Geriatric Medicines Market surpassed USD 675 billion in 2021, owing to growing prevalence of stroke among geriatric population | insightSLICE
The global Geriatric Medicines market size was estimated to be US$ 675 billion in 2021 and is expected grow at a CAGR of 6.5% between 2023 to 2032.
Geriatric medications, often known as geriatrics, are drugs and treatments used to identify, treat, and cure disorders in the elderly. Due to longer life expectancies and a lower birth rate, there have been considerable increases in the worldwide geriatric population over the past 20 years.
The bulk of the 962 million persons over 60 who lived in the globe in 2017 was in developing nations, based on the World Health Organization.
By 2050, the world’s elderly population is projected to double with an average annual increase of 3.0%. Due to a lowered immunological response, illness vulnerability rises rise is anticipated to be higher than the current status.
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Treatment for the elderly population’s diseases and ailments requires specialized medications due to various metabolic and neurological reasons. It is projected that this would support the expansion of the global geriatric medicine market over the forecast period and has propelled the need for geriatric medicine over the past ten years.
However, because of the global mortality of elderly individuals, it is projected that the COVID-19 pandemic would have an effect on the use of geriatric medications.
The key players of the Global Geriatric Medicines Market are:
Novartis AG, Pfizer, Inc., AstraZeneca, Abbott Laboratories, Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Merck & Co., Inc., Eli Lilly and Company, Sanofi S.A. are large market players in the global geriatric medicines market.
Our report for the geriatric medicines market:
The Geriatric Medicines Market report for the years 2022 to 2032 will cover topics like global market share, trends, and forecasts. In this report, the years up to 2020 as historic records, the year 2021 serves as the base year and the years from 2022 to 2032 are the forecast period, respectively.
Our research takes into account the competition environment, and the report will include an analysis of the major companies in the worldwide myasthenia gravis therapy market as well as their market forecasts.
In addition, the report will provide information on important advancements, worldwide and regional sales networks, business strategies, research and development initiatives, staff strength, and key executives for all significant Geriatric Medicines companies.
Read more about the report inclusions: https://www.insightslice.com/geriatric-medicines-market
Statistics and factors mentioned in this report:
With an emphasis on every operating company, the study offers an in-depth analysis of key companies having the majority share of the worldwide market and would identify the firm segment concentrating on geriatric medicine.
Additionally, the market shares of well-known businesses operating in the global geriatric medication market would be calculated.
As an example, from this report, GlaxoSmithKline plc reported revenues of USD 41,974.1 million in 2019, and according to the company’s analysis of its product segments, the Pharmaceuticals business segment accounted for the majority of the company’s revenue in 2019, with North American as its largest revenue-contributing geography.
They run their company through three divisions viz, pharmaceuticals, vaccines, and consumer health. The pharmaceuticals business division of the corporation, which contributed US$21,860.0 million in sales in 2019, is responsible for the production and sales of geriatric medications.
Every one of the geriatric medicine companies’ business strategies, product portfolios, important developments, SWOT analyses, and research and development priorities are taken into account in the research.
The actors involved in the market’s distribution chain and cost structure, as well as their contributions, will be taken into account in the worldwide research of geriatric medications. All of the goods in the company’s geriatric pharmaceuticals business sector would be the main focus of the brand portfolio.
Parallel to that, the section on recent developments would concentrate on the company’s most recent activities, such as strategic collaborations and partnerships, mergers and acquisitions, the introduction of new products, and global growth targeted at the geriatric medicine market.
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Global Geriatric Medicines Market Key Segments:
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Regional performance of Geriatric Geriatric Medicines Market
North America led the global marketplace for geriatric medicines in 2019 and is predicted to continue to do so over the course of the forecast period.
The main factors propelling the geriatric medicine market in North America are indeed the growing geriatric population, the increased incidence of chronic illnesses in the older population, the existence of top pharmaceutical manufacturing businesses, and the existence of a strong healthcare infrastructure.
A growing geriatric demographic and increased investment in healthcare facilities are expected to make Asia Pacific the most attractive region for geriatric medicine throughout the projection period.
China, Japan, Indonesia, India, Pakistan, and Bangladesh are the Asian nations with the biggest aging population, based on the Population Reference Bureau. The expansion of the geriatric medicine market in the Asia Pacific is also projected to be fueled by improvements in healthcare infrastructure and the accessibility of cutting-edge medications.
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