New York, Aug. 25, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Geriatric Medicines Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Geriatric Medicines Market Size:
The global geriatric medicines market catered the revenue figure of approximately USD 800 million by the end of the year 2021 and is expected to garner significant revenue by the end of the year 2031, by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be primarily attributed to the rise in geriatric population along with the increasing incidence of chronic diseases such as diabetes and others across the world. Moreover, another element that is estimated to fuel the market expansion is the government’s growing initiatives and support for the elderly population’s health, security, and nursing care. As per the World Health Organization (WHO), diabetes was reported to be the ninth leading cause of death with an estimate of 1.5 million deaths directly caused by diabetes, in the year 2019. In addition to this, an increase in product approvals by the U.S. Food and Drug Administration makes the market lucrative for investments by the key players.
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Global Geriatric Medicines Market: Key Takeaways
- The North America region gained the largest portion of the revenue in 2021
- The analgesic drug class segment to dominate the revenue graph
- Hospitals end-user segment remains prominent in the end users segment
Increasing Geriatric Population across the Globe to Boost Market Growth
Geriatrics is the study of medicine, which focuses on the diagnosis, promotion, treatment, and prevention of diseases that occur in the older population. The geriatric patients require special attention and they are under the care of geriatrician. Number of geriatric population has been increasing significantly over the years and it is anticipated to increase more over the forecast period. According to the data by the World Health Organisation (WHO), the number and proportion of geriatric population, meaning the people aged 60 years and older in the population was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Hence, this is expected to be a prime factor to propel the growth of the global geriatric medicines market.
In addition to this, growing worldwide prevalence of chronic or non-communicable diseases, such as diabetes and others, and development of treatment procedures across various health sectors are anticipated to be significant factors to influence the growth of the global geriatric medicines market. It was noticed that non-communicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years; 85% of these premature deaths occur in low and middle-income countries. Increasing health spending by nations across the globe are also estimated to accelerate the market growth.
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Global Geriatric Medicines Market: Regional Overview
The global geriatric medicines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Prevalence of Chronic Diseases throughout the Region Drove Market in the North America Region
The market in the North America region witnessed a significant growth in the year 2021. The market growth can be associated with the highly structured health care industry, and awareness about therapeutic advancements in the region. Additionally, non-communicable or chronic diseases have become one of the leading causes of deaths in the region along with the high diagnosis rate of the diseases. It was observed in a report from the Centers for Disease Control and Prevention (CDCP) that, in 2018, 51.8% (129 million) of civilian, noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. More specifically, 24.6% (61 million) of adults had one chronic condition, and 27.2% (68 million) had more than two chronic conditions. Hence, this is expected to be a major factor to propel the growth of the geriatric medicines market.
Increasing Healthcare Expenditure in GDP to Favor Market Growth in Asia Pacific Region
On the other hand, market in the Asia Pacific region is anticipated to grow with a notable CAGR during the forecast period. The growth of the market can primarily be associated with growing investment in healthcare infrastructure, rising geriatric population, and increasing cases of neurological conditions. Additionally, high economic growth and increasing population in countries such as India and China are major factors contributing to the growth of the market. The increasing health expenditure in the region, is also estimated to boost the growth of the geriatric medicines market. As per the World Bank, in the year 2019, share of global health expenditure in East Asia & Pacific region accounted to 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Geriatric Medicines Market, Segmentation by Drug Class
- Proton Pump Inhibitor
The analgesic segment held the largest market size in value in the year 2021 and is expected to grow at a notable CAGR during the forecast period. The growth of the market is a result of increasing need for painkillers for various chronic conditions, such as arthritis, osteoporosis, lack of musculoskeletal strength, vision impairment, and others. Furthermore, death rate of chronic diseases is also positively influencing the growth of this segment. According to the data by the World Bank, in 2019, chronic diseases caused 74% of deaths across the globe.
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Global Geriatric Medicines Market, Segmentation by End Users
- Specialty Clinics
The hospitals segment is estimated to hold a substantial market share in the market during the forecast period. The growth of the segment can be accredited to the existence of a huge patient pool in a hospital facility. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment. According to the data by the World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global geriatric medicines market is also classified based on indication and route of administration.
Global Geriatric Medicines Market, Segmentation by Indication
Global Geriatric Medicines Market, Segmentation by Route of Administration
Few of the well-known market leaders in the global geriatric medicines market that are profiled by Kenneth Research are GlaxoSmithKline plc, Novartis AG, AbbVie Inc, Pfizer Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., Sanofi, Eli Lilly and Company, Boehringer Ingelheim International GmbH, and AstraZeneca, and others.
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Recent Developments in the Global Geriatric Medicines Market
- In August 2022, for the first-line treatment of patients with uHCC in the United States, Europe, China, and Japan, as well as for those with uHCC, LENVIMA monotherapy has been approved.
- In January 2022, AstraZeneca PLC and Scorpion Therapeutics announced a partnership to find and create transcription factor treatments that would stop the growth of cancerous cells.
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