by The Global Geriatric Medicines Market product includes drugs to treat medical conditions associated with aging process like arthritis, osteoporosis, gastrointestinal disorders, Parkinson’s disease, dementia, cancer and others. These products provide better treatment outcomes and improved quality of life. With increasing technological advancement in drugs and medical devices, the geriatric medicines market is witnessing high growth. The Global Geriatric Medicines Market is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 To 2031
Key Takeaways
Key players operating in the Global Geriatric Medicines Market Size are Pfizer Inc., Takeda Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb, Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals. The increasing geriatric population across the globe presenting new treatment opportunities for chronic diseases. With technological advancement in drug delivery systems, market players are focusing on development of innovative drug formulations. Continued R&D efforts for development of effective drugs to treat age-related diseases like dementia is expected to drive the market growth.
Market Drivers
The rising geriatric population worldwide susceptible to various chronic medical conditions is a key factor boosting the geriatric medicines market. As per the UN Population Fund (UNFPA) and HelpAge International report, the number of people aged 60 years and older is expected to reach more than 2 billion by 2050. Moreover, growing prevalence of lifestyle diseases such as diabetes, cancer, CVDs among the elderly population segment is augmenting the market growth. In addition, advancement in drug delivery technologies leading to development of novel formulation with better efficacy is anticipated to fuel the demand for geriatric medicines over the forecast period.
Challenges in the Global Geriatric Medicines Market
The geriatric medicines market is facing challenges related to increasing prevalence of chronic diseases among geriatric population, rising healthcare costs, and shortage of skilled healthcare professionals. Growing number of elderly patients with multiple comorbidities require complex medical care which demands specialized healthcare facilities and trained medical staff. However, there is a significant shortage of geriatricians, nurses, and home healthcare workers globally to meet this rising demand. skyrocketing costs of treatment for age-related illnesses also place a major financial burden on individuals, families, and government budgets. Other challenges include lack of strong support systems for the elderly, lack of awareness regarding available treatments, low treatment adherence, and inappropriate polypharmacy. Addressing these issues through value-based care models, integrating technology solutions, and improved public awareness can help overcome barriers and drive higher patient outcomes in the geriatric medicines market.
The Global Geriatric Medicines Market product includes drugs to treat medical conditions associated with aging process like arthritis, osteoporosis, gastrointestinal disorders, Parkinson’s disease, dementia, cancer and others. These products provide better treatment outcomes and improved quality of life. With increasing technological advancement in drugs and medical devices, the geriatric medicines market is witnessing high growth.
The Global Geriatric Medicines Market is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Geriatric Medicines Market Size are Pfizer Inc., Takeda Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb, Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals. The increasing geriatric population across the globe presenting new treatment opportunities for chronic diseases. With technological advancement in drug delivery systems, market players are focusing on development of innovative drug formulations. Continued R&D efforts for development of effective drugs to treat age-related diseases like dementia is expected to drive the market growth.
Market Drivers
The rising geriatric population worldwide susceptible to various chronic medical conditions is a key factor boosting the geriatric medicines market. As per the UN Population Fund (UNFPA) and HelpAge International report, the number of people aged 60 years and older is expected to reach more than 2 billion by 2050. Moreover, growing prevalence of lifestyle diseases such as diabetes, cancer, CVDs among the elderly population segment is augmenting the market growth. In addition, advancement in drug delivery technologies leading to development of novel formulation with better efficacy is anticipated to fuel the demand for geriatric medicines over the forecast period.
Challenges in the Global Geriatric Medicines Market
The geriatric medicines market is facing challenges related to increasing prevalence of chronic diseases among geriatric population, rising healthcare costs, and shortage of skilled healthcare professionals. Growing number of elderly patients with multiple comorbidities require complex medical care which demands specialized healthcare facilities and trained medical staff. However, there is a significant shortage of geriatricians, nurses, and home healthcare workers globally to meet this rising demand. skyrocketing costs of treatment for age-related illnesses also place a major financial burden on individuals, families, and government budgets. Other challenges include lack of strong support systems for the elderly, lack of awareness regarding available treatments, low treatment adherence, and inappropriate polypharmacy. Addressing these issues through value-based care models, integrating technology solutions, and improved public awareness can help overcome barriers and drive higher patient outcomes in the geriatric medicines market.
SWOT Analysis
Strength: Wide range of drugs and therapeutic categories to treat chronic age-related conditions. Strong R&D pipelines to develop innovative therapies tailored for geriatric use.
Weakness: High costs involved in geriatric drug development and clinical trials due to complex patient profiles and comorbidities. Side effects and safety concerns of polypharmacy in elderly patients.
Opportunity: Untapped growth opportunities in emerging markets with rapidly aging populations. Scope for personalized medicine and digital health solutions for improved medication adherence and remote monitoring.
Threats: Patent expiries of blockbuster drugs leading to price erosion and competition from generics. Stringent regulations for geriatric drug approvals require extensive safety and efficacy data.
Global Geriatric Medicines Market Regional Analysis In terms of value, North America dominates the global geriatric medicines market with the largest share of over 40% attributed to the presence of major pharmaceutical companies, higher healthcare spending, rising elderly population, and rapid uptake of new products in the region. Europe also accounts for a significant value share supported by favourable reimbursement policies and strategic initiatives to improve elderly care.
Asia Pacific is projected to be the fastest growing regional market during the forecast period driven by improving healthcare infrastructure, rising incidence of chronic diseases, increasing healthcare insurance penetration, and growing medical needs of the gerontic population in China and India. Rising incomes, awareness levels and better access to medications will further stimulate market demand across emerging Asian economies.
Strength: Wide range of drugs and therapeutic categories to treat chronic age-related conditions. Strong R&D pipelines to develop innovative therapies tailored for geriatric use.
Weakness: High costs involved in geriatric drug development and clinical trials due to complex patient profiles and comorbidities. Side effects and safety concerns of polypharmacy in elderly patients.
Opportunity: Untapped growth opportunities in emerging markets with rapidly aging populations. Scope for personalized medicine and digital health solutions for improved medication adherence and remote monitoring.
Threats: Patent expiries of blockbuster drugs leading to price erosion and competition from generics. Stringent regulations for geriatric drug approvals require extensive safety and efficacy data.
Global Geriatric Medicines Market Regional Analysis In terms of value, North America dominates the global geriatric medicines market with the largest share of over 40% attributed to the presence of major pharmaceutical companies, higher healthcare spending, rising elderly population, and rapid uptake of new products in the region. Europe also accounts for a significant value share supported by favourable reimbursement policies and strategic initiatives to improve elderly care.
Asia Pacific is projected to be the fastest growing regional market during the forecast period driven by improving healthcare infrastructure, rising incidence of chronic diseases, increasing healthcare insurance penetration, and growing medical needs of the gerontic population in China and India. Rising incomes, awareness levels and better access to medications will further stimulate market demand across emerging Asian economies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
