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Geriatric Drugs & Disease Management Market - Forecast(2024 - 2030)
Geriatric Drugs & Disease Management Market Overview
Geriatric Drugs & Disease Management Market Size is estimated to reach $3.1 billion by 2027 and is poised to grow at a CAGR of 7.1% over the forecast period of 2022-2027. The geriatric is a rapidly developing medical specialty that deals with the diagnosis, treatment and prevention of disorders in the elderly population. The population usually consists of patients aged 60 years and above. According to the Department of Economics and Social Affairs, in 2019 there are 703 million persons aged 65 years or over in the world and by 2050 one in six people in the world will be over age 65. Also, owing to elder age and weaken immunity, there is a high risk of various diseases and infections in geriatric patients Such a growing geriatric population and risk of diseases and infections create demand for various drugs such as analgesic, antihypertensive, antidiabetic, antipsychotic, anticoagulant, antidepressant and others. The requirements of the aged population in terms of healthcare are increasingly being prioritized by governments over the world. In order to do this, a number of supportive healthcare policies have been actively put into effect. Additionally, key market players in the healthcare industry launched new products in the market to minimize severe symptoms of diseases. Such availability of essential medicines and supporting government policies fuel the growth of the Geriatric Drugs & Disease Management Industry over the forecast period 2022-2027.
Geriatric Drugs & Disease Management Market Report Coverage
The report: “Geriatric Drugs & Disease Management Market Forecast
(2022-2027)", by Industry ARC covers an in-depth analysis of the following
segments in the Geriatric Drugs & Disease Management Market.
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021, owing to the developed healthcare infrastructure and high spending on healthcare for the elderly population fueling the growth of the Geriatric Drugs & Disease Management Market Size in this region.
- The Geriatric Drugs & Disease Management Market is predicted to increase owing to the increased risk of various diseases in the geriatric population.
- However, the high price of drugs and the chances of side effects of medicines in elderly people may limit market growth over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Geriatric Drugs & Disease Management Market Report.
Geriatric Drugs & Disease Management Market Segment Analysis- by Therapeutic
Geriatric Drugs & Disease Management Market based on Therapeutic
can be further segmented into Analgesic, Antihypertensive, Statins, Antidiabetic,
Proton pump inhibitors (PPI), Anticoagulant, Antipsychotic, Antidepressants and Others.
Analgesic held a dominant share in the year 2021. This is the result of growing
pain-related diseases in the geriatric population. According to the research paper
published in National Center for Biotechnology Information (NCBI) in 2022, a considerable portion of the older population is affected by chronic pain, which
can lead to functional disability. It is frequently accompanied by associated
psychiatric illnesses including depression and anxiety, as well as cognitive
dysfunction and sleep disturbances. Such relation of chronic pain with other
disease create demand for analgesic and drive the growth of the Geriatric Drugs & Disease Management Market Size.
However, the Antidiabetic segment
is estimated to grow with the fastest CAGR rate of 7.3%
over the forecast period 2022-2027. This is owing to the growing burden of
diabetics in the elderly population and diabetes-associated disease & health
complications. As per the research article published in American Diabetics
Association in 2021, Over one-quarter of people over the age of 65 years have
diabetes and one-half of older adults have prediabetes. Also, older adults
with diabetes have higher rates of premature death, functional disability,
accelerated muscle loss and coexisting illnesses, such as hypertension,
coronary heart disease and stroke, than those without diabetes. Such growing
prevalence of diabetes in the geriatric population and risk of associated diseases
surge demand for antidiabetic drugs and fuel growth of the Geriatric Drugs & Disease Management Market Share
over the forecast period 2022-2027.
Geriatric Drugs & Disease Management Market Segment Analysis- by Condition
Geriatric Drugs & Disease Management Market based on the condition
can be further segmented into Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis,
Respiratory and Others. The cardiovascular segment held a dominant market share in
the year 2021. This is attributed to the growing cases of obesity in the
geriatric population owing to a long illness, bedrest and the effect of various
drugs. Such conditions increase the risk of cardiovascular disease, in the geriatric
population. According to the National Institute of Aging people with age 65 and
older are much more likely than younger people to suffer a heart attack, have a
stroke, or develop coronary heart disease and heart failure. Such a growing risk
of cardiovascular disease in the elderly population fuel the growth of the Geriatric
Drugs & Disease Management Market Share over the forecast period 2022-2027.
However, Cancer is estimated to grow
with the fastest CAGR rate of 7.7% over the forecast period 2022-2027.
This is owing to the growing prevalence of cancer in the elderly population.
According to Cancer Research U.K, the peak rate of cancer cases is high in the elderly population and mostly found in ages between 85-89 years. As per National
Cancer Institute, As of January 2022, it is estimated that there are 18.1
million cancer survivors in the United States. And the number of cancer
survivors is projected to increase by 24.4%, to 22.5 million, by 2032. Such a growing number of cancer cases and a growing population of cancer survivors surge
demand for analgesic, antihypertensive, statins, antidiabetic, proton pump
inhibitors (PPI), anticoagulants, antipsychotics, antidepressants and other drugs
for cancer treatment and associated diseases. Such growing demand for drugs by the geriatric population drives the growth of the Geriatric Drugs & Disease
Management Market Share over the forecast period 2022-2027.
Geriatric Drugs & Disease Management Market Segment Analysis- by Geography
The Geriatric Drugs & Disease Management Market based on
Geography can be further segmented into North America, Europe, Asia-Pacific,
South America and the Rest of the World. North America held a dominant market
share of 33% in the year 2021. This is owing to the best healthcare facilities
available in this region and the high spending capacity of the elderly population.
Also, various presence of various elder care services and technology like
telemedicine drive the growth of the geriatric drugs & disease management industry.
Also, according to the Center for Disease Control and Prevention (CDC), in the
United States, there are 26.4 million people aged 65 years or older (48.8%) have
prediabetes. Such growing cases of various chronic diseases surge demand for analgesic,
antihypertensive, statins, antidiabetic, proton pump inhibitors (PPI),
anticoagulants, antipsychotics, antidepressants and other drugs & treatments
which fuel the growth of the Geriatric Drugs & Disease Management Market Size.
Furthermore, Asia-Pacific is estimated to grow with the fastest CAGR rate of 6.9% over the forecast period 2022-2027. According to United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), about 59 percent of the geriatric population lives in the Asia-Pacific region. Also, more than 1.3 billion peoples with age 60 and over live in Asia-Pacific by 2050. Such a growing aging population and high risk of various diseases in this age propel the growth of the Geriatric Drugs & Disease Management Market Size in this region over the forecast period 2022-2027.
Geriatric Drugs & Disease Management Market Drivers
Growing Importance of Geriatric Medicines is Anticipated to Fuel Market Growth.
In order to maintain and manage the numerous medical, cognitive,
social and psychological problems that older people face, geriatric medicine
(GM) such as analgesic, antihypertensive, statins, antidiabetic and proton pump
inhibitors (PPI), anticoagulant, antipsychotic, antidepressant and others play an important role. The increase in growth of the senior population, the high
frequency of chronic diseases including cancer and rheumatoid arthritis among
the elderly and higher spending on medications contribute to the geriatric drugs
and the disease management industry. The elderly population spends a lot of money on
healthcare. Nearly seven times the national average of $14,000 and responsible
for 35% of all medical spending, those in the top 5% of total expenditures
spend about $98,000 annually. Such higher spending on Medicare by the elderly
population drives the Geriatric Drugs & Disease Management Industry over the
forecast period 2022-2027.
Rising Incidence of Chronic Disease in Elderly Population is Driving the Market Growth.
In the elderly population, there is a high risk of disease and infection
than in adults. For instance, as per a research paper published in ‘Karger’ in
February 2019, in people above 75 years old, there was an increase by 65% in
the total number of stroke events (+66% in men and +65% in women). Also, as per a research article published in BMC public health in 2019, Fifty-one studies
from 16 States of India were included as 56 datasets, which anticipated the
prevalence of depression among the Indian elderly population as 34.4%. Such a growing
incidence of chronic disease drives the growth of the Geriatric Drugs & Disease
Management Industry.
Geriatric Drugs & Disease Management Market Challenge
High
Prices of Medicines are Hampering Market Growth
People with older age are low in immunity and have various disease
conditions such as cardiovascular, arthritis, neurological, cancer,
osteoporosis, respiratory and others. Such cases of diseases or combinations of
diseases need various medicines. In the United
States, pharmaceutical companies are able to set the price of a prescription
drug at whatever they believe the market will bear. A 2021 study by the RAND
Corporation compared prices for prescription drugs in the United States with
those in 32 other countries, including the United Kingdom, Germany and
Australia; the authors ultimately found that prices in the United States were
an average of 156 percent higher than prices in the comparison countries. According
to GoodRx, drug companies increased the prices of 832 drugs by an average of
4.5 percent in January 2021 and 67 drugs by an average of 3.5 percent in July
2021. Such high prices of drugs may hinder the growth of the Geriatric Drugs & Disease Management Market.
Geriatric Drugs & Disease Management Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Geriatric Drugs & Disease Management Market. The top 10 companies in the Geriatric Drugs & Disease Management Market are:
- Merck & Co. Inc.
- Geriatric
& Medical Companies Inc.
- Senior
Care Centers of America Inc.
- GGNSC
Holdings LLC
- UAS
Laboratories.
- AstraZeneca
- Boehringer
Ingelheim GmbH
- Novartis
AG
- Sanofi
S.A.
- GlaxoSmithKline
plc.
Recent Developments
- In July 2022, Boehringer Ingelheim, a leading research-driven biopharmaceutical company, the life science company Evotec SE and bioMérieux, a world leader in in vitro diagnostics, announced a joint venture to create the next generation of antimicrobials along with actionable diagnostics to fight Antimicrobial Resistance (AMR). The resulting company, Aurobac Therapeutics SAS, will combine the best capabilities of the three founding companies towards developing a new precision medicine approach, from diagnosis to cure.
- In October 2021, Merck & Co. Inc. published preliminary results of the clinical trials for its Molnupiravir anti-COVID-19 drug. As per the findings, patients administered with these anti-viral halved chances of hospitalization among patients exhibiting mild or moderate symptoms. Those administered with this drug showed 100% recovery.
- In December 2020, AstraZeneca, Greater scientific presence in immunology by adding Alexion's innovative complement-technology platforms and strong pipeline dedicated to rare disease units to be headquartered in Boston announced a partnership with Alexion. Acquisition strengthens AstraZeneca’s broad-based revenue and the company will further globalize Alexion’s portfolio.
Relevant Titles
Report Code:
Report Code: HCR 1371
Report Code: HCR 0143
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