Geriatric medicines are referred to the medications that are prescribed for the treatment of chronic diseases among geriatric population. Geriatric population is more prone to chronic diseases like cardiovascular diseases, arthritis, diabetes, cancer and neurological disorders. With the increasing aging population globally, the prevalence of chronic diseases is also rising significantly. As per estimates, by 2050, one in six people in the world will be over age 65. This huge aging population base will require continuous medical attention and medicines. Thus, the need for geriatric medicines is growing rapidly owing to growing geriatric population worldwide. The Global Geriatric Medicines Market is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Global Geriatric Medicines Market Size  are Pfizer Inc., Takeda Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb, Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals. Rising incidence of chronic diseases among geriatric population coupled with growing life expectancy is expected to drive the demand for geriatric medicines. Furthermore, technological advancements in drug delivery systems make it easier for elderly to consume medicines and improve patient compliance.

The geriatric population has been growing at an unprecedented rate globally especially in developed regions of North America and Europe. As per United Nations population data, the number of people aged 65 or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 worldwide. This growing aging demography will require continuous medical supervision and is expected to significantly drive the demand for geriatric medicines for treatment of chronic conditions. Additionally, development of novel drug delivery technologies specifically designed for geriatric population such as transdermal patches, orally dissolving tablets is also boosting the geriatric medicines market growth.

On the technological front, development of modified release drug formulations, combination therapies, and multi-molecule drug delivery systems have improved treatment outcomes for older patients. For instance, fixed dose combinations (FDCs) of medicines have benefitted geriatric patients by reducing drug intake frequency and improving adherence.

Market Trends

Increasing Research Collaboration: Pharmaceutical companies are increasingly partnering with research institutes and startups to develop innovative solutions for geriatric healthcare. Joint clinical research programs will help fast-track development of new formulations and therapies for chronic geriatric conditions.

Focus on specialty care: With growing complexity of diseases in aging population, there is increased emphasis on specialization among healthcare providers. Key players are focusing on specialty medicines and therapies for specific disease segments like neurology, cardiology, oncology etc in geriatric patients.

Market Opportunities

Orphan drug development: There is significant scope for R&D in identifying orphan drug candidates for rare aging-related conditions which otherwise have no approved treatment options.

Digital healthcare: Integration of digital technologies like remote patient monitoring solutions, mobile apps, AI and analytics can help optimize medication management and produce better health outcomes for elderly patients. This presents an important opportunity.

Impact of COVID-19 on the Global Geriatric Medicines Market:

The COVID-19 pandemic has significantly impacted the growth of the global geriatric medicines market. During the initial outbreak, the lockdowns hampered new drug development and lowered clinical trial participation, disrupting the market. Supply chain disruptions also caused shortages of critical drugs required by the elderly population. However, as the geriatric population was at a high risk of COVID-19 infection and related complications, the demand for medicines to treat chronic conditions like cardiovascular, neurological disorders increased significantly.

The pandemic highlighted the growing need to develop effective therapeutics and vaccines for infectious diseases affecting the elderly. Pharmaceutical companies are now accelerating R&D on vaccines, antivirals, and immunotherapies targeting the geriatric population. Telemedicine and digital health solutions also saw increased adoption to ensure continuity of care for seniors during lockdowns. Going forward, investments in biological therapies and diagnostics are expected to drive market growth in the post-COVID period. Governments and organizations are also collaborating to strengthen healthcare infrastructures to better address the needs of the aging demographic.

Geographical Regions with High Concentration in the Global Geriatric Medicines Market Regional Analysis North America accounts for the largest share of the global geriatric medicines market in terms of value. This is attributed to the rapidly growing geriatric population along with a higher adoption rate of technological advancements in medicines and healthcare delivery systems. The U.S. dominates the region's market owing to supportive medical reimbursement policies, availability of generics, and presence of major pharmaceutical players.

Europe is the second largest regional market driven by rising prevalence of chronic diseases and government initiatives to boost innovation. A significant proportion of the market revenue comes from countries like Germany, France, and the U.K. Asia Pacific is identified as the fastest growing region due to increasing healthcare expenditure, improving access to medicines, and favorable initiatives to expand universal health coverage in China and India.

Fastest Growing Region in the Global Geriatric Medicines Market:

Asia Pacific region is projected to exhibit the highest growth rate during the forecast period in the global geriatric medicines market. This is due to Asia's rapidly expanding aging population along with improvements in economic conditions and healthcare infrastructure across major Asian countries. Countries like China and India are expected to emerge as highly lucrative markets as they account for over 60% of the elderly population globally.

Rising life expectancies, growing disease burden, and increasing per capita incomes are fueling higher healthcare spending on diseases affecting the geriatric demographic in Asia. Additionally, favorable regulations, low-cost manufacturing environments, and strengthening medical tourism are attracting global pharmaceutical players to expand in the region. Investments in biologics and digitization of healthcare will further support market growth trajectories in Asia Pacific going forward.

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