Increasing Geriatric Population to Broaden Prospects of Geriatric Medicines Industry The World Health Organization (WHO) predicts that the global geriatric population (65 and above) constitute the maximum share of world population. By 2050, the number of elderly people shall reach 2 billion, a 22% increase since the beginning of the 21st century. Naturally, there is an uptick in the prevalence of chronic ailments among people. This has also stimulated the growth of the geriatric healthcare industry. Based on the abovementioned trends, the global geriatric medicines market is anticipated to expand positively at a CAGR of 6.0% during the forecast period (20202026). Increased government support for elderly healthcare and technological advancements in medical assistance are other important drivers behind the growth of the geriatric medicines market. For detailed insights on enhancing your product footprint, request for a sample here- https://www.factmr.com/connectus/sample?flag=S&rep_id=4746 Key Takeaways of Global Geriatric Medicines Market Study:
By therapeutics, analgesic drugs are projected to dominate the global geriatric medicines market, growing at a CAGR of 6.0% and capturing greater than twofifth market share. Usage of painkillers such as Ibuprofen and Diclofenac to address chronic conditions such as arthritis are anticipated to drive the segment’s growth. The antihypertensive segment is anticipated to catch up, registering a CAGR of 6.5%. Increased prevalence of hypertension owing to changing lifestyles is a key growth determinant for this segment. By condition, the cardiovascular segment shall retain market hegemony over the forecast period. Projections indicate a market share exceeding two-fifths of the global geriatric medicines market. Increasing incidences of cardiac arrests and strokes among the geriatric population is anticipated to boost market prospects. By distribution channel, hospitals are anticipated to account for the maximum market share, capturing more than half of the global geriatric medicines market. Expanding base of hospitals and surge in the number of hospital visits for treatment of various chronic diseases are poised to steer growth. North America shall retain market leadership throughout the forecast period. The region is anticipated to expand at a CAGR of 5.9%, capturing nearly 2/5 th of the global geriatric medicines market. Rising cases of diseases such as obesity, presence of key market players, emerging clinical studies and research projects are anticipated to boost the region’s growth.
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