Government Push to Double Pace of Growth in Geriatric Medicines Market: Fact.MR

Demand for Anti-Hypertensive Geriatric Medicines to Grow at 6.3% CAGR through 2031: Fact.MR

Fact.MR’s latest report on geriatric medicines market provides meticulous analysis of market dynamics, current developments, and trending business strategies. The study also provides various growth drivers, restraints, challenges, and opportunities affecting the demand across leading segments including therapeutic category, condition, and distribution channel.

Fact.MR – A Market Research and Competitive Intelligence Provider: As per Fact.MR, the global sales of geriatric medicines are expected to reach around US$ 768 Mn by the end of 2021. With growing demand for geriatrics across the globe, the overall market is projected to expand at 7% CAGR between 2021 and 2031, reaching a valuation of US$ 1.5 Bn in 2031.

The swift expansion of geriatric medicines market is attributed to the high prevalence of chronic diseases such as cancer and rheumatoid arthritis among old people, rapidly rising geriatric population, and increased spending on medicines worldwide.

Rising geriatric population across the globe is predicted to improve the sales prospects of geriatric medicines. According to the World Health Organization (WHO), the world’s population aged 60 years and older will double from 1 Bn in 2020 to 2.1 Bn by 2050.

It has been found that older people are more susceptible to diseases and disability due to weakened immune system. As a result, huge amounts are being spent annually on geriatric medicines.

According to a report (2016) published in National Centre for Biotechnology Information (NCBI), U.S. National Library of Medicine, medical expenses in the U.S. more than double between ages 70 and 90.

Sales of geriatric medicines witnessed sudden boom during the COVID-19 pandemic. Leading drug manufacturers continuously launched new drugs and vaccines to mitigate symptoms of COVID-19 virus in older people.

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As per the report, antihypertensive therapeutics segment is anticipated to witness the fastest growth during the forecast period, owing to the high prevalence of hypertension condition in elderly people. Various studies have confirmed that the incidence of hypertension usually rises with increasing age.

With rapidly rising population, growing health awareness, and increasing prevalence of chronic diseases among elder people, the Asia market is projected to register a healthy CAGR of 6.7% during the assessment period from 2021 and 2031.

“Increasing government support towards improving healthcare for the elderly people will bring new opportunities for the manufacturers of geriatric medicines during the forecast period. Besides this, new product launches and approvals for treating older patients without any side effects will bode well for the market,” says the Fact.MR analyst.

Key Takeaways from Geriatric Medicines Market Survey

• With surging geriatric population, well established healthcare infrastructure and presence of key market players, North America market is slated to expand at 5.7% CAGR during the forecast period.
• Asia is projected to emerge as a lucrative market for geriatric medicines, accounting for over 20% of the global market revenue by 2031.
• India and China are expected to witness strong growth within Asia on the back of increasing investments in medical infrastructure, rapidly rising population, and high spending on medicines.
• In terms of therapeutic category, sales of analgesic geriatric medicines are poised to increase at 6% CAGR between 2021 and 2031.
• Based on condition, geriatric medicines for cardiovascular ailments are projected to account for 45% market share during the assessment period.

Key Drivers

• Expansion of geriatric medicine companies coupled with surging cases of incontinence and impaired memory, and other chronic diseases will boost the market
• Increasing global spending on medicines is positively impacting the growth of geriatric medicines market.
• Introduction of new technologies for medication assistance in elderly people will further expand the geriatrics market.
• Growing support from government and other healthcare organizations for improving elderly care will create lucrative growth opportunity for the market.

Key Restraints

• Side effects associated with some geriatric medicines such as nerve damage, bone loss, and others is expected to hamper the growth in the market.
• Shortage of qualified care providers (geriatric specialists) for older people might also limit the growth.

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Competitive Landscape

Key companies operating in the geriatric medicines market are introducing new products with user friendly features. They are also adopting various strategies such as product launches and approvals, partnerships, expansion, collaborations and acquisitions to expand their global presence.

For instance,

• In August 2021, Pfizer Inc. And Trillium Therapeutics Inc. entered into a definitive agreement under which Pfizer will acquire Trillium, a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer.
• In October 2020, the Food and Drug Administration (FDA) approved the drug venetoclax (VENCLEXTA, AbbVie Inc, and Genentech Inc.), in combination with azacitidine, decitabine or low-dose cytarabine (LDAC), for the treatment of acute myeloid leukemia (AML) in people aged 75 and above, who are unfit for intensive chemotherapy.

Some of the prominent players operating in the geriatric medicines market profiled by Fact.MR are:

• AstraZeneca
• Merck & Co, Inc.
• Pfizer, Inc.
• Novartis AG
• Bristol-Myers Squibb Company
• Sanofi S.A.
• GlaxoSmithKline Plc.
• Eli Lilly and Company
• Abbott Laboratories
• Boehringer Ingelheim GmbH

More Insights on the Global Geriatric Medicines Sales Outlook

Fact.MR provides an unbiased analysis of geriatric medicines market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for geriatric medicines with a detailed segmentation on the basis of:

• 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

Key Questions Covered in the Geriatric Medicines Market Outlook Report

• The report offers insight into geriatric medicines demand outlook for 2021-2031
• The market study also highlights projected sales growth for geriatric medicines market between 2021 and 2031
• Geriatric medicines market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Geriatric medicines market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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Source: Fact.MR