The global geriatric medicine market is expected to reach over USD 1,017 billion by 2024 according to a new report by Grand View Research Inc. Increase in the global geriatric population is one of the major challenges for the healthcare industry and the governments across the globe, however, it has proven to be a boon for the geriatric medicine market.
The high market growth is anticipated on account of the rising prevalence of various target diseases in the geriatric population, the demographic shift, the upward trend in lifestyle-related risk factors, and the significantly improved access to affordable healthcare as well as medicine across the developing and emerging economies.
The rising prevalence of the Alzheimer’s disease in the geriatric population is expected to serve as a high impact rendering driver for the geriatric medicine market over the forecast period. In 2015, as per the estimates published by the Alzheimer’s disease International, nearly 47 million people have dementia and this number is expected to double after every 20 years. Furthermore, as per the estimates published by The Alzheimer's Association, in the U.S., out of the 5.4 million Americans living with the disease, nearly 5.2 million or 96.3% are aged 65 and above.
In order to mitigate the concerns arising due to the unfavorable shift in the demographic variables such as age, lifestyle patterns, economic development, coupled with the upward shift in the disease trends associated with the geriatric population, the developed regions have consistently improved their healthcare practices by allocating high amount of resources towards the healthcare and social development sectors.
For instance, the U.S., Germany, the UK, and Japan allocate 17.1%, 11.30%,9.10%,10.20%, of their GDP respectively towards healthcare expenditure and majority of these resources are channelized towards developing new drugs, new software, and building technology platforms for hospitals and home health services.
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Further key findings from the study suggest:
In 2015, analgesic medicine accounted for the highest revenue of nearly USD123 billion. The key factors attributed to include the rising prevalence of various types of pains associated with aging. These pains can be categorized as general body pain, post-surgical pain, muscle pain, acute or chronic joint pain, neuropathic pain, and others.
In 2015, North America dominated the geriatric medicine market with a revenue share of over 37% owing to the presence of well-developed social and healthcare sectors, the availability of the latest medicine, and insurance coverage coupled with the presence of a large number of people aged above 60 years.
Asia Pacific region is anticipated to exhibit the maximum growth rate at a CAGR of over 7% from the year 2016 to 2024. In comparison with the developed regions, the economic burden of the target diseases, the access to healthcare, health insurance and the percentage of public and private healthcare expenditures vary significantly in the Asia Pacific countries.
The countries such as China and India are expected to witness a significant rise in the elderly population base and this factor in turn is expected to create an upward trend in the geriatric medicine market over the forecast period.
The market dynamics indicate the presence of strong competition amongst the key players such as Eli Lilly and Company, AstraZeneca plc, Boehringer Ingelheim GmbH, Abbott Laboratories., Sanofi S.A., Bristol-Myers Squibb, Merck & Company Inc., Novartis AG, Pfizer, Inc., and GlaxoSmithKline Plc.
Grand View Research has segmented the geriatric medicine market by therapeutic category, therapeutic condition, and region:
Geriatric Medicine Market by therapeutic category (USD Billion, 2016 - 2024)
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Geriatric Medicine Market by therapeutic condition, by Revenue (USD Billion,2016 - 2024)
Geriatric Medicine Market Regional Outlook, by Revenue (USD Billion, 2016 - 2024)
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