DUBLIN, Oct. 30, 2024 (Globe Newswire) — The ‘Medicines for the Elderly – Global Strategic Business Report’ report has been added. ResearchAndMarkets.com Offerings.
The global market for geriatric medicines was estimated at USD 153.2 billion in 2023 and is projected to reach USD 222.5 billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030. This comprehensive report provides a detailed analysis of market trends. Provide drivers and forecasts to help you make informed business decisions.
The growth of the global geriatric drugs market is driven by several factors, including advances in drug development, aging of the global population, and increasing healthcare investments. One of the key growth drivers is the expansion of the elderly population, which is increasing the prevalence of chronic diseases that require long-term treatment. Pharmaceutical companies are responding by developing more targeted treatments and innovative drug delivery systems to meet the unique needs of older patients.
Additionally, advances in biotechnology and personalized medicine are opening new avenues for developing more effective drugs with fewer side effects. Increasing attention to improving healthcare infrastructure, especially in developing countries, is making geriatric medicines more accessible to more people. Additionally, governments and healthcare organizations are focusing on preventive care and chronic disease management for the elderly, further increasing the demand for specialty medicines. These factors, coupled with increasing public awareness of geriatric health issues, are contributing to the sustained growth of the global geriatric drugs market.
What is geriatric care? Why is it essential to geriatric care?
Geriatric medicines are specialized medicines designed to address the unique health challenges faced by older adults. As people age, they often encounter multiple health problems, including chronic diseases such as hypertension, diabetes, arthritis, and cognitive impairment, and treatment requires a multidisciplinary approach. Geriatric medicines specifically address this population, focusing on conditions prevalent in older adults and offering treatments that are better suited to their physiological and metabolic needs.
How are advances in medicine impacting the development of geriatric medicine?
Advances in pharmaceutical research and development are having a major impact on the development of more effective and safer geriatric drugs. One of the key areas of innovation is the development of personalized medicines tailored to the specific needs of older patients, taking into account their unique health conditions and age-related polypharmacy issues. To address the compliance challenges faced by older adults, extended-release formulations, combination therapies, and easy-to-administer drugs such as patches and dissolving tablets have been developed.
Additionally, biotechnology is playing an important role in the development of targeted therapies for diseases such as Alzheimer’s disease, osteoporosis, and cardiovascular diseases that are prevalent in the elderly. These advances not only improve treatment outcomes but also reduce the risk of drug interactions and side effects, allowing older adults to more effectively manage their conditions.
Why are demographic and healthcare system changes increasing the demand for geriatric medicines?
The aging of the world’s population is a major driver of demand for medicines for the elderly. As life expectancy increases, the proportion of older people is rapidly increasing, especially in regions such as North America, Europe, and East Asia. This demographic shift creates an urgent need for health systems to adapt to older adults and provide appropriate care. Governments and health care providers are increasing investment in geriatric care, with an emphasis on preventive care and the management of age-related chronic diseases.
Additionally, improvements in healthcare infrastructure in emerging markets are expanding access to geriatric care and further increasing demand for specialty medicines. The public is also becoming more aware of age-related health conditions, increasing demand for early diagnosis and treatment options for conditions such as dementia, arthritis, and cardiovascular disease. The increased focus on geriatric care is changing the healthcare landscape, making geriatric care a priority for both healthcare providers and pharmaceutical companies.
Key insights:
- Market Growth: Understand the significant growth trajectory of the antihypertensive drug sector, expected to reach USD 49.9 billion by 2030 at a CAGR of 6.8%. The analgesic therapy segment is also expected to grow at a CAGR of 5.7% during the analysis period.
- Regional analysis: Gain insight into the US market, estimated to be worth $41.7 billion in 2023, and the Chinese market, expected to grow at a phenomenal CAGR of 9.1% and reach $47.2 billion by 2030. You can. Discover growth trends in other key regions including Japan and Canada. , Germany, and Asia Pacific.
Why you should buy this report:
- Detailed Market Analysis: Access a thorough analysis of the global Elderly Drugs market covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including market presence of key players across different geographies.
- Future trends and drivers: Understand the key trends and drivers shaping the future of the global geriatric medicines market.
- Actionable Insights: Benefit from actionable insights that help you identify new revenue opportunities and make strategic business decisions.
Key attributes:
| report attributes | detail |
| Number of pages | 304 |
| Forecast period | 2023-2030 |
| Estimated market value in 2023 (USD) | $153.2 billion |
| Projected market value to 2030 (USD) | $222.5 billion |
| compound annual growth rate | 5.5% |
| Target area | global |
Main topics covered:
Market overview
- Insights into the influencer market
- Global market trajectory
- The impact of the new coronavirus infection (COVID-19) and the looming global recession
- Geriatric Medicines – Market Share Percentage of Global Major Competitors in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Mediocre (E) for Players Worldwide in 2024
Market trends and drivers
- As the global aging population increases, attention is focused on increasing demand for medicines for the elderly.
- Increasing prevalence of age-related chronic diseases fuels significant growth in geriatric medicines market
- Technological advances in drug delivery systems strengthen business case for specialized geriatric formulations
- Expansion of geriatric care programs expands addressable market for geriatric medicines across health systems
- Increasing awareness of preventive care and early intervention will increase demand for geriatric care with a focus on disease prevention
- Increasing focus on personalized medicine is driving the adoption of geriatric drug prescriptions that are customized based on an individual’s health profile
- Increasing incidence of polypharmacy in the elderly is driving demand for safer and more compatible geriatric medicines
- Transition to home health care and telemedicine expands opportunities for remote monitoring of geriatric drug therapy
- Rising popularity of over-the-counter (OTC) geriatric supplements strengthens market for preventive geriatric health care
- Increased research and development in age-related diseases drives growth in geriatric care targeting dementia, arthritis, and cardiovascular disease
- Increasing focus on palliative care and pain management expands market for geriatric medicines that improve quality of life
- Increased use of biotechnology and gene therapy creates new opportunities for innovative geriatric care
Focus on selected players:Some of the key players in this geriatric medicine market include:
- AbbVie Inc.
- Adair Pharma Solutions
- Akmus Drugs & Pharmaceuticals Co., Ltd.
- Bausch Health Companies Inc.
- Boehringer Ingelheim International GmbH
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Endo Pharmaceutical Co., Ltd.
- Ferring International Center SA
- Fortis Healthcare Co., Ltd.
For more information on this report, please visit https://www.researchandmarkets.com/r/28a9h3.
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geriatric drug market
