Geriatric Medicines Market
Geriatric Medicines Market Report By Therapeutic Category (Analgesic, Anti-Hypertensive, Anti-Diabetic, Anticoagulant, Anti-Depressant), By Condition (Cardiovascular Ailments, Arthritis, Diabetes, Neurological Disorders, Cancer), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) & Regional Forecast 2021-2031
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.
Key Points Covered in Geriatric Medicines Industry Analysis
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Geriatric Medicines Market and How to Navigate
- Recommendation on Key Winning Strategies
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Geriatric Medicines Consumption Analysis 2016-2020 in Comparison to Future Outlook 2021-2031
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.
Increasing Geriatric Population to Broaden Prospects of Geriatric Medicines Industry?
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.
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How has COVID-19 Impacted Geriatric Medicines Industry?
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.
Health Management Initiatives Propelling Demand for Geriatric Medicines in North America?
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.
Is Investment in Healthcare Making Asia a Lucrative Market for Geriatric Medicines?
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.
An Adaptive Approach to Modern-day Research Needs
Why are Analgesic Geriatric Medicines Garnering Popularity?
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.
Hypertension Accelerating Growth for Antihypertensive Therapeutics?
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.
Cardiovascular Ailments Treatment to Make Maximum Use of Geriatric Medicines?
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:
- In August 2021, Pfizer announced that it will acquire Trillium Therapeutics, a clinical stage immune oncology company. The acquisition will work towards improvising the treatments of cancer. According to Pfizer, the deal is likely to be worth US$ 2.26 billion.
- In October 2021, Merck & Co. Inc. published preliminary results of the clinical trials for its Molnupiravir anti-COVID-19 drug. As per the findings, patients administered with this anti-viral halved chances of hospitalization amongst patients exhibiting mild or moderate symptoms. Those administered with this drug showed 100% recovery
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|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|
Key Segments Covered
- Analgesic Geriatric Medicines
- Anti-Hypertensive Geriatric Medicines
- Statin Geriatric Medicines
- Anti-Diabetic Geriatric Medicines
- Proton Pump Inhibitor Geriatric Medicines
- Anticoagulant Geriatric Medicines
- Anti-Psychotic Geriatric Medicines
- Anti-Depressant Geriatric Medicines
- Geriatric Medicines for Cardiovascular Ailments
- Geriatric Medicines for Arthritis
- Geriatric Medicines for Diabetes
- Geriatric Medicines for Neurological Disorders
- Geriatric Medicines for Cancer
- Geriatric Medicines for Osteoporosis
- Geriatric Medicines for Respiratory Disorders
- Geriatric Medicines for Other Conditions
- Geriatric Medicines Sales via Hospital Pharmacies
- Geriatric Medicines Sales via Retail Pharmacies
- Geriatric Medicines Sales via Online Pharmacies
Geriatric Medicines Market- Scope of Report
A recent study by Fact.MR on the geriatric medicines market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the 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 offering geriatric medicines.
The study also provides the dynamics responsible for influencing the future status of the geriatric medicines market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the geriatric medicines market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of geriatric medicines across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of geriatric medicines during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative geriatric medicines markets?
- Which factors will impact the growth of geriatric medicines?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the geriatric medicines industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for geriatric medicines are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global geriatric medicines market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the geriatric medicines market during the forecast period.
Country-specific valuation on demand for geriatric medicines has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the 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 & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of geriatric medicines, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering 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 report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the geriatric medicines domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the geriatric medicines industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
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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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
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.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.