- Various medication assistance technologies help elderly in ensuring medication adherence, chronic disease prevalence presents incredible avenue
- Rising burden of strokes and other heart diseases makes cardiovascular disease lucrative segment, governments frame policies for elderly care
ALBANY, N.Y., July 12, 2021 /PRNewswire/ -- Geriatrics care has made enormous strides over the past few decades. Rapidly aging populations notably in some emerging economies and developed nations around the world has made this a public health concern. The elderly population is more prone to complex psychological and neurological conditions. The aspect has brought a large number of players, drugmakers and healthcare providers, to put greater emphasis on the health needs of elderly populations. The prevalence of chronic diseases among people aged more than 60 years and high awareness among them to seek formal medical care have been factors contributing to the demand in the geriatric medicines market.
Governments worldwide have intensified their focus on meeting the medical needs of elderly population. Stridently, a number of favorable healthcare policies have been implemented toward this end. The geriatric medicines market is projected to garner CAGR of 6.9% during the forecast period of 2019 – 2027. By the period-end, the valuation is expected to touch a whopping US$ 1142.8 Bn.
Rapidly Aging Populations Spells Growth: By 2030-end, older persons will outnumber children aged 0-9 years, surpass the mark of 1.4 billion, per a report by United Nations titled 'World Population Ageing'. This makes the need for improving healthcare infrastructure more pressing. Governments especially in developed regions and in recent years in emerging economies are leaning on long term care for geriatrics. Such initiatives have underpinned the strides of global geriatric medicines market. A case in point is the promotion of generic medicines by the Indian Government in the past few years. This has helped reduce the economic burden of people in general.
New Technologies for Medication Assistance Gains Adoption: Seniors usually miss taking their pills on time, leading to poor medication adherence. Poor compliance among geriatrics is a major concern from several aspects. Apart from adverse outcomes, it also leads to medication wastage, increasing the cost of healthcare. Smart pill bottles and other similar technologies send timely reminders to address these concerns. Given the fact that they usually need to take multiple medications for fighting recurrent conditions, the need for medication assistance through technology is huge. Elderly people are reminded on time to take each medicine on time. Thus, healthcare providers have collaborated with pharmacies to gather data on compliance with smart technologies.
Prevalence of Chronic Diseases Attracts Attention of Healthcare Systems: Burden ofchronic conditions and non-communicable diseases rise with age. Geriatric population have been highly vulnerable to chronic conditions such as diabetes mellitus, arthritis, neurodegenerative disorders, gastrointestinal conditions, genitourinary, and respiratory disorders. Of the various conditions, the risks of cardiovascular diseases have been found to be considerably high. They are more prone to adverse events from heart diseases. Another lucrative segment is medications used as painkillers, notably analgesics.
Hence, they need to adhere to long term medication. Further, public health systems should continue making advancements to increase awareness about the overdoes of certain drugs, notable of which are NSAIDs and opioids. These trends have been expanding the canvas for drugmakers in the geriatric medicines market. This has propelled the demand for medications to fight off the risks.
Strides in elderly care infrastructure in developing economies underpin growth in geriatric medicine market
Growing awareness about medications to reduce chronic disease burden to propel future growth
Rise in public health spending on generic drug manufacturing makes medications more affordable, thereby boosting the market prospects
Geriatric Medicines Market: Key Participants
Boehringer Ingelheim GmbH
GlaxoSmithKline plc Eli Lilly and Company
Bristol-Myers Squibb Company
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