2nd December 2019 – Global Geriatric
Medicine 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.
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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.
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.
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.
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