In a recent published report, Kenneth Research has updated the market report for Geriatric Medicines Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Geriatric Medicines Market products.
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Kenneth Research has recently added a report titled Geriatric Medicines Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The Global Geriatric Medicines Market Size is anticipated to reach over USD 1,157.34 billion by 2026 according to a new research published by Polaris Market Research. Geriatric medicines also called geriatrics is a division of medicines associated with preventive, clinical, remedial, and social aspects of disease generally amongst people that are aged over 65 years or more. In response to the needs of an aging population, demand for geriatric medicines and appropriate cure has developed rapidly during last decades. The proper medical care for the geriatric patients across the range of ill health conditions includes co-morbid complications such as syncope, cerebral aging, and falls among others.
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The global geriatric medicines market is majorly driven by the factor including a rise in geriatric populations. According to the Eurostat, the number of people aged 65 years and above is expected reach 141 million by 2050 globally. In addition, the high market growth is expected on account of the increasing occurrence of numerous target disorders in the geriatric population, the demographic modification, the rising trend in lifestyle-associated risk aspects, and the considerably developed access to economic medicine across the developing and emerging regions. Continuous R&D activities commenced by key players and pharmaceutical companies to provide to the patient demand is expected to gain the significant outcomes during the forecast period. Increasing occurrence of chronic ailments, refining healthcare organization in emerging economies, increasing acceptance of medical tourism, government initiatives as well as support to provide timely care, and increasing number of specialty clinics are some of the other factors driving of the geriatric medicines market. However, difficulties associated with drug compatibility, lack of patient involvement in clinical trials, and side effects associated with the medications are the factors hampering the market growth.
The global Geriatric Medicines Market is segmented on the basis of therapeutic category, therapeutic condition, and geography.
On the basis of therapeutic category, the global geriatric medicines market is segmented into Analgesics, Antihypertensive, Statins, Antidiabetics, Proton Pump Inhibitor, Anticoagulant, Antipsychotic, and Antidepressant. Pain as an indication is associated with old age and the middle age population unveils the high occurrence rate of pain related syndromes. Based on current trends and the demand for proper therapy, the market is anticipated to witness high growth for therapeutic conditions during the forecast period. On the basis of therapeutic conditions, the global geriatric medicines market is segmented into Cardiovascular, Arthritis, Neurological, Cancer, Osteoporosis, and Respiratory. In 2017, the cardiovascular disease is estimated to be the dominating segment primarily due to the high proliferation of several cardiac disorders such as coronary artery disease, stroke, and hypertension.
North America is estimated to dominate the global Geriatric Medicines Market. The existence of developed healthcare facilities, favorable reimbursement policies, and the easy availability of important as well as life-saving medicine has significantly enhanced the average life expectancy rates in North America. Moreover, the number of people that are over 65 to 70 years suffering several target ailments is increasing continually which is further anticipated to boost the geriatric medicines market during the forecast period.
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Some major key players in global Geriatric Medicines Market include GlaxoSmith Kline Plc, Boehringer Inge lheim GmbH, Novartis AG, Bristol-Myers Squibb Company, Pfizer, Inc., Eli Lilly and Company, Abbott Laboratories Inc., AstraZeneca plc, Merck & Company Inc., and Sanofi S.A. among others.
How does the report examine the growth drivers and restraints of the Geriatric Medicines Market ?
The factors resulting in the expansion of the Geriatric Medicines Market are elaborated in the report after thorough primary and secondary research.
Analytical strategies focused on gain indicators affecting the growth of the Geriatric Medicines Market are presented in graphical formats.
The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Geriatric Medicines Market growth.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Geriatric Medicines Market growth and Geriatric Medicines Market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects of Geriatric Medicines Market in various geographical regions.
The competitive landscape analysis on the Geriatric Medicines Market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Geriatric Medicines Market , underlining the growth rate and opportunities offered in the business.
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