The global geriatric medicines market size was valued at US$ 1032.13 billion in 2023 and is projected to reach around US$ 4111.60 billion by 2032 with a CAGR of 16.60% from 2023 to 2032.
Manufacturers producing geriatric drugs are also eligible for tax breaks from the government. Incentives and subsidies are the types of benefits available. This aspect is boosting the global market for geriatric drugs. Market participants in the global geriatric medications market are also employing innovative techniques to gain a foothold in the industry. Non-profit groups and market players are working to provide pharmaceuticals and prescriptions to geriatric patients in need. This feature is helping to drive the global geriatric medications market forward.
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Aside from that, prominent market players are pursuing joint ventures, partnerships, product launches, business expansion, mergers, and acquisitions. All of these tactics assist market players in reaching the greatest number of consumers possible.
Aside from that, prominent market players are pursuing joint ventures, partnerships, product launches, business expansion, mergers, and acquisitions. All of these tactics assist market players in reaching the greatest number of consumers possible.
Report Highlights
- On the basis of therapeutics, analgesics segment holds the largest market share in the global geriatric medicines market. The rise in the incidence of pain related diseases among the elderly is driving up demand for analgesics. In comparison to the younger population, geriatrics’ bones are quite fragile. The expanding sales of medications over the counter channels as well as sales of prescription drugs are major drivers supporting the expansion of the analgesics segment.
- On the basis of condition, cardiovascular segment holds the largest market share in the global geriatric medicines market. The elderly and those over the age of 65 are more likely to suffer from cardiovascular diseases. Age is a single cause of cardiovascular disease in the senior population while other factors such as diabetes and obesity increase the risk. These factors have been found to have a cardiac risk factor associated with ageing.
Report Scope of the Geriatric Medicines Market
| Report Coverage | Details |
| Market Size by 2032 | USD 4111.60 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 16.60% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Therapeutics, Condition, Distribution Channels, Route of Administration, Geography |
Geriatric Medicines Market Dynamics
Drivers
Growing geriatric population
People over the age of 65 are the extremely fast demographic segment all around the globe, as per the World Health Organization (WHO). Between 2000 and 2050, the share of the global population aged 60 and up is predicted to double rising from roughly 11% to 22%. As a result, growing geriatric population is driving the growth of global geriatric medicines market over the forecast period.
Restraints
Side effects of medicines
Some kind of medicines can have adverse effect on the health of geriatrics. The old people are quite sensitive to medicines and need proper prescription of drugs and medications. Sometimes overdose of drugs and medications can also lead to the death of geriatric. Therefore, healthcare professionals must prescribe medicines in proper amount to the elderly population. Thus, side effects of medicines are restricting the expansion of global geriatric medicines market.
Opportunities
Rising incidences of chronic disorders
The geriatric population suffers from various kind of disorders. The high incidence of cancer and diabetes is seen among old people. In addition, stroke is also major issue faced by geriatrics. In the U.S., one person dies from a stroke every 40 seconds and approximately 795,000 people suffer a stroke each year, with 610,000 of these being first or fresh strokes and 185,000 being recurrent strokes. As a result, rising incidences of chronic disorders are creating growth prospects for geriatric medicines market during the projected period.
Challenges
Late approvals on geriatric medicines
The geriatric medicines go in various stages of trials. The use of medicines is not allowed till it is not approved by the government organizations. The written approval is mandatory for the geriatric medicines. Such approval is done by Food and Drug Administration (FDA). Thus, late approvals on geriatric medicines are a biggest challenge for the development of global geriatric medicines market.
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Key Developments
- The U.S. FDA granted orphan drug designation to Nomacopan, a biopharmaceutical firm focuses on novel therapies to treat and diagnose orphan autoimmune and inflammatory illnesses, in September 2019, propelling market growth.
- Merck & Co. Inc. released preliminary findings from its Molunpiravir anti-COVID-19 drug clinical trials in October 2021. According to the data, giving this antiviral to individuals with moderate symptoms cut their risk of being admitted to the hospital in half. This medicine resulted in a complete recovery of all who were given it.
- Repatha was launched in Japan by Amgen Inc. and Astellas Pharma Inc. in April 2016. Repatha is a PCSK9 inhibitor used to treat patients with hypercholesterolemia who have a significant risk of heart diseases.
- Pfizer declared the acquisition of Trillium Therapeutics, a clinical stage immune oncology business in August 2021. The agreement will aid in the advancement of cancer treatment. The acquisition is expected to be valued $2.26 billion, according to Pfizer.
Some of the prominent players in the global geriatric medicines market include:
- GlaxoSmithKline PLC
- Novartis AG
- Pfizer Inc.
- Sanofi S.A.
- Bristol-Myers Squibb Company
- Boehringer Ingelheim GmbH
- Merck & Company Inc.
- Abbott Laboratories Inc.
- Eli Lilly & Company
- AstraZeneca PLC
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Therapeutics
- Analgesic
- Antihypertensive
- Statins
- Antidiabetic
- PPI
- Anticoagulant
- Antipsychotic
- Others
By Condition
- Cardiovascular
- Arthritis
- Neurological
- Cancer
- Osteoporosis
- Respiratory
- Others
By Distribution Channels
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
By Route of Administration
- Oral
- Parenteral
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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