Global GeriatricMedicine Market is expected to reach USD 1.01 Trillion By 2024. Geriatric medicine or geriatrics is a branch of medicine that focuses on medical issues and diseases of aging, and for old age. There is no specific age at which patients may undergo geriatric physician. The Geriatric Medicine Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Growing
geriatric population, increasing occurrence of several target diseases, and
developed and affordable healthcare and medicines sector are documented as
major factors of Geriatric Medicine Market that are estimated to enhance the
growth in the years to come. However, difficulty in access to geriatric care
among elderly patients in developing countries may restrain overall market
growth in the coming years. Geriatric Medicine Market is segmented based on
therapeutic, medical condition, and region.
Antidepressants,
analgesics, antipsychotics, antihypertensive, anticoagulant, statins, proton
pump inhibitor, and antidiabetics are the therapeutics that could be explored
in Geriatric Medicine in the forecast period. Analgesics sector accounted for
the significant market share of Geriatric Medicine and is estimated to lead the
overall market in the coming years. In addition, antidiabetic sector is
estimated to grow at fastest pace in the coming years.
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Respiratory,
cardiovascular diseases, osteoporosis, arthritis, cancer, and neurological
Disorders are the therapeutic conditions that could be explored in Geriatric
Medicine in the forecast period. Cardiovascular diseases sector accounted for
the significant market share of Geriatric Medicine and is estimated to lead the
overall market in the coming years.
Globally,
North America accounted for the substantial market share of Geriatric Medicine
and is estimated to lead the overall market in the coming years. The reason
behind the overall market growth could be enhanced healthcare facilities &
developed healthcare infrastructure, favorable reimbursement policy, rising
number of old people suffering from several target diseases, and presence of
key manufacturers in the region.
Instead,
Europe and the Asia Pacific are also estimated to have a positive influence on
the future growth. Europe is the second largest region with significant market
share. However, Asia Pacific is estimated to grow at fastest pace with the
highest CAGR in the foremost period. The aspects that may be ascribed to the
growth comprise developing healthcare infrastructure, growth in disposable
income, launch of many generic and patented drugs, and rise in private and
public healthcare expenditure. The developing countries like India and China
are the major consumers of Geriatric Medicine in the region.
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The
key players of Geriatric Medicine Market are Sanofi S.A., GlaxoSmithKline Plc,
Merck & Company Inc., Boehringer Ingelheim GmbH, AstraZeneca plc, Novartis
AG, Abbott Laboratories Inc., Bristol-Myers Squibb Company, Eli Lilly and
Company, and Pfizer, Inc. These players are concentrating on inorganic growth
to sustain themselves amongst fierce competition. As companies all over the
world have to believe that alliance with a market would permit them
proportional market existence and authority to declare the leadership position.
Market
Segment:
Geriatric
Medicine Market by therapeutic category (USD Billion, 2013 - 2024)
• Analgesics
• Antihypertensives
• Statins
• Antidiabetics
• Proton Pump Inhibitor
• Anticoagulant
• Antipsychotics
• Antidepressants
Geriatric
Medicine Market by therapeutic condition, by Revenue (USD Billion,2013 - 2024)
• Cardiovascular diseases
• Arthritis
• Neurological Disorders
• Cancer
• Osteoporosis
• Respiratory
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