, and rising healthcare expenditure in developing countries such as China and India. Rising incidence of chronic diseases and modernization of healthcare infrastructure are some key factors elevating demand for geriatric medicines in Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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