- The geriatric population is the most vulnerable to infections diseases, creating the need for specialised medication for geriatric disease management
- Healthcare professionals point to the need for developing mild medications that can suit the biological response of the elderly
ALBANY, New York, May 27, 2020 /PRNewswire/ -- The global geriatric medicines market is expanding at a noticeable pace in recent times. There has been an uptick in the use of geriatric medications, mainly due to the increasing population of the elderly. The healthcare industry has set on a spree to cause positive disruptions in the domain of geriatric care by investing new technologies and medications.
The presence of a responsive healthcare sector that addresses the needs of the entire population has played a part in industrial growth. State authorities constantly monitor the performance of healthcare centers in dealing with vulnerable population groups such as ailing children and the elderly. In light of these factors, the global geriatric medicines market is expected to grow by leaps and bounds. There is a need to invest in development of geriatric drugs can help in resolving age-related disorders and diseases.
It is estimated that the global geriatric medicines market would expand at a respectable CAGR of 6.90% over the period between 2019 and 2027. The total value of the global geriatric medicines market is slated to touch 1142.8 Bn in 2027, rising up from a value of US$ 672.0 Bn in 2018. The growth of this market can largely be attributed to advancements in geriatric care in multiple regions.
Improving the Quotient of Care within Healthcare
The performance of a region's healthcare industry is defined by the level of care delivered to various population groups. The geriatric population is the most vulnerable groups in terms of disease contraction. Therefore, several experts point to the need for developing new medications and technologies that can offer improved geriatric care and treatment. The immunity of the human body decreases with age, making it necessary to develop medications that can facilitate recovery in elderly patients.
Over the course of the past decade, the geriatric population has reportedly increased across most of the regional pockets. Countries in Europe have a large geriatric population, and these countries have deployed subsidiary healthcare units that specialise in geriatric care. To exemplify, Italy hosts a large geriatric population, and the country boasts of a care-oriented healthcare sector for this population demographic. It is legit to expect that the global geriatric medicines market would tread along a lucrative and revenue-oriented pathway. Several experts have pointed to the contribution of geriatric care in defining the overall growth and development of the healthcare sector. Regional disparities in the healthcare industry have led to the presence of more robust geriatric care systems in certain regions as against others.
Gather core insights about the growth of the Geriatric Medicines Market (Therapeutic Category - Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic and Antidepressant; Condition - Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2445
Global Geriatric Medicines Market: Growth Drivers
Rising incidence of cardiac disorders in the elderly has compelled drug development units to focus on developing novel and mild drugs.
Treatment of cancer in people aged above sixty years necessitates the use of precise medications and drugs.
Pharmaceutical companies have reciprocated to the need for customized medications for the geriatric population across the healthcare industry.
Rising incidence of neurological disorders, osteoporosis, and arthritis in people in the later stages of their life.
The global geriatric medicine market has been segmented as follows:
Global Geriatric medicine Market, by Therapeutic Category
Proton Pump Inhibitor
Antipsychotic and Antidepressant
Global Geriatric medicine Market, by Condition
Global Geriatric medicine Market, by Condition
Global Geriatric medicine Market, by Region
Middle East & Africa
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