Latest News- Geriatric Medicines Market: Hospital pharmacies is expected to lead the Distribution Channel segment during 2025-2029

The Geriatric Medicines Market is being driven by Growing geriatric population

The Geriatric Medicines Market is expected to grow at a CAGR of 7.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 57.3 billion. The global geriatric medicines market is experiencing significant growth due to the increasing prevalence of emotional and psychiatric disorders among the elderly population. Innovative therapeutic approaches, such as geriatric group therapy and geriatric drug therapy, are gaining traction. Geriatric group therapy fosters social connections, reduces isolation, and offers support, while geriatric drug therapy is a multidisciplinary approach that integrates the expertise of geriatricians, physicians, pharmacists, nurses, and caregivers to ensure personalized care plans and comprehensive healthcare management for older adults. Key strategies for enhancing geriatric care include the integration of age-friendly technologies like wearable health monitors and telehealth platforms, and the expansion of home-based care services to improve accessibility and convenience for the elderly population. These advancements are crucial for delivering effective and coordinated healthcare solutions to address the unique needs and conditions of older adults. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Hospital pharmacies
  • Retail pharmacies
  • Online pharmacies
• Type
  • Analgesics
  • Antidiabetics
  • Antihypertensives
  • Statins
  • Others
• Therapeutic Area
  • Cardiovascular
  • Neurology
  • Respiratory
  • Others
• Form Factor
  • Tablets
  • Capsules
  • Liquids
  • Injectables
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia
    • China
    • India
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing geriatric population
• Demand for personalized medicine
• Increase in governments and NGO supports for elderly

However, the market also witnesses some limitations, which are as follows:

• Side effects associated with geriatric medicines
• Stringent regulatory guidelines
• Challenge in defining age group

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Market Scope in Geriatric Medicines Market Research Report

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Research Analysis Overview

The Geriatric Medicine market focuses on diagnosing, treating, and preventing diseases in the geriatric population, particularly those suffering from chronic disorders like cardiovascular diseases, rheumatoid arthritis, neurological disorders, cancer, high cholesterol levels, and low immunity. Geriatric medicines include therapeutic categories such as analgesics, antihypertensives, statins, antidiabetics, proton pump inhibitors, and anticoagulants. Patients may opt for patented drugs or generic alternatives, and medical tourism can offer access to affordable treatments. Geriatric medicines aim for rapid recovery while managing polypharmacy and adverse side-effects. Diseases like cardiovascular disorders, rheumatoid arthritis, neurological disorders, cancer, high cholesterol levels, and low immunity pose significant challenges for the geriatric population. Geriatric medicines are essential for managing chronic disorders and improving the quality of life for the elderly.

Market Research Overview

The geriatric medicines market encompasses entities involved in the research and development (R&D) or production of various pharmaceutical offerings, including generic and non-generic drugs, as well as veterinary medicines. According to Technavio's market analysis, the global pharmaceuticals industry is calculated based on the consolidated revenue generated by manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The expansion of the global pharmaceuticals market will be fueled by demographic shifts, specifically the increasing global population aging. By 2050, approximately one-quarter of the US population and Europe's population is projected to be over 60 years old, necessitating a growing demand for geriatric medicines to diagnose, treat, and prevent age-related diseases.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/