The Global Geriatric Medicines Market Growth Is Driven By Aging Global Population
The global geriatric medicines market refers to drugs and medications that are specifically formulated and developed for elderly patients aged 65 years and above. Geriatric medicines are medicines that are effectively and safely administered to the elderly population who are prone to multiple chronic diseases and conditions. The medicines are often available in user-friendly formats and doses suitable for senior citizens with challenging swallowing patterns or other health issues.
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 from 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. The increasing prevalence of chronic and lifestyle diseases among geriatric population is expected to drive the market growth during the forecast period. Pfizer, Boehringer Ingelheim, Roche, Novartis are a few top players operating in the geriatric medicines market.
The global geriatric population is rapidly increasing and is expected to witness the fastest growth in developing economies of Asia Pacific and Latin America on account of improving life expectancy and declining fertility rates. This substantial rise offers huge potential for drugs and therapeutics that are specially designed to cater to the elderly population. With a large elderly population base, there exists vast growth opportunities in countries with aging populations such as Japan, Germany, Italy, France, the United Kingdom, and the United States, among others.
Market drivers
The global aging population is the primary driver propelling the growth of the global geriatric medicines market. According to the United Nations, the world’s geriatric population is growing rapidly and is expected to double from 12% to 22% between 2015 and 2050. The rising prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes, arthritis, osteoporosis, neurological disorders, dental and oral diseases among geriatric population significantly contributes to the growth of the market. Manufacturers are focused on innovations to develop advanced treatment solutions for diseases predominantly affecting senior citizens. Favorable government policies and regulations further support the growth of the geriatric medicines market.
Impact of Geopolitical Situation on Global Geriatric Medicines Market Growth
The current geopolitical conflicts and economic uncertainties across several regions are impacting the growth of the global geriatric medicines market. The ongoing Russia-Ukraine war has disrupted supply chains and trade relations, leading to shortages of key raw materials and inflated transportation costs. This is hampering the production and distribution of geriatric medicines globally. The economic sanctions imposed on Russia have also affected trade with European countries that are major markets for geriatric drugs. Rising tensions between China and Western nations have also caused disruptions in medical device and drug shipments. Such geopolitical issues are challenging market players to diversify their supply networks and identify alternate sourcing options to minimise disruptions. Going forward, companies will need to closely monitor the geopolitical landscape and devise contingency plans to shield their operations from external shocks through flexible manufacturing and strategically located inventory management.
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