Geriatric Medicine Market To Gain Demand Quickly Due To Increasing Geriatric Population Base Till 2024: Grand View Research, Inc.
The
global geriatric medicine market is expected to reach
over USD 1,017 billion by 2024 according to a new report by Grand View Research
Inc. Increase in the global geriatric population is one of the major challenges
for the healthcare industry and the governments across the globe, however, it
has proven to be a boon for the geriatric medicine market.
The
high market growth is anticipated on account of the rising prevalence of
various target diseases in the geriatric population, the demographic shift, the
upward trend in lifestyle-related risk factors, and the significantly improved
access to affordable healthcare as well as medicine across the developing and
emerging economies.
North America geriatric medicine market, by therapeutics, 2013 - 2024, (USD Billion) |
The
rising prevalence of the Alzheimer’s disease in the geriatric population is
expected to serve as a high impact rendering driver for the geriatric medicine
market over the forecast period. In 2015, as per the estimates published by the
Alzheimer’s disease International, nearly 47 million people have dementia and
this number is expected to double after every 20 years. Furthermore, as per the
estimates published by The Alzheimer's Association, in the U.S., out of the 5.4
million Americans living with the disease, nearly 5.2 million or 96.3% are aged
65 and above.
In
order to mitigate the concerns arising due to the unfavorable shift in the
demographic variables such as age, lifestyle patterns, economic development,
coupled with the upward shift in the disease trends associated with the
geriatric population, the developed regions have consistently improved their
healthcare practices by allocating high amount of resources towards the
healthcare and social development sectors.
For
instance, the U.S., Germany, the UK, and Japan allocate 17.1%,
11.30%,9.10%,10.20%, of their GDP respectively towards healthcare expenditure
and majority of these resources are channelized towards developing new drugs,
new software, and building technology platforms for hospitals and home health
services.
Browse full
research report on Geriatric Medicine Market: www.grandviewresearch.com/industry-analysis/geriatric-medicine-market
Further key
findings from the report suggest:
- In 2015, analgesic medicine accounted for the
highest revenue of nearly USD123 billion. The key factors attributed to
include the rising prevalence of various types of pains associated with
aging. These pains can be categorized as general body pain, post-surgical
pain, muscle pain, acute or chronic joint pain, neuropathic pain, and
others.
- In 2015, North America dominated the geriatric
medicine market with a revenue share of over 37% owing to the presence of
well-developed social and healthcare sectors, the availability of the
latest medicine, and insurance coverage coupled with the presence of a
large number of people aged above 60 years.
- Asia Pacific region is anticipated to exhibit
the maximum growth rate at a CAGR of over 7% from the year 2016 to 2024. In
comparison with the developed regions, the economic burden of the target
diseases, the access to healthcare, health insurance and the percentage of
public and private healthcare expenditures vary significantly in the Asia
Pacific countries.
- The countries such as China and India are
expected to witness a significant rise in the elderly population base and
this factor in turn is expected to create an upward trend in the geriatric
medicine market over the forecast period.
- The market dynamics indicate the presence of
strong competition amongst the key players such as Eli Lilly and Company,
AstraZeneca plc, Boehringer Ingelheim GmbH, Abbott Laboratories., Sanofi
S.A., Bristol-Myers Squibb, Merck & Company Inc., Novartis AG, Pfizer,
Inc., and GlaxoSmithKline Plc.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/pharmaceuticals
Grand View Research has segmented the geriatric medicine market by
therapeutic category, therapeutic condition, and region:
Geriatric
Medicine Market by therapeutic category (USD Billion, 2016 - 2024)
- Analgesics
- Antihypertensives
- Statins
- Antidiabetics
- Proton
Pump Inhibitor
- Anticoagulant
- Antipsychotics
- Antidepressants
Geriatric
Medicine Market by therapeutic condition, by Revenue (USD Billion,2016 - 2024)
- Cardiovascular
diseases
- Arthritis
- Neurological
Disorders
- Cancer
- Osteoporosis
- Respiratory
Geriatric
Medicine Market Regional Outlook, by Revenue (USD Billion, 2016 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-geriatric-medicine-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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