by 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. Geriatric medicines are specifically designed and formulated for usage in elderly patients to treat age-related diseases and conditions. The increasing geriatric population suffering from chronic diseases is expected to drive the demand for these medications. The market is witnessing innovations in targeted drug delivery technologies that can facilitate improved drug absorption and better management of polypharmacy in elderly patients.
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. Innovation in oral solid dosage forms, focus on easy to swallow/ disintegrate tablets and capsules presents huge growth opportunity.
Advancements in targeted drug delivery systems such as transdermal patches and gels enable improved medication adherence for chronic ailments.
Market Drivers
Geriatric Medicines Market demand suffering from chronic and age-related conditions is the major driver for this market. According to UN data, the population aged over 60 years is growing at a rate of 3% annually and is expected to reach 2.1 billion by 2050.This demographic shift is increasing the prevalence of diseases like neurological disorders, cardiovascular diseases, arthritis, diabetes, cancer etc. Novel drug delivery systems targeted at geriatric patients ensuring effective therapeutic concentrations and minimising toxicityrelated risks along with emphasis on precision medicine are expected to boost the demand further over the coming years.
Current challenges in Global Geriatric Medicines Market
Due to increasing life expectancy and population aging, the growing geriatric population has become one of the biggest challenges for healthcare systems worldwide. The demand for innovative drugs to effectively treat age-related disorders like cancer, cardiovascular diseases, arthritis, diabetes, neurological disorders etc. is rising rapidly but the pipeline for new medicines tailored for geriatric use is limited. Adverse drug reactions and improper medication use are also common issues among elderly patients. Maintaining quality of life and meeting the complex healthcare needs of the geriatric population is becoming a formidable task globally.
SWOT Analysis
Strength: Growing geriatric population provides large addressable market. Established distribution channels and strong brand recognition of leading players.
Weakness: High R&D costs required to develop novel drugs for complex geriatric disorders. Side effects and safety risks involved in drug development.
Opportunity: Rising demand for new product approvals and treatment options. Untapped potential in emerging markets for geriatric care.
Threats: Patent expiries of blockbuster geriatric drugs impacting revenues. Regulatory hurdles and stringent guidelines for geriatric clinical trials.
Geographical regions where market in terms of value is concentrated
Geriatric Medicines Market Regions Analysis currently due to high healthcare expenditures, a growing elderly population, and favorable reimbursement policies. Europe holds the second largest share owing to supportive regulations and a focus on innovative drug developed
Fastest growing region for global geriatric medicines market
Asia Pacific region is projected to witness the highest growth over the forecast period due to rapid aging of population, rising healthcare standards and increasing demand for western medicines. China, Japan and India are expected to drive significant growth in the geriatric medicines market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
