by The global geriatric medicines market is primarily driven by the increasing aging population globally, as older adults are more prone to chronic and long-term illnesses which require constant medical attention. Currently, over 11% of the global population is aged 65 and over, and this proportion is projected to jump to 16% by 2050. Geriatric medicines offer disease-modifying, symptomatic, and preventive treatment to enhance quality of life and functional ability in older adults.
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. The key players are focused on adopting inorganic growth strategies such as mergers and acquisitions to expand their product portfolio.
The key opportunities in the Global Geriatric Medicines Market Size include the rising adoption of orphan drugs for age-related rare conditions and the growing demand for combination therapies targeting multiple co-morbidities. Additionally, growing focus on value-based healthcare across countries has raised demand for cost-effective long-term treatment solutions for age-related diseases.
Globally, North America holds the major share in the geriatric medicines market due to supportive regulatory environment promoting drug development and higher healthcare spending. However, the Asia Pacific region is expected witness highest growth over the forecast period owing to increasing focus of leading pharma players and rising disposable incomes in the region.
Market Drivers
The major market driver for the global geriatric medicines market is the rising prevalence of chronic and lifestyle diseases among the elderly population worldwide. As aging leads to weakening of the immune system, older adults suffer more frequently from diseases like diabetes, cancer, neurodegenerative conditions, cardiovascular diseases, and arthritis. Moreover, growing geriatric affordability and improved accessibility to healthcare infrastructure across regions are supporting the high adoption of therapeutic treatment options for age-related medical problems.
PEST Analysis
Political: Regulations regarding healthcare and medicines for elderly population are becoming more lenient and supportive globally. Governments in many countries are introducing favorable policies and schemes to improve healthcare accessibility and affordability for geriatric population.
Economic: Growing geriatric population and increasing life expectancy has led to rising healthcare spending on treatment and medicines for age-related chronic diseases. This has opened new opportunities for pharmaceutical companies to cater to this patient segment.
Social: Improved lifespans and declining birth rates have led to worldwide growth in percentage of elderly population. Family structures are also changing with elderly people now preferring to live independently instead of with families. This is propelling demand for medicines that enhance quality of life.
Technological: Advancements in drug R&D and diagnostics have enabled development of specialized medicines, medical devices and diagnostic tools catering to age-related health issues. Cloud computing and AI are aiding remote patient monitoring and management for elderly.
Global Geriatric Medicines Market Regional Analysis as Geographical regions where market in terms of value is concentrated include North America, Europe and Asia Pacific. North America currently accounts for the largest share owing to high healthcare expenditure, growing elderly population and presence of major players. Europe is the second largest and fastest growing market due to supportive government policies for elderly care.
Asia Pacific is considered the fastest growing geographical region for the global geriatric medicines market owing to rapidly aging populations in major countries like China and India along with economic development leading to improved healthcare access and infrastructure. Rising lifestyle diseases are driving demand for medications in countries like Japan, South Korea and Australia as well.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
