With the availability of more effective geriatric medicines, the elderly now progressively have a better quality of care. Every year, more than 50% of prescriptions are written for people aged 60 years and above. With a growing number of aged people falling ill, there have been many advancements made in geriatric care medicines. Data from the healthcare industry states that the global geriatric medicines market is set for rapid expansion at a 7.30% CAGR from 2015 to 2023. These estimates have recently been published by Transparency Market Research (TMR), in a study.
TMR answers the following questions related to the global geriatric medicines market:
Q. What is spurring the demand for healthcare medicines among the elderly?
A. The number of people aged 60 years or more is expected to double between 2013 and 2050, says the United Nations in the 2013 edition of its report on world population aging. This has prompted geriatric care specialists to make an effort to introduce new medicines for the elderly by delving deep into the prevalent health issues of the elderly before offering any treatment. The advancements in medical devices, the availability of skilled geriatric care professionals, and improved home healthcare services have also helped leading players to offer improved geriatric medicines and services. Doctors in geriatric care clinics are focusing on the preventive, clinical, social, and remedial aspects of various illnesses in older people. The advancements in the research and development activities for new drug discovery are also expected to boost the global geriatric medicines market in the near future.
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For instance, geriatric care clinics in Singapore are pooling medicine supplies together to support the aging population in the country. Through a program called, ‘The Primary Care Network,’ doctors are operating various clinics to supply the required medicines to the elderly as per their medical condition. Due to this, more and more elderly people have easier access to geriatric medicines and healthcare services from professionals. Further, the increasing government support and funding is helping geriatric care specialists to introduce new medicines and treatments for the elderly.
Q. What medicines and services are being offered by geriatric care specialists across the globe?
A. Older people are more prone to diseases such as cancers, lung problems, diabetes, asthma, arthritis, Parkinson’s disease, stroke, osteoporosis, and dementia. The entry of new geriatric care specialists has widened the scope of geriatric care services in the recent past. Leading players such as Abbott Laboratories, Inc., Boehringer Ingelheim GmbH, Eli Lilly and Company, Merck & Company Inc., Pfizer, Inc., AstraZeneca plc, and Bristol-Myers Squibb Company are concentrating on introducing new geriatric medicines in the global market.
Q. What could drive the global geriatric medicines market in the near future?
A. The increasing aging population is the most important factor expected to drive the global geriatric medicines market in the years to come. As elderly people are more prone to chronic diseases, the rise in various chronic diseases is expected to benefit the global geriatric medicines market in the near future. The rising government funding and support for formulating and discovering new drugs is expected to result in the launch of new geriatric medicines in the coming few years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.