Geriatric Medicines Market is Booming Worldwide to Show Significant Growth Over the Forecast to 2027

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — The Geriatric Medicines Market is driven by demographic trends such as population aging, increasing life expectancy, and the rising prevalence of age-related chronic conditions. As the elderly population grows, there is a growing demand for pharmaceuticals and healthcare services that address age-specific health concerns, optimize medication management, and enhance quality of life in older adults. The market encompasses a spectrum of pharmaceutical products, including prescription drugs, over-the-counter (OTC) medications, dietary supplements, and geriatric-specific formulations designed to improve therapeutic outcomes and minimize adverse effects in elderly patients.

Geriatric Medicines market is estimated to attain a valuation of US$ 1142.8 Bn by the end of 2027, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 6.9% during the forecast period, 2019-2027

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The significant players operating in the global Geriatric Medicines market are- Pfizer, Inc., Merck & Co., Inc., AstraZeneca, Bristol-Myers Squibb Company, Novartis AG

Key Drivers:

1. Population Aging: The global population is aging at an unprecedented rate, with a growing proportion of individuals aged 65 and older. Aging is associated with an increased risk of chronic diseases, functional impairments, and age-related syndromes, driving the demand for geriatric medicines and specialized healthcare services tailored to the unique needs of older adults.
2. Prevalence of Chronic Diseases: Older adults are more likely to experience chronic health conditions such as hypertension, diabetes, cardiovascular disease, arthritis, and neurodegenerative disorders. The high prevalence of these conditions among the elderly population fuels the demand for pharmaceuticals and medical interventions aimed at managing symptoms, preventing disease progression, and improving overall health outcomes.
3. Polypharmacy and Medication Management: Polypharmacy, or the concurrent use of multiple medications, is common among older adults due to the higher prevalence of chronic conditions and complex healthcare needs. Geriatric medicines address the challenges associated with polypharmacy by optimizing medication regimens, reducing drug interactions, and minimizing adverse drug reactions in elderly patients.
4. Advancements in Geriatric Care: Advances in medical research, pharmacology, and geriatric medicine have led to the development of innovative pharmaceuticals and therapeutic approaches tailored to the aging population. Geriatric-specific formulations, geriatric assessment tools, personalized medicine strategies, and multidisciplinary care models are enhancing healthcare delivery and improving outcomes for older adults.

Recent Developments:

1. Geriatric-Specific Drug Formulations: Pharmaceutical companies are developing geriatric-specific drug formulations, such as modified-release formulations, combination therapies, and dosage forms optimized for older adults’ physiological changes. These formulations aim to improve medication adherence, reduce dosing frequency, and minimize the risk of adverse effects in elderly patients.
2. Digital Health Solutions: The integration of digital health technologies, telemedicine platforms, and mobile health applications into geriatric care delivery is enhancing medication management, remote monitoring, and patient engagement among older adults. Digital health solutions facilitate medication reminders, adherence tracking, teleconsultations with healthcare providers, and real-time health monitoring, improving overall medication safety and adherence.
3. Geriatric Clinical Trials: There is growing recognition of the importance of including older adults in clinical trials to generate evidence-based data on medication safety, efficacy, and dosing in elderly populations. Geriatric clinical trials involve recruiting older adults with diverse comorbidities and functional statuses to assess medication outcomes and inform geriatric-specific treatment guidelines and recommendations.
4. Polypharmacy Management Programs: Healthcare organizations and pharmacy providers are implementing polypharmacy management programs and medication reconciliation initiatives to optimize medication use, reduce inappropriate prescribing, and prevent medication-related adverse events in older adults. These programs involve comprehensive medication reviews, deprescribing interventions, and collaborative care coordination among healthcare providers.

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Market Segmentation –

Therapeutic Category	Analgesic Antihypertensive Statins Antidiabetic Proton Pump Inhibitor Anticoagulant Antipsychotic and Antidepressant Others
Condition	Cardiovascular Arthritis Diabetes Neurological Cancer Osteoporosis Respiratory Others
Distribution Channels	Hospital Pharmacies Retail Pharmacies Online Pharmacies

This Report lets you identify the opportunities in Geriatric Medicines Market by means of a region:

• North America (the United States, Canada, and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
• South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

Key Features of the Geriatric Medicines Market Report: –

➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

➤ Examine the market opportunities for stakeholders by identifying higher growth sections.

➤ To study and analyze the global Geriatric Medicines industry status and forecast including key regions.

➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.

➤ It helps you make strategic business decisions and investment plans.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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