WILMINGTON, DE / ACCESSWIRE / September 12, 2022 / Transparency Market Research Inc. - Factors such as rising pace of aging population, increased investment in state-level healthcare system, and growing prevalence of chronic diseases is fuelling the growth of geriatric medicine market. The geriatric medicine market size was pegged at US$ 672 Bn in 2018.
Increasing prevalence of geriatric disorders, growing incidence of chronic diseases, expansion of healthcare infrastructure, and favorable government initiatives toward geriatrics is likely to open lucrative revenue streams, finds a recent geriatric medicine market forecast.
An in-depth analysis of geriatric medicine market points growing geriatric population is susceptible to chronic diseases. In the U.S., 95% of healthcare cost is for chronic diseases among the elderly population. According to data of the State of Aging and Health in America 2013, estimations of increase in healthcare spending by 25% by 2030 related to increasing older population size spells market demand for geriatric medicine.
Statistics of individuals above the age of 65 years forming the fastest-growing population segment is leading to increasing government support toward health, safety, and nursing care of this population. For example, in the U.S., the design and implementation of Federal Long Term Care Insurance Program is favorable as it covers almost all the medical cost of people who are eligible for the plan.
The occurrence of cancer, neurological disorder, rheumatoid arthritis, cardiovascular disorders, and increased use of multiple medicines that often lead to medicine-related problems catalyzes the geriatric medicine market.
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Geriatric Medicine Market - Key Findings of the Report
- Governments in developed nations have engineered favorable programs for long term care of elderly population. These programs are designed to cover almost all medical cost of this population, along with benefits of nursing homes, assisted living facilities, and residential care facilities.
- Penetration of advanced technology is assisting the elderly population to manage multiple drugs. Development of smart pill bottles with alarms enables seniors to take the right medication on time. The underlying technology in smart bottles provides accurate data about the time and frequency of medication taken by patients. Conversely, the technology raises an alert such as a text message or a phone call to remind patients to take the medication.
- Analgesics therapeutic category held the leading share of geriatric medicine market in 2014, and is anticipated to continue to dominate in the upcoming years. According to available data, 60% - 75% individuals above the age of 65 report some persistent pain, of which osteoarthritic back pain, especially musculoskeletal pain, low back pain, and chronic joint pain is reported in large numbers.
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Geriatric Medicine Market - Growth Drivers
- Statistics of increase in incidence and prevalence of chronic diseases, among individuals above the age of 65 years, that forms the fastest-growing population segment fuels the growth of geriatric medicine market
- Role of governments to engineer state-run programs to extend support toward the health, safety, and nursing care of old people propelling the geriatric medicine market
Geriatric Medicine Market - Key Players
Some of the key players operating in the geriatric medicines market are;
- Pfizer Inc.
- Merck & Co. Inc.
- Bristol-Myers Squibb Company
- Sanofi S.A.
- Novartis AG
- GlaxoSmithKline plc
- Boehringer Ingelheim GmbH
- Eli Lilly and Company
- Abbott Laboratories
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The geriatric medicine market is segmented as follows;
Geriatric Medicine Market, by Therapeutic Category
- Proton Pump Inhibitor
- Antipsychotic and Antidepressant
Geriatric Medicine Market, by Condition
Geriatric Medicine Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Geriatric Medicine Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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