Analysis of Geriatric Medicines market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Fact.MR, a market research and competitive intelligence provider, states that the sales of geriatric medicines will reach US$ 768 Mn by the end of 2021. As per the report, geriatric medicines for cardiovascular ailments will account for 45% revenue until 2031. By the end of the forthcoming decade, the global market for geriatric medicines will likely surpass US$ 1.5 Bn.
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As per Fact.MR’s report, from 2016 to 2020, the sales of geriatric medicines expanded at a CAGR of 5.5%. Continuous research is leading to production of newer medicines that are influencing the sales of geriatric medicines industry positively.
Amid the COVID-19 pandemic, growth prospects inclined massively, with prominent pharmaceutical giants collaborating to develop effective anti-COVID-19 orally and subcutaneously injectable drug candidates. Presently, over 2 billion people have been inoculated against the novel coronavirus.
Future growth prospects will majorly depend on efforts to curb the spread of infectious diseases and pandemics, as well as mitigation of the impact of surging cardiovascular ailments. Thus, due to the aforementioned factors, the sales of geriatric medicines is expected to register a CAGR of 7% from 2021 to 2031.
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There is a substantial uptick in the geriatric population worldwide. The World Health Organization (WHO) concludes that people over the age of 65 constitute the fastest-growing segment. By 2050, it is predicted that the global geriatric population shall reach 22%, reaching a figure of 2 billion.
This, in turn, has led to an increase in the incidences of chronic diseases such as cancer, diabetes, neurological ailments and respiratory problems. Thus, increasing geriatric population across the globe is anticipated to broaden prospects for geriatric medicines in the future.
Increasing government support for the elderly with respect to their health, safety and nursing care has also increased. Furthermore, growing prevalence of quality geriatric care management systems is set to provide traction to the market for geriatric medicines in the forecast period.
The ongoing coronavirus pandemic has led to significant disruptions in supply chains across several businesses. Nationwide lockdowns have led to production cuts as manufacturing plants operate at half of their original capacity. It is evident from the statistics that the geriatric population is the most vulnerable to infection from the COVID-19 virus.
As of October 2021, over 240 million active cases have been recorded, while vaccine dosages amount to over 6 billion. However, the quest to discover an orally consumable drug still persists. Recently, in September 2021, pharmaceutical player Merck & Co. Inc. announced new clinical trials for their experimental oral anti-viral drugs, in collaboration with Pfizer Inc.
The results of these trials were published in October. The drug under question is Molnupiravir which has been proven to reduce hospitalization rates by 50% amongst mildly infected COVID-19 patients. Earlier, in June 2021, Indian pharmaceutical giant Dr Reddy’s Laboratories announced the commercial launch of the anti-COVID-19 drug 2DG, approved for emergency use as an adjunct therapy to standard care of treatment.
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According to Rural Health Information Hub, the U.S. consists of more than 46 million older adults. In addition, rise in lifestyle diseases like obesity, well-established healthcare infrastructure, surge in geriatric population and presence of key market players are anticipated to leverage the North American geriatric medicines market.
Moreover, various clinical studies, research projects and geriatric health management initiatives are underway in North America. Thus, projections indicate a market share of nearly two-fifths and a CAGR of 5.7% throughout the forecast period.
High economic growth and the resulting increase in disposable incomes, combined with a large population in emerging countries such as China and India along with consequent investment in healthcare infrastructure are anticipated to burgeon market prospects. In addition, growing cases of neurological conditions is spurring the demand for medicines in the region.
Thus, Asia is poised to emerge as a lucrative market for geriatric medicines by capturing over 20% of the global geriatric medicines revenue. Furthermore, the region is expected to register a CAGR of 6.7% is projected assessment period 2021-2031.
The analgesic therapeutic segment is projected to capture a significant chunk of demand in the global market for geriatric medicines. Rising demand for painkillers for various chronic conditions like arthritis is anticipated to boost growth.
In addition, major drugs utilized for the geriatric population include Ibuprofen, Diclofenac, Ketorolac and Toradol have gained popularity due to their effectiveness. According to Fact.MR, the segment is projected to exhibit a CAGR of 6%, capturing over 2/5th market share, across the 2021-2031 forecast period.
The antihypertensive therapeutics segment is projected to grow the fastest during the forecast period. Rising incidences of hypertension attributed to changing lifestyles and increased life expectancy are poised to leverage prospects for antihypertensive drugs.
Thus, the above mentioned factors are accelerating the growth of antihypertensive therapeutics. This has led to the antihypertensive therapeutics segment to register a CAGR of 6.3% during the forecast period.
According to Fact.MR’s forecast, geriatric medicines will be in most demand to treat cardiovascular ailments. A market share worth 45% has been projected for this segment across the forthcoming decade. Increasing prevalence of heart ailments is chiefly driving market growth.
Various manufacturers have launched potent cardiovascular medicines in recent years. For instance, Novartis AG published results of its Phase-III ORION 9, 10 and 11 trials for its Leqvio® (inclisiran) drug, which provides effective and sustained LDL-C reduction amongst atherosclerotic cardiovascular disease affected patients.
Prominent geriatric medicines manufacturers are emphasizing on a wide array of expansion strategies, comprising of acquisitions, new product launches and collaborations. Some prominent developments in the geriatric medicines industry as follows:
|Market Size Value in 2021||USD 768 Million|
|Market Value Forecast in 2031||USD 1.5 Billion|
|Growth Rate||CAGR of 7% from 2021 to 2031|
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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As of 2021, the market for geriatric medicines will reach US$ 768 Mn
The geriatric medicines industry is expected to surpass a CAGR of 7% from 2021-2031
From 2016-2020, geriatric medicines sales surged at a CAGR of 5.5%, according to Fact.MR
The geriatric medicines market is expected to reach US$ 1.5 Bn by 2031
North America is likely to surge at a CAGR of 5.7% from 2021 to 2031, with respect to geriatric medicines demand
Asia will likely by the fastest growing market, registering a CAGR of 6.7% until 2031
AstraZeneca, Merck & Co, Inc., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Sanofi S.A., GlaxoSmithKline Plc., Eli Lilly and Company, Abbott Laboratories and Boehringer Ingelheim GmbH are some prominent geriatric medicine market players
Antihypertensive therapeutic category is expected to hold the highest share for sales, expanding at over 6.3% CAGR
Geriatric medicines for cardiovascular ailments will likely be most demanded, accounting for 45% revenue share
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