Geriatric medicines are drugs meant to alleviate symptoms, treat or prevent conditions that typically affect elderly patients. Some key drugs for geriatric use include analgesics for pain relief, anticoagulants to prevent blood clots, antidepressants, anticholinergics to treat Parkinson’s disease, and antihypertensives to manage high blood pressure. The geriatric population is more prone to chronic conditions like cardiovascular disease, cancer, diabetes and Alzheimer’s disease owing to physiological changes associated with aging. Growing geriatric demographics worldwide are fueling the demand for drugs designed specifically for older adults.
The Global Geriatric Medicines Market is estimated to be valued at US$ 1,570.18 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 Geriatric Medicines Market 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. Key opportunities in the market include development of safer drugs through appropriate testing of medications on elderly patients during clinical trials. Approval of new drugs specifically for geriatric use is another growth opportunity. The growing burden of multiple chronic diseases among the elderly is also creating demand for medicines that treat comorbidities. In terms of global expansion, companies are investing in R&D to develop innovative products for aging populations in rapidly developing markets like China, India and Brazil.
Market drivers
The rising life expectancy is a major driver propelling the geriatric medicines market. According to the United Nations, the number of people aged 60 years and older is expected to reach 2.1 billion by 2050 from 962 million in 2017. This demographic shift will significantly increase the prevalence of age-related diseases worldwide. Governments across regions are undertaking initiatives to improve elderly healthcare through research funding, reforms and awareness programs. For instance, the U.S. National Institute on Aging invests millions of dollars annually on clinical studies related to disorders like Alzheimer’s. Such efforts are encouraging pharmaceutical manufacturers to step up their focus on developing safer and more effective medications tailored for senior citizens.
PEST Analysis
Political: Approval policies and regulations for geriatric medicines are formulated by governments and regulatory bodies like FDA. Any changes made in regulations affects the market positively or negatively.
Economic: Rising healthcare expenditure by governments on geriatric population drives the market growth. Income levels of elderly population determine the affordability of premium geriatric medicines
Social: Increasing life expectancy contributes to rise in geriatric population globally. Changing lifestyle and dietary habits lead to rise in age-related diseases. Growing social security benefits boost demand.
Technological: Advances in drug delivery systems and medical technologies improve treatment outcomes for age-related diseases. Biologics and targeted therapies are gaining popularity in management of chronic conditions prevalent in geriatric population.
The United States captures the largest share of the global geriatric medicines market in terms of value due to robust healthcare infrastructure, presence of leading pharmaceutical companies and high healthcare spending. Elderly population is rising rapidly due to increasing life expectancy contributing to high demand.
The Asia Pacific region is poised to witness the fastest growth during the forecast period owing to growing aging population, improving healthcare facilities and rising incomes. Countries like China and India are emerging as profitable markets as they have lower manufacturing and labor costs attracting global pharmaceutical manufacturers. Prevalence of chronic diseases is also increasing in the region driving the need for eldercare services and medicines.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it