The global geriatric medicine market is
expected to reach over USD 1,017 billion by 2024 according to a new report by
Grand View Research Inc. Increase in the global geriatric population is one of
the major challenges for the healthcare industry and the governments across the
globe, however, it has proven to be a boon for the geriatric medicine
market.
The high
market growth is anticipated on account of the rising prevalence of various
target diseases in the geriatric population, the demographic shift, the upward
trend in lifestyle-related risk factors, and the significantly improved access
to affordable healthcare as well as medicine across the developing and emerging
economies.
The rising
prevalence of the Alzheimer’s disease in the geriatric population is expected
to serve as a high impact rendering driver for the geriatric medicine market
over the forecast period. In 2015, as per the estimates published by the
Alzheimer’s disease International, nearly 47 million people have dementia and
this number is expected to double after every 20 years. Furthermore, as per the
estimates published by The Alzheimer's Association, in the U.S., out of the 5.4
million Americans living with the disease, nearly 5.2 million or 96.3% are aged
65 and above.
In order to
mitigate the concerns arising due to the unfavorable shift in the demographic
variables such as age, lifestyle patterns, economic development, coupled with
the upward shift in the disease trends associated with the geriatric
population, the developed regions have consistently improved their healthcare
practices by allocating high amount of resources towards the healthcare and
social development sectors.
For
instance, the U.S., Germany, the UK, and Japan allocate 17.1%,
11.30%,9.10%,10.20%, of their GDP respectively towards healthcare expenditure
and majority of these resources are channelized towards developing new drugs,
new software, and building technology platforms for hospitals and home health
services.
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Further key findings from the study suggest:
- In 2015, analgesic medicine accounted for the highest revenue of nearly USD123 billion. The key factors attributed to include the rising prevalence of various types of pains associated with aging. These pains can be categorized as general body pain, post-surgical pain, muscle pain, acute or chronic joint pain, neuropathic pain, and others.
- In 2015, North America dominated the geriatric medicine market with a revenue share of over 37% owing to the presence of well-developed social and healthcare sectors, the availability of the latest medicine, and insurance coverage coupled with the presence of a large number of people aged above 60 years.
- Asia Pacific region is anticipated to exhibit the maximum growth rate at a CAGR of over 7% from the year 2016 to 2024. In comparison with the developed regions, the economic burden of the target diseases, the access to healthcare, health insurance and the percentage of public and private healthcare expenditures vary significantly in the Asia Pacific countries.
- The countries such as China and India are expected to witness a significant rise in the elderly population base and this factor in turn is expected to create an upward trend in the geriatric medicine market over the forecast period.
- The market dynamics indicate the presence of strong competition amongst the key players such as Eli Lilly and Company, AstraZeneca plc, Boehringer Ingelheim GmbH, Abbott Laboratories., Sanofi S.A., Bristol-Myers Squibb, Merck & Company Inc., Novartis AG, Pfizer, Inc., and GlaxoSmithKline Plc.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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