Global Geriatric Medicines Market – Snapshot
Geriatric medicines are a specialty branch of medical science that provides diagnosis and treatment options for the elderly. Most geriatrics are unable to take their medication properly at a scheduled time, due to complex medical and psychological problems. The geriatric population requires special care and attention for the speedy recovery of disease or disorder. The global geriatric medicines market is expanding at a significant pace due to increasing government support toward old people for their health, safety, and nursing care. Developed nations already have quality geriatric care management systems in place and developing nations are making high investments in geriatric care.
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There has been an unprecedented growth in the global geriatric population. According to the World Health Organization (WHO), people over the age of 65 form the fastest-growing population segment globally. This rise in geriatric population has led to an increase in the incidence and prevalence of chronic diseases. According to Canadian Institute of Health Information, the geriatric population accounts for 17% of the total population in Canada. Senior citizens (those age 65 and older) are estimated to account for roughly 40% of all spending on prescribed drugs and 55% of public drug program spending. The geriatric population is rising faster than any other population in Canada, increasing by an average of 3.9% per year from 2011 to 2016 (compared with 0.6% for non-seniors).
The global geriatric medicines market was valued at US$ 630,225.2 Mn in 2017 and is anticipated to reach US$ 1,080,696.6 Mn by 2026, expanding at a CAGR of 6.1% from 2018 to 2026. Increasing prevalence of chronic diseases in the geriatric population, favorable reimbursement scenario, and increasing government initiatives toward geriatrics can be attributed to the expansion of geriatric medicines market during the forecast period.
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The global geriatric medicines market has been segmented based on therapeutic category, condition, distribution channel, and region. In terms of therapeutic category, the geriatric medicine market has been divided into analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic & antidepressant, and others. In terms of condition, the market has been segregated into cardiovascular, arthritis, neurological, cancer, osteoporosis, respiratory, and others. The cardiovascular segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 6.4% during the forecast period. Factors such as high uptake of alcohol and cigarettes and rising obesity in individuals leading to cardiovascular diseases boost the segment.