Market Overview
The global geriatric medicines market comprises medicines that are used for the treatment of conditions specifically related to geriatric patients. These include arthritis medicines, cardiology medicines, central nervous system medicines, cancer medicines, gastrointestinal medicines, genitourinary medicines, and endocrinology medicines. With the rising geriatric population globally suffering from various chronic conditions, the demand for targeted medicines to effectively treat old age related diseases is increasing substantially. The growing number of elderly patients suffering from complex medical conditions like cancer, heart disease, diabetes, Alzheimer's, and arthritis is fueling the need for specialized medicines. Many major pharmaceutical companies are investing heavily in research and development activities to develop innovative and effective geriatric treatment options.
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, Cadila Pharmaceuticals. These players are focusing on new product launches, collaborations, and geographical expansions to expand their market presence.
In terms of opportunities, the rising healthcare investments and growing awareness programs regarding geriatric healthcare is expected to create new opportunities. Many countries are also facilitating the entry of innovative geriatric medicines to cater to the changing disease dynamics. Moreover, the expanding elderly population base in developing regions represents lucrative expansion opportunities.
Globally, the American and European markets dominate the geriatric medicines market. However, Asia Pacific region is witnessing fastest growth due to growing geriatric patient pool and rising healthcare expenditures. Key players are strengthening their presence in emerging Asian markets through collaborations and innovating affordable drug delivery solutions.
Market Drivers
Rise in geriatric population globally: The most significant market driver is the growing aging population worldwide. According to the United Nations, by 2050, one in six people in the world will be over age 65—up from one in 11 in 2019. This is anticipated to significantly drive the demand for geriatric medicines across regions.
High prevalence of chronic diseases: Lifespan extension has resulted in higher prevalence of chronic age-related diseases like diabetes, cancer, cardiovascular ailments, arthritis, macular degeneration, and Alzheimer’s worldwide. This is expected to boost the geriatric medicines market during forecast period.
Market Restraints
Side effects of geriatric medicines: Many geriatric drugs have adverse side effects like gastrointestinal distress, dizziness, drug interactions etc. This often leads to low patient compliance affecting overall sales and revenues.
Intense competition: The global geriatric medicines market is highly competitive with regional as well global players. Large number of generic and substitute drug availability further intensifies competitive rivalry in this market. This acts as major restraint for premium branded medicines.
Segment Analysis
The global geriatric medicines market is dominated by cardiovascular medicines owing to increased prevalence of cardiovascular diseases among geriatric population. Cardiovascular diseases are the leading cause of mortality and morbidity among elderly people. Factors such as sedentary lifestyle, obesity, diabetes are driving higher risk of cardiovascular disorders among the old age group. This segment accounts for over 35% share of the overall market currently. The analgesics segment is the fastest growing segment owing to rising prevalence of arthritis and joint pain related issues among geriatrics. Analgesics help in reducing pain and inflammation and hence are widely prescribed for geriatric population suffering from joint and mobility issues.
Global Analysis
North America dominates the global geriatric medicines market currently due to high healthcare spending and availability of advanced healthcare facilities. The region accounts for around 40% share of the global market revenue led by developed markets of United States and Canada. Asia Pacific is the fastest growing region for geriatric medicines market driven by factors such as rising geriatric population, growing prevalence of chronic diseases, increasing adoption of western lifestyle, and improving healthcare infrastructure. China and India are emerging as highly lucrative markets in the Asia Pacific region. Developing healthcare infrastructure and rising per capita healthcare expenditure in countries like China, India are supporting the market growth. Latin America and Middle East & Africa also offer untapped growth opportunities for geriatric medicines market players over the forecast period.
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