Geriatric Medicines Market Share, Trends, Analysis and Forecasts 2030
Geriatric medicines also called as geriatrics refer to the medicines and therapies used for diagnosis, treatment, and prevention of diseases in elderly people. The global geriatric population has increased significantly during last two decades owing to the increased life expectancy, and declining fertility rate. According to the World Health Organization, in 2017, the global population over the age of 60 years was 962 million, with majority of the people living in the developing countries. The global geriatric population is anticipated to expand with an average annual growth rate of 3.0% and is expected to double by 2050. The susceptibility to diseases increases due to reduced immune response. Specialized medicines are prescribed to deal with the abnormalities and disorders for the elderly population. This has fueled the demand for geriatric medicine during last decade and is anticipated to bolster the growth of the global geriatric medicine market during the forecast period. However, the COVID-19 pandemic is anticipated to have an impact on consumption of geriatric medicine due to the loss of elderly people worldwide.
North America contributed the largest share to the global geriatric medicines market in 2019 and is anticipated to be a dominating geography during the forecast period. Expanding geriatric population, prevalence of chronic disorders in elderly population, availability of robust healthcare infrastructure and presence of leading pharmaceutical manufacturing companies are the key attributes driving the geriatric medicine market in North America. Asia Pacific is anticipated to be the most lucrative market for geriatric medicine during forecast period owing to the rapidly expanding geriatric population and increasing investment of healthcare infrastructure. According to Population Reference Bureau, China, India, Japan, Indonesia, Pakistan and Bangladesh are the Asian countries with highest geriatric population. The advancement in healthcare infrastructure and availability of advanced medicines are anticipated to fuel the growth of geriatric medicine market in Asia Pacific.
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The report titled “Geriatric Medicines Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is historic period, 2019 is the base year, and 2020 to 2030 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global geriatric medicines market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. For instance, GlaxoSmithKline plc reported revenues of USD 41,974.1 million in 2019 and the product segment analysis of the company indicates that Pharmaceuticals business segment of the company dominated revenue in 2019 with North America being the largest revenue contributing geography under the Pharmaceutical business segment.
The global geriatric medicines market is segmented based on medicine type, medical condition, and geography. Based on medicine type, the global geriatric medicines market is segmented into analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitors (PPI), anticoagulant, antipsychotic, and others. Based on medical condition, the global geriatric medicines market is segmented into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. Based on geography, the global geriatric medicines market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment, and would identify the segment of the company focusing on geriatric medicine. Further, market share of prominent companies in the global geriatric medicines market would also be estimated. For instance, GlaxoSmithKline plc operates through three business segments namely Pharmaceuticals, Vaccines, and Consumer Health. The geriatric medicines are delivered under Pharmaceuticals business segment of the company with revenue contribution of US$ 21,860.0 million in 2019.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the geriatric medicine companies. The global geriatric medicines market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the geriatric medicines business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion specific to geriatric medicines market.