Geriatric Medicine Market: Information Therapeutic Category (Analgesics, Antihypertensive), Therapeutic Condition (Cardiovascular), Distribution Channel, and Region — Forecast till 2029
Geriatric medicine is a branch of medicine concerned with the diagnosis, treatment, and prevention of disease in graying people and the problems specific to aging. The geriatrics need extensive care and consideration for rapid recovery from any disease.
The rapid increase in the geriatric population is subsequently boosting the demand for geriatric medicines across the globe. As per the data published by the UN, globally, 1 in every 6 people will be over the age of 65 by 2050. Similarly, 1 in every 4 people in Europe and Northern America are estimated to be over 65 by 2050. The number of people aged 80 and above is projected to triple, i.e., from 143 million in 2019 to 426 million by 2050. As per the WHO, the global geriatric population is projected to double from about 11% in 2000 to 22% by 2050, which is further boosting the market growth. Other factors driving the market include the rising prevalence of chronic disorders, such as cardiovascular disorder, rheumatoid arthritis, neurological disorders, and cancer. The geriatrics are more susceptible to suffer from high cholesterol levels, high blood sugar levels, and low immunity levels, which is significantly increasing the prevalence of such diseases. Moreover, the geriatric population is dependent on polypharmacy, which can lead to adverse side-effects due to the interactions of varied medicines.
Global geriatric medicines market was valued at USD 709,455 million in 2019 and is anticipated to reach USD 1,080,695 million by 2027 at a CAGR of 6% during the forecast period