May 23, 2024
Geriatric Medicines Market

Global Geriatric Medicines Market Is Estimated To Witness High Growth Owing To Increasing Chronic Conditions In Geriatric Population

Geriatric medicines products offer various therapeutic benefits for improving quality of life of geriatric patients suffering from age-related diseases. The medicines treat wide range of chronic conditions including cardiovascular diseases, cancer, diabetes, arthritis, neurological disorders, gastrointestinal diseases among others. The demand for geriatric medicines is driven by the growing aging population who are more susceptible to develop multiple chronic conditions. Additionally, technological advancements in development of novel geriatric therapeutics have enabled accelerated approval of advanced medication for treatment of complex diseases affecting elderly.

The Global Geriatric Medicines Market is estimated to be valued at US$ 1,570.18 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 Geriatric Medicines Market 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, and Cadila Pharmaceuticals.

The Global Geriatric Medicines market provides immense growth opportunities for pharmaceutical companies due to increasing global geriatric population suffering from chronic diseases. Additionally, rising demand for personalized medicines offer lucrative opportunities for key players.

Technological advancements in drug delivery systems have enabled development of novel formulations such as controlled release tablets, transdermal patches for improved patient compliance. Furthermore, biomarkers and companion diagnostics help expedite targeted drug discovery and development for complex geriatric ailments.

Market drivers:
The growing geriatric population globally prone to develop multiple morbidities drives the demand for geriatric medicines. As per the United Nations, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2019. Furthermore, increasing healthcare expenditures on chronic diseases treatment, rapid drug approval, and rising awareness about availability of therapeutics are fueling the geriatric medicines market growth.

Current Challenges in Global Geriatric Medicines Market

The geriatric medicines market is facing multiple challenges that are hindering its growth. With advancements in medical technology, life expectancy has increased worldwide. However, aging-related diseases like arthritis, Parkinson’s, Alzheimer’s are also on the rise. Treating such chronic and complex conditions among elderly patients is a major therapeutic challenge for pharma companies. Adherence to prescription medicines is another issue as older adults often have difficulty managing complex dosing schedules. Polypharmacy, i.e. consuming multiple drugs, increases the risk of adverse drug interactions as well. High treatment costs also limit access to advanced therapies for many patients. Further regulatory hurdles in clinical trials involving elderly subjects delay new product development. Changing reimbursement policies also impact the profitability of innovator drugs in this market.

SWOT ANALYSIS

Strength: Growing elderly population creates rising demand. Established R&D capabilities and large product portfolios of leading players.
Weakness: Complex treatment protocols reduce medication adherence. High costs of innovative therapies.
Opportunity: Untapped markets in developing nations. Newer drug delivery systems can enhance patient convenience.
Threats: Increasing availability of low-cost generics. Stringent regulatory norms for geriatric clinical trials.

Geographical Regions

In terms of value, North America accounts for the major share of the global geriatric medicines market currently. This is attributed to the availability of advanced healthcare infrastructure and favorable reimbursement environment in countries like the US and Canada. Europe is the second largest regional market owing to the presence of an aging population base.

The Asia Pacific region is poised to witness the fastest growth during the forecast period from 2024 to 2031. Factors such as rapid income growth, rise in elderly patients with chronic diseases, expansion of medical insurance coverage will drive higher market adoption in emerging Asian nations. Key country-level markets that will exhibit robust CAGR include India, China, Japan, South Korea and Australia.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it