19 February 2021
Visiongain has published a new report on Geriatric Medicines Market Report 2021-2031: Forecasts By Therapeutic Category (Analgesic, Antihypertensive, Statins, Antidiabetic, Proton Pump Inhibitor, Anticoagulant, Antipsychotic and Antidepressant, and Others), By Condition (Cardiovascular, Arthritis, Diabetes, Neurological, Cancer, Osteoporosis, Respiratory, and Others) By Drug Type (Generic Drugs, and Branded Drugs), By Form (Tablet, Capsules, Ointment, Gel, Lotion, Others), By Route of Administration (Oral, Topical, Intravenous, Others), By Mode of Prescription (OTC, and Prescribed), By End User (Hospitals, Homecare, Specialty Clinics, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global geriatric medicines market was valued at US$ xx Million in 2020 and is projected to reach at a market value of US$ xx Million by 2031. North America dominated the global Geriatric Medicines market and is projected to witness CAGR of XX% during the first half of the forecast period i.e. 2021 to 2031.
COVID-19 Impact on Geriatric Medicines Market
COVID-19 impact through different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the Geriatric Medicines market. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Increasing Geriatric Population around the World
Geriatric population is increasing very fast around the world from last few decades. All regions are facing a huge increase in the number of geriatric population. For instance: According to United Nations, Department of Economic and Social Affairs, Population Division geriatric population (persons aged 65 or over) was 702.9 million in 2019. Geriatric population are at high risk of developing chronic diseases due to decreased immune system. Rapid increase in number of the geriatric population around the globe is also increase demand for geriatric medicines around the world. Due to which increasing geriatric population around the world is working as a driver for the geriatric medicines market.
Availability of Reimbursement in Developing Nations
Demand for geriatric medicines is increasing very rapidly due to availability of reimbursement in developing nations. Reimbursement from governments and private insurance players has increase significantly increasing for elderly care which is increasing diagnosis and treatment rate in geriatric population and which is also increasing demand of geriatric medicines for treatment of various chronic diseases in geriatric population. Increasing demand of geriatric medicines is leading several of the manufacturers to launch their product portfolios in geriatric medicines due to this reason the factor is working as a driver for the geriatric medicines market.
Government Initiative and Awareness Program
Various governments, international organization, regulatory authorities, independent authority, non-profit organizations is launching various awareness program across the developed & developing countries to increase awareness regarding availability of diagnosis and treatment for geriatric population. Increasing government initiative and awareness program is expected to increase demand of elderly care drugs and expected to create various new opportunities for geriatric medicines market
Top companies (Pfizer, Inc., Merck & Co., Inc., and AstraZeneca) constitute more than XX% share of the global Geriatric Medicines market. Other companies profiled in the report include: Bristol-Myers Squibb Company, Novartis AG, Sanofi S.A., GlaxoSmithKline plc, Eli Lilly and Company, Abbott Laboratories, Boehringer Ingelheim GmbH among) others Some of the key developments are listed below:
• In 2017, Sanofi has received The U.S. Food and Drug Administration (FDA) approval for Dupixent (dupilumab) for the treatment of moderate-to-severe atopic dermatitis in adult patients. The launch will help company widened revenue generation from market focused product portfolio.
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