Global Geriatric Medicine Market is expected to reach USD 1.01 Trillion By 2024. Geriatric medicine or geriatrics is a branch of medicine that focuses on medical issues and diseases of aging, and for old age. There is no specific age at which patients may undergo geriatric physician. The Geriatric Medicine Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Growing geriatric population, increasing occurrence of several target diseases, and developed and affordable healthcare and medicines sector are documented as major factors of Geriatric Medicine Market that are estimated to enhance the growth in the years to come. However, difficulty in access to geriatric care among elderly patients in developing countries may restrain overall market growth in the coming years. Geriatric Medicine Market is segmented based on therapeutic, medical condition, and region.
Antidepressants, analgesics, antipsychotics, antihypertensive, anticoagulant, statins, proton pump inhibitor, and antidiabetics are the therapeutics that could be explored in Geriatric Medicine in the forecast period. Analgesics sector accounted for the significant market share of Geriatric Medicine and is estimated to lead the overall market in the coming years. In addition, antidiabetic sector is estimated to grow at fastest pace in the coming years.
Respiratory, cardiovascular diseases, osteoporosis, arthritis, cancer, and neurological Disorders are the therapeutic conditions that could be explored in Geriatric Medicine in the forecast period. Cardiovascular diseases sector accounted for the significant market share of Geriatric Medicine and is estimated to lead the overall market in the coming years.
Globally, North America accounted for the substantial market share of Geriatric Medicine and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be enhanced healthcare facilities & developed healthcare infrastructure, favorable reimbursement policy, rising number of old people suffering from several target diseases, and presence of key manufacturers in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise developing healthcare infrastructure, growth in disposable income, launch of many generic and patented drugs, and rise in private and public healthcare expenditure. The developing countries like India and China are the major consumers of Geriatric Medicine in the region.
The key players of Geriatric Medicine Market are Sanofi S.A., GlaxoSmithKline Plc, Merck & Company Inc., Boehringer Ingelheim GmbH, AstraZeneca plc, Novartis AG, Abbott Laboratories Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, and Pfizer, Inc. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Geriatric Medicine Market by therapeutic category (USD Billion, 2013 - 2024)
• Proton Pump Inhibitor
Geriatric Medicine Market by therapeutic condition, by Revenue (USD Billion,2013 - 2024)
• Cardiovascular diseases
• Neurological Disorders
Geriatric Medicine Market Regional Outlook, by Revenue (USD Billion, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• South Africa
Research Support Specialist, USA