Geriatric Population Pool to Broaden Prospects of Geriatric Medicines with Rampant Adoption in North America
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. It is, therefore, no surprise that incidences of chronic diseases have increased. This increasing geriatric population pool 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. The prevalence of quality geriatric care management systems is set to expand the global geriatric medicines market.
Market estimates project a positive growth trend with a CAGR of 6.0% for the global geriatric medicines market during the forecast period (2020-2026). Technological advancements for medication assistance is also anticipated to leverage the global geriatric medicines market.
Analgesic Therapeutics to Dominate, Antihypertensive Therapeutics to Expand Rapidly
The analgesic therapeutic segment is projected to capture a significant chunk of the global geriatric medicines market. Rising demand for painkillers for various chronic conditions like arthritis is anticipated to boost growth. The analgesic therapeutics segment is projected to grow at a CAGR of 6.0%, capturing over two-fifth of the geriatric medicines market, throughout the forecast period. Major drugs utilized for the geriatric population include Ibuprofen, Diclofenac, Ketorolac and Toradol.
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. The drugs in this category include Lotrel and Amlobenz. Anticipated CAGR for antihypertensive therapeutics is pegged at 6.3% during the forecast period.
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Regional Insights: North America to be Market Leader, Asia-Pacific to be Lucrative Pocket
North America shall dominate the global geriatric medicines market. 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.
Projections indicate a market share of nearly two-fifths and a CAGR of 5.7% throughout the forecast period. Various clinical studies, research projects and geriatric health management initiatives are underway in North America.
Asia-Pacific is poised to emerge as a lucrative market for geriatric medicines during the forecast period. High economic growth and the resulting increase in disposable incomes, combined with a large population in emerging countries and consequent investment in healthcare infrastructure are anticipated to burgeon market prospects. Over 1/5th of the global geriatric medicines market shall be held by Asia-Pacific. A CAGR of 6.7% is projected for the Asia-Pacific region.
New Product Launches and Collaborations to Heighten Key Players’ Market Prospects
For instance, Pfizer Inc., collaborated with Basilea Pharmaceutica Ltd. for marketing CRESEMBA, an anti-fungal medicine used to treat aspergillosis and mucormycosis in the Asia-Pacific in 2017.
Presently, the company manufactures a wide range of products ranging from internal medicines, vaccines, oncology and rare diseases. Some of its medications are Zithromax, Zyvox, Zavicefta, Cresemba, Vfend and Tygacil.
Another important player, Merck & Co., announced in 2017 the launch of RENFLEXIS, a biosimilar of the Remicade medicine, to treat conditions such as Crohn’s Disease, Ulcerative Colitis and Rheumatoid Arthritis. Its existing product portfolio includes drugs such as Invanz for primary care and women’s health, Primaxin for Hospitals & Specialty Clinics and Cancidas for Oncology ailments.
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COVID-19 Market Insights:
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.
It is even more dangerous because the elderly already suffer from chronic ailments such as hypertension, diabetes mellitus, renal disorders, cancers, etc. Therefore, geriatric care has registered a significant uptick in the wake of the pandemic.
Prominent market players are effectively responding to the pandemic by streamlining their production processes so that essential medical equipment and drugs are available to healthcare providers to administer to the patients. Astra Zeneca, for instance, is providing COVID-19 testing in the U.K in collaboration with the University of Cambridge and Glaxo Smith Kline since April 2020.
The company has also initiated a new clinical trial to develop a drug that would help alleviate the exaggerated immune response associated with COVID-19 patients. The trial would help assess how one of their existing medicines would help alleviate the cytokine storm associated with the coronavirus disease.
Besides its research on COVID-19, the company has also strengthened its production capacities to ensure that geriatric medicines are available to the patients during this crisis.
Growing proportion of geriatric population and the resultant prevalence of chronic conditions are expected to significantly heighten growth prospects for the global geriatric medicines market. Further impetus is on the cards in the wake of the coronavirus pandemic.
An Adaptive Approach to Modern-day Research Needs
Global Geriatric Medicines Market: Report Scope:
The recent study by Fact. MR on the global geriatric medicines market incorporates a 6-year forecast on the key drivers, restraints and opportunities for the market. Analysis has been carried out in terms of market share, revenue pool, market attractiveness and growth. The market has been analyzed through various segments, such as therapeutic category, condition and distribution channel.
A separate regional outlook has also been provided in the report. The regional analysis has been conducted across the following five geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Each region has incorporated the abovementioned segmental analyses.
In addition, a competitive landscape, highlighting key manufacturers’ revenue and market shares, expansion strategies and product launches has been included. A SWOT analysis for each player has also been carried out to provide a realistic picture of the companies’ future business prospects.
Global Geriatric Medicines Market Segmentation
Fact.MR has studied the global geriatric medicines market with detailed segmentation on the basis of therapeutic category, condition, distribution channel, and region.
- Proton Pump Inhibitor
- Anti-psychotic and Anti-depressant
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Global Geriatric Medicines Market - Scope of the Report
The recent study by Fact.MR on global geriatric medicines offers a 6-year forecast between 2020 and 2026. The study analyzes crucial trends that are currently determining the growth of the global geriatric medicines market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of geriatric medicines. The study also provides dynamics that are responsible for influencing the future status of the global geriatric medicines market over the forecast period.
A detailed assessment of the global geriatric medicines market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global geriatric medicines market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Geriatric Medicines Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in global geriatric medicines market across the globe.
A comprehensive estimate of the global geriatric medicines market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the global geriatric medicines market during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Geriatric medicines market: Analysis on Market Size Evaluation
The global geriatric medicines market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for geriatric medicines market is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent geriatric medicines market segments, along with market attractiveness evaluation has been incorporated in the report.
Global Geriatric Medicines Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global geriatric medicines market report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (economic, and business environment outlook), which are expected to have a momentous influence on the growth of the global geriatric medicines market during the forecast period.
Country-specific valuation on demand for geriatric medicines has been offered for each regional market, along with the market scope, estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Global Geriatric Medicines Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of global geriatric medicines market along with their detailed profiles. Essential and up-to-date data and information related to the market performers, who are principally engaged in the production of geriatric medicines, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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