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How has the geriatric medicines market size evolved in recent years?

Recent years have seen a swift expansion of the market size for geriatric medicines. It’s projected to surge from $1227.91 billion in 2024 to $1430.84 billion in 2025, marking a compound annual growth rate (CAGR) of 16.5%. This growth trend in the past years is linked to factors such as a heightened incidence of stroke, more widespread occurrence of chronic ailments, a rise in cardiovascular diseases incidence, growing government backing, and a rising focus on individualized medicine.

What are the predictions for the geriatric medicines market size in the coming years?

The market size for geriatric medicines is set to experience accelerated growth in the coming years, with projections estimating it to attain a worth of $2604.86 billion by 2029, expanding at a compound annual growth rate (CAGR) of 16.2%. Factors stimulating this growth during the projected period are the escalating rate of age-related health issues, swelling populations of elderly individuals, increasing health care expenses, the surge in geriatric medicine usage and rising instances of hypertension. Significant trends during this period include the adoption of digital tablets and health-monitoring wearables, the creation of systems and tactics for the safe handling of numerous medications, progresses in stem cell and gene therapy, wider utilization of telehealth resources, and enhancements in early detection and prevention of diseases associated with aging.

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What key factors are fueling the growth of the geriatric medicines market?

The escalating occurrence of health issues linked to aging is predicted to stimulate the expansion of the geriatric medicines market in the future. Health complications heightened by the aging process, or age-related health conditions, typically become more frequent or severe over time. This increase can be attributed to factors such as greater life spans, developments in healthcare, and a growing demographic of older individuals. Geriatric medicines offer specialized care for elder adults suffering from age-related health conditions, enhancing their life quality and health results. For example, a report issued by the Office for Health Improvement and Disparities (OHID), a governmental office based in the UK, in March 2023 noted that in 2022, there was a 17.6% prevalence of individuals aged 16 and above suffering from long-term musculoskeletal (MSK) conditions, like arthritis or continuous back or joint problems. This is an increase from the 17.0% prevalence reported in 2021. As such, the escalation in age-related health issues serves as a catalyst for the growth of the geriatric medicines market.

How is the global geriatric medicines market divided into key segments?

The geriatric medicines market covered in this report is segmented –

1) By Therapeutics: Analgesics, Antihypertensive, Statins, Proton Pump Inhibitors, Anticoagulant, Antipsychotic, Other Therapeutics

2) By Condition: Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, Respiratory, Other Conditions

3) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration

4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy

Subsegments:

1) By Analgesics: Non-Opioid Analgesics (Acetaminophen, NSAIDs), Opioid Analgesics (Morphine, Oxycodone), Topical Analgesics (Lidocaine Patches)

2) By Antihypertensive: Angiotensin-Converting Enzyme (ACE) Inhibitors, Angiotensin II Receptor Blockers (ARBs), Beta-Blockers, Calcium Channel Blockers, Diuretics, Alpha-Blockers

3) By Statins: Atorvastatin, Simvastatin, Rosuvastatin, Pravastatin, Lovastatin

4) By Proton Pump Inhibitors: Omeprazole, Esomeprazole, Lansoprazole, Pantoprazole, Rabeprazole

5) By Anticoagulant: Warfarin, Direct Oral Anticoagulants (DOACs): Dabigatran, Rivaroxaban, Apixaban, Heparin

6) By Antipsychotic: Atypical Antipsychotics, Typical Antipsychotics

7) By Other Therapeutics: Antidepressants (SSRIs, SNRIs), Antidiabetic Medications (Insulin, Metformin), Anticonvulsants, Anti-Inflammatory Drugs (Corticosteroids), Cognitive Enhancers (Donepezil, Memantine)

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Who are the key firms paving the way for growth in the geriatric medicines market?

Major companies operating in the geriatric medicines market are Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Sanofi S.A., Bristol-Myers Squibb Company, Novartis AG, F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Eli Lilly and Company, Viatris Inc., Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, Regeneron Pharmaceuticals Inc., Macleods Pharmaceuticals Ltd., Apotex Inc., Intas Pharmaceuticals Limited, Dr. Reddy’s Laboratories, Lupin Limited, Biocon Limited, Torrent Pharmaceuticals Ltd., Endo Pharmaceuticals Inc.

How are evolving market trends shaping geriatric medicines Strategies?

Major companies operating in the geriatric medicines market are focusing on developing groundbreaking diabetes therapy to address the growing demand for effective solutions in the aging population. Diabetes therapy involves innovative treatments that enhance diabetes management or offer potential cures that surpass traditional approaches, improving efficacy, safety, and patient outcomes. For instance, in August 2023, Akums Drugs & Pharmaceuticals Ltd., an India-based contract manufacturing pharmaceutical company, announced the launch of a novel combination therapy featuring Vildagliptin SR and Metformin SR. This advanced formulation is specifically tailored to address the management of Type 2 diabetes in elderly patients. It is designed to deliver effective glycemic control, and the therapy minimizes key concerns such as hypoglycemia and weight gain, which are particularly critical for this demographic. By synergizing the mechanisms of both drugs, the combination enhances insulin secretion and effectively reduces blood sugar levels, ensuring safety and efficacy. The product has received regulatory approval from the Drug Controller General of India (DCGI).

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What regions are contributing significantly to the growth of the geriatric medicines market?

North America was the largest region in the geriatric medicines market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric medicines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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