Global Geriatric Medicines Market’s Top Driving Forces

Published By : 01 Mar 2016 | Published By : QYRESEARCH

Geriatric medicines refer to a special branch of medical science, providing diagnosis and treatment for the elderly population. A majority of the elderly population is unable to consumer their medication properly at the recommended time due to the complex medical and psychological problems. The global geriatric medicines market is worth billions of dollars and is projected to witness remarkable growth in the coming few years. Several factors will drive the global geriatric medicines market. Here are the key drivers of the global geriatric medicines market.

Most Prominent Trends of Global Geriatric Medicines Market
 

  • Rising Population: One of the key factors driving the global geriatric medicines market is the rising aging population around the world. This growth in the elderly population will be witnessed in both developing and developed economies of the world.
  • Increasing Incidence: Another key driver of the global geriatric medicines market is the growing incidence of chronic conditions. The geriatric population is particularly susceptible to chronic conditions, driving the demand for medicines. Some of the chronic conditions that are witnessing increasing incidence are rheumatoid arthritis, neurological disorder, cardiovascular disorder, and cancer.
  • Support from Government: The global geriatric medicines market will also benefit from the elevated support from the government. Governments of several nations are introducing programs that are focused on the elderly care. This trend, in turn, will fuel the overall geriatric medicines market.
  • Opportunity in APAC: At present, Asia Pacific holds notable potential in the global geriatric medicines market. This is due to the high rate of geriatric population in Asian economies such as China. Players in the global geriatric medicines market will significantly benefit from this opportunity. Some of the key players operating in the global geriatric medicines market are Abbott Laboratories, Sanofi, Pfizer, Novartis, Eli Lilly and Company, and Bristol-Myers Squibb Company.

Although the global geriatric medicines market will be driven by the aforesaid factors, the global geriatric medicines market will be challenged significantly by the lack of patient participation in clinical trials. For example, a majority of participants of clinical trials for cancer are relatively young due to the presence of many barriers prohibiting the elderly population from participating in these trials.

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