Geriatric Medicines Market to Expand at a CAGR of 7.3% from 2015 to 2023

Published By : 17 Feb 2016 | Published By : QYRESEARCH

The geriatric medicines market is expanding at a high rate, owing its expansion to the increase in the aging population, which is a consequence of growing chronic diseases such as neurological disorders, rheumatoid arthritis, and heart diseases among people. Increase in the investment in healthcare systems is also responsible for the growth of the geriatric medicines market. 

Geriatric Population to Reach 141 mn by 2050, propelling the Geriatric Medicines Market

Elderly patients across the globe face numerous health issues such as cerebral aging, falls and syncope. According to a report published by Transparency Market Research, there will be 17 to 30% rise in the geriatric population by 2050, as compared to the 2008 geriatric population. Around 40 to 50% prescriptions were provided to people aged 60 and above, in the year 2010, leading to a substantial growth in the market for geriatric medicines market.

Increase in Government Support will boost the Geriatric Medicines Market

Favorable initiatives from the government towards the geriatric population and an increase in the infrastructure of health care facilities are set to elevate the geriatric medicines market.

Geriatric medicines for Cardiovascular Conditions holds the Largest Market Share and will continue to dominate the Geriatric Medicines Market

The geriatric medicines market is segmented by condition, therapeutic category, and geography. On the basis of condition, the market is segmented into arthritis, neurological problems, cancer, respiratory diseases, osteoporosis and cardiovascular conditions. Among these, cardiovascular conditions hold the largest market share, where there has been an increase in the number of patients of cardiovascular operations and procedures by 28% from 2000 to 2012. 

Analgesic to account for the largest market share in the upcoming years

The market for geriatric medicines is categorized on the basis of therapeutic category into antihypertensive, statins, proton, analgesic, antidiabetic, pump inhibitor, antipsychotic, anticoagulant, and others. It has been reported that approximately 60 to 75% of the geriatric population suffers from some form of persistent pain, be it musculoskeletal pain, peripheral neuropathic pain or chronic joint pain. Thus, analgesic accounted for the largest market share in 2014 and is expected to continue to account for the largest market share. 

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