by The global geriatric medicine market for the historical period 2017–2018 and forecast period 2019–2027, rise in chronic diseases, increase in governments and NGOs supports for elderly and technological advancement for medication assistance are projected to drive the global geriatric medicine market during the forecast period
According to the report, the global geriatric medicine market was valued at US$ 672.0 Bn in 2018 and is anticipated to expand at a CAGR of 6.9% from 2019 to 2027
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Increase in global geriatric population and Surge in Programs by Governments and NGOs to support Elderly Patients: Key Drivers
Rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. According to the World Health Organization (WHO), people over the age of 65 form the fastest-growing population segment globally. The proportion of the world’s population over 60 years is expected to double from about 11% to 22% between 2000 and 2050.
Stroke is a leading cause of death in the U.S. According to the Centers for Disease Control and Prevention (CDC), stroke claims one fatality every 40 seconds in the U.S. and about 795,000 people become victims of stroke (85% acute ischemic) each year. About 610,000 of these are first or new strokes, and 185,000 are recurrent strokes.
The global geriatric medicines market is expanding at a significant growth rate due to increasing government support toward old people for their health, safety, and nursing care. The Federal Long Term Care Insurance Program in the U.S. is a favorable policy for the elderly people, which covers almost all the medical care/cost of people in the U.S. Likewise, the Long-Term Care Ombudsman Program provides nursing homes, residential care facilities, and assisted living facilities for elderly people in the U.S.
Technological Advancement for Medication Assistance Boost Market Growth
The elderly are presently able to manage their multiple prescription drugs problem owing to recent advances in technology. There are pill boxes with alarms that enable seniors to know what exact pill needs to be taken and when. Several companies are developing and selling smart pill bottles.
These pill bottles allow connecting their medications to doctors and pharmacies for data on how often patients are taking their medication. They also alert (like a text message or phone call) the elderly about the appropriate time to take their medication, in case they forget. Therefore, technological advancement in medical assistance is likely to drive geriatric medicine market globally
Side Effects in Elderly to Hamper Market
Elderly people are more sensitive to frequently used drugs such as benzodiazepines, NSAIDs, and opioids. High chances of adverse drug reaction (ADR) and overdose in the elderly can lead to uptake of other form of therapies (herbal medicines, Unani, physiotherapy etc.), which in turn is projected to hamper the geriatric medicines market
Global Geriatric medicine Market: Competitive Landscape
This report profiles major players in the global geriatric medicine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global geriatric medicine market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global geriatric medicine market are
- Pfizer, Inc.
- Merck & Co., Inc.
- AstraZeneca
- Bristol-Myers Squibb Company
- Novartis AG
- Sanofi S.A.
- GlaxoSmithKline plc Eli Lilly and Company
- Abbott Laboratories
- Boehringer Ingelheim GmbH
Key Questions Answered in Global Geriatric Medicine Market Report
- What is the scope of growth of product companies in the global geriatric medicine market?
- What will be the Y-o-Y growth of the global geriatric medicine market between 2019 and 2027?
- What is the influence of changing trends in the global geriatric medicine market?
- Will North America continue to be the most profitable market for geriatric medicine providers?
- Which factors are anticipated to hamper the growth of the global geriatric medicine market during the forecast period?
- Which are the leading companies in the global geriatric medicine market?
Global Geriatric Medicine Market – Segmentation
Therapeutic Category
- Analgesic
- Antihypertensive
- Statins
- Antidiabetic
- Proton Pump Inhibitor
- Anticoagulant
- Antipsychotic and Antidepressant
- Others
Condition
- Cardiovascular
- Arthritis
- Diabetes
- Neurological
- Cancer
- Osteoporosis
- Respiratory
- Others
Distribution Channels
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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