A recent business and commerce study conducted at Transparency Market Research (TMR) has detected that the geriatric medicine has opened a niche for the major pharmaceutical companies, and there is strong potential of profit if leveraged properly. The intelligence report has notified that the competition in the global geriatric medicine market is intensifying as a result of more and more players making a foray. However, there are vast new opportunities in vastly populated region of Asia Pacific and those players who expand their businesses into emerging economies such as China and India will stand to benefit in the near future.
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In addition to that, overcoming technical complexities via R&D practices to treat chronic diseases such as diabetes and CVDs is a strategic mode for the players to gain ground over their competitors. For instance, Sanofi S.A. introduced Fluzone High-Dose vaccine in the U.S. market mid-last year, which is first of its kind vaccine that has showcased strong efficacy against influence among geriatrics.
The report identifies Abbott Laboratories, Inc., Pfizer, Inc., Merck & Company Inc., Novartis International AG, GlaxoSmithKline plc, Eli Lilly and Company, and AstraZeneca plc. as some of the other companies that are ahead of the curve in the global geriatric medicine market. As per the estimations of the TMR report, the global geriatric medicine market will be worth US$948,005.3 mn by the end of 2023, with the demand expanding at a notable CAGR of 7.27% during the forecast period of 2017 to 2023.
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Based on the category of therapeutic, the market for geriatric medicine has been segmented into anticoagulant, proton-pump inhibitors (PPIs), antidiabetic, statins, antihypertensive, analgesic, antipsychotic, and others. On the basis of medical condition, the market has been bifurcated into respiratory, osteoporosis, neurological, cancer, arthritis, cardiovascular, and others. Geographically, while North America and Europe are expected to hold onto their position as the regions with most potential, the demand for geriatric medicine from the region of Asia Pacific is anticipated to multiply at a much strong CAGR than then global average.
The radical manner with which the percentage of people aged over 60 years has increased in the World’s population is the primary driver of the global geriatric medicine market. The United Nations has estimated that there will be 1.4 billion people aged over 60 years by 2030, posing for a strong demand potential. In addition to that, rigorous research and development activities undertaken by pioneering pharmaceutical companies to cater to this demand is expected to bear fruits in the near future.
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Prevalence of several chronic diseases, improving healthcare infrastructure in a number of emerging economies, growing popularity of medical tourism, government initiatives to provide care to elderly, and mushrooming of specialty clinics are some of the other driver of the geriatric medicine market. On the other hand, complexities pertaining to drug compatibility, strong lack of patient participation for clinical trials, and side effects are a few challenges obstructing the market from achieving its potential.
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