Published on : Jun 22, 2016
The increasing geriatric population and rising prevalence of chronic diseases around the world are the primary factors boosting the global geriatric medicine market. The market has been gaining impetus from the increasing government spending on the healthcare infrastructure as well. According to a report published by Transparency Market Research, the global geriatric medicine market is expected to reach US$948 bn by 2023. The market according to the report stood at US$504.7 bn in 2014. If the figures hold true, the market will exhibit a CAGR of 7.3% between 2015 and 2023.
Increasing Incidence of Chronic Ailments Boosts Global Geriatric Medicines Market
Geriatric medicines are administered to elderly people for specialist medical care. These medicines help in the diagnosis, treatment, and prevention of illnesses common in older people who of 65 years or older. The increasing incidence of ailments such as neurological disorders, cancer, cardiovascular disorder, and rheumatoid arthritis is a key factor boosting the global geriatric medicine market. Enterprises operating in the market are also capitalizing on the increasing use of multiple medicines that may in turn trigger medicine-related problems.
The global geriatric medicine market is therefore exhibiting growth at a robust pace. Apart from the increasing geriatric population, the market is also considerably gaining from the increasing spending on nation healthcare systems particularly in emerging nations. Despite exhibiting growth at a positive rate, lack of hospitals and specialized care centers will hamper growth of the market to an extent.
North America to Dominate Global Geriatric Medicine Market
On the basis of therapeutic category, the global geriatric medicines market can be segmented into antidiabetic, antihypertensive, statins, antipsychotic, proton pump inhibitor, anticoagulant, and others. Of these, the market was led by the analgesic segment in 2014. The segment is expected to dominate the market even in the forthcoming years. Regionally, North America dominated the global geriatric medicine market with a share of 39% in 2014. Europe emerged as the second largest market for geriatric medicine in the same year. However, in the forthcoming years, Asia Pacific is expected to exhibit the growth at the fastest pace. The rising investment on healthcare sector in Asia Pacific boosts the geriatric medicine market in the region.