Published on : Apr 07, 2016
Geriatric medicines are catered towards the medical care and wellbeing of the frail and aged people. The geriatric medicine market is aimed at improving the health conditions and promoting the physical and mental wellbeing of people above the age of 65. The field of geriatric medicines include prevention, diagnosis, remedies, treatment, and also the social aspects of illnesses in the geriatric population.
According to a report published by a market intelligent company, Transparency Market Research, the global geriatric medicine market stood at US$ 504.7 bn in 2014 and is prohjected to grow and reach a value of US$ 948 bn in 2023, exhibiting a healthy CAGR of 7.3% from 2015 to 2023. The growth can be attributed to the rising geriatric population and an increase in the prevalence of chronic diseases among people across the globe.
Analgesic Segment to Account for the Largest Market in the Future
On the basis of therapeutic, the global geriatric medicine market is segmented into analgesic, antihypertensive, antidiabetic, statins, proton pump inhibitors, antipsychotic, and anticoagulant. Out of these, the analgesic segment dominated the market in 2014 and is expected to retain its dominant position in the coming years due to favorable government initiatives towards improving the healthcare infrastructure for the elderly and the rising incidences of chronic diseases. Statin is second in terms of largest market, with its growth attributed to rising cases of cardiovascular disorders and diabetes.
High Risk of Heart Attacks and Strokes Lead to Growth in the Cardiovascular Segment
On the basis of condition, the global geriatric medicine market is segmented into arthritis, cardiovascular disorders, neurological disorders, respiratory disorders, and osteoporosis. Out of these the largest market share was held by cardiovascular disorders, due to increased risk of strokes, heart attacks and other cardiovascular complications. Obesity is also one of the reasons why there is an increase in the cardiovascular disorders.