Geriatric medicine is a branch of medicine concerned with the diagnosis, treatment, and prevention of disease in graying people and the problems specific to aging. The geriatrics need extensive care and consideration for rapid recovery from any disease.
The rapid increase in the geriatric population is subsequently boosting the demand for geriatric medicines across the globe. As per the data published by the UN, globally, 1 in every 6 people will be over the age of 65 by 2050. Similarly, 1 in every 4 people in Europe and Northern America are estimated to be over 65 by 2050. The number of people aged 80 and above is projected to triple, i.e., from 143 million in 2019 to 426 million by 2050. As per the WHO, the global geriatric population is projected to double from about 11% in 2000 to 22% by 2050, which is further boosting the market growth. Other factors driving the market include the rising prevalence of chronic disorders, such as cardiovascular disorder, rheumatoid arthritis, neurological disorders, and cancer. The geriatrics are more susceptible to suffer from high cholesterol levels, high blood sugar levels, and low immunity levels, which is significantly increasing the prevalence of such diseases. Moreover, the geriatric population is dependent on polypharmacy, which can lead to adverse side-effects due to the interactions of varied medicines. This scenario, in turn, has augmented the demand for geriatric care and thus boosting the geriatric medicines market growth.
Global geriatric medicines market was valued at USD 709,455 million in 2019 and is anticipated to reach USD 1,080,695 million by 2027 at a CAGR of 6% during the forecast period
Globally, the rapidly expanding medical infrastructure, increasing government support, and rising healthcare expenditures are projected to drive the global geriatric medicine market. The governments across the globe are formulating various national programs and are offering different reimbursement policies to offer easily available, affordable, superior quality, comprehensive, and dedicated care services to the geriatric population. Additionally, governments are funding various research centers to conduct clinical trials for the development of effective drugs. Similarly, various organizations and societies are actively working to provide the highest quality clinical care to geriatrics. For instance, the American Geriatrics Society, Gerontological Society of America, National Institute on Aging, and Alliance for Aging Research are proactively working to provide aid to the greyed population. Moreover, the use of psychiatric medications has the potential to cause risky side effects among geriatrics, which is why, the FDA is actively working to raise awareness regarding the risk factors and is launching several initiatives for the same, such as the Beers and STOPP. The augmented complexity of chronic care for the greying population is subsequently increasing the prevalence of drug-induced disorders, adverse drug reactions, drug interactions, falls, cognitive impairment, hospitalization, and mortality, which is further necessitating the need for extensive research and development in geriatric medications.
The global geriatric medicine market is segmented into a therapeutic category, therapeutic condition, and distribution channels. By therapeutic category, the market is segmented into analgesics, antihypertensives, statins, antidiabetics, proton pump inhibitors, anticoagulants, antipsychotics, and antidepressants. The antidiabetics segment is expected to grow at a CAGR of 7.07% on account of the
Rising prevalence of diabetes among geriatrics due to sedentary lifestyle, alcohol consumption, tobacco smoking, high cholesterol levels, and obesity. As per the International Diabetes Federation estimations, global diabetes prevalence is projected to upsurge to 552 million by 2030. To attend to the situation, the leading players are heavily investing in the R&D activities to develop and offer advanced antidiabetic products and treatments. For instance, Novo Nordisk is heavily investing in its pipeline drug, named Ozempic for type 2 diabetes. Furthermore, the requirement for the development of affordable drugs, especially in emerging nations, is boosting the demand for pipeline drugs, which is further boosting the market growth.
By therapeutic conditions, the market is segmented into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. The cardiovascular segment is expected to register lucrative growth during the forecast period. Geriatrics are highly susceptible to suffer from hypertension, diabetes, hypercholesterolemia, and other cardiovascular risk factors. As per statistics published by the American College of Cardiology, in the U.S., around 800,000 people died of cardiovascular diseases in 2017. As per the European Heart Network, in Europe, around 3.9 million people die of cardiovascular disease every year. Additionally, other factors, such as the rapid technological advances, increasing awareness of the population, and high preference for minimally invasive procedures, are augmenting the market growth.
The distribution channel segment is further trifurcated into hospital pharmacies, retail pharmacies, and online pharmacies. The online pharmacies segment is expected to generate the highest revenue due to the easy availability of geriatric medicines, which are inaccessible in retail pharmacy stores. The online platform offers a number of offers and services, including discounts and free home delivery. Additionally, the strong influence of social media and promotional advertisements is also impacting the segmental growth.
North America is dominating the global geriatric medicines market and is likely to continue the same during the forecast period. This can be attributed to the rising geriatric population, increasing the presence of leading players, robust healthcare infrastructure, and increasing awareness. Additionally, the extensive research activities performed in the region is accelerating the development of novel therapies, which is further boosting the market growth. As per the data published by the United Nations, in Northern America, the geriatric population is expected to reach 122.8 million by 2050. Similarly, as per the national health council, in the U.S., about 40.0% of the population suffered from chronic diseases in 2019. Moreover, the greyed population aged 65 old and above take prescribed medications more often than any other age group in the U.S. As per the data from population studies in the U.S., around 90% of the old age population consume weekly medication, and over 55% of women and 44% of men consume around five medications or more, and about 40% of residents in nursing homes consume over eight weekly medications. In addition, the presence of pioneering companies in the region is contributing to market growth.
Europe is second in the geriatric medicine market on account of high awareness regarding geriatric medications and the rising adoption of robot-assisted surgical procedures. In the region, the growing prevalence of cardiovascular diseases and diabetes among the geriatric, surge in government funding, increasing medical tourism, rising number of specialty clinics, and improving healthcare infrastructure is driving the market growth. To attend to the situation, pharmaceutical companies are performing extensive research to deliver innovative products. Additionally, the European Medicines Agency (EMA) is also increasing the approval and use of medicines in the European Union, which is further boosting the market growth.
The Asia Pacific is projected to be the fastest-growing geriatric medicine market. This can be accredited to the expanding healthcare infrastructure, rising government support, mounting geriatric population, and increasing awareness regarding a healthy lifestyle. India is the major contributor to the geriatric medicines market. In 2017, Apollo hospitals launched Geriatric Clinics in India to offer physical, cognitive, and psycho-social assessment and personal care plan to recover health and functional ability. It also provides rehabilitation, safe use of medicines, and will address home and emergency care for geriatrics. In addition to this, the launch of numerous patented and generic drugs, surge in public and private healthcare expenditure, and the rise in disposable incomes are driving the market growth. Furthermore, surging prevalence of lifestyle-related disorders, such as cardiovascular disorders, diabetes, and cancer, is boosting the market growth. In addition, Asia Pacific is becoming one of the hotspots for medical tourism, and the inflow of a high number of patients for several treatments is projected to boost the market growth during the forecast period.
The Middle East & Africa are emerging in the geriatric medicines market on account of the increasing adoption of advanced therapeutics, speedy expansion of the healthcare sector, and rising geriatric population. As per the UN, in Africa, the geriatric population is expected to reach 225.8 million by 2050, which has amplified the detection of chronic-degenerative diseases and the prescription and consumption of medicines. Other factors driving the market include the increasing prevalence of chronic degenerative diseases, technological and economic development, rising demand for multidisciplinary medical strategies, and increasing government initiatives to create awareness regarding geriatric medication.
The global geriatric medicine market mostly portrays the presence of a highly fragmented and competitive landscape, majorly owing to the presence of several players. The leading players are actively working to develop advanced medications with minimum side effects to sustain in the raging competition. Eminent industry players active in the geriatric medicine market include GlaxoSmithKline Plc, Boehringer Ingelheim GmbH, Novartis AG, AstraZeneca plc, Merck & Company Inc., Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott Laboratories Inc., and Sanofi S.A.