Geriatric Medicine: Technological advances and advancement in healthcare industry drives the growth of the market

2018-05-14 11:33:09

Market Overview
According to a new report published by Reports Monitor titled, “Geriatric Medicine Market by Therapeutic Category and Conditions: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Geriatric Medicine market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. 

Geriatric medicine is the branch of medication concerned about all elements of wellbeing and sickness in matured populace. It is the biggest medicinal forte. The division thoroughly considers medicinal, clinical, social and preventive measures of wiped out wellbeing ordinarily among population over 65 years. The larger parts of more aged grown-ups are not able to take their prescription unequivocally on given time because of complicated physiological and medicinal issues. To have quick recovery of sicknesses or disease the geriatric populace needs unique consideration and care.

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Constantly growing geriatric population, increasing predominance of various disorders, reducing immunity levels and irresistible advancement in healthcare sector are the rendering factors that drive the growth of the geriatric medicine market. Huge number of old aged population opting for several medicines together that is polypharmacy is displaying side effects due to interaction of diverse medicines therefore leading the market growth. Moreover the geriatric populace possess varied conditions including high cholesterol levels, increased blood sugar levels that eventually contribute to the increasing predominance of target diseases such as cardiac disease, diabetes, stroke, hypertension, neurological disorders and others. 

Asia-Pacific geriatric medication market is empowered by huge change in healthcare provision, introduction of various patented & generic drugs, increasing public and private medicinal expenses, rising disposable income and the developing elderly populace in nations particularly in China, India and Japan. Moreover, developing therapeutic tourism goals, and in this manner stream of enormous number of patients travelling for different medicines is likewise anticipated to credit to the market extension in coming years. According Asia-Aging Population Asia-Pacific has highest potential to expand the geriatric medicine market as estimates say aged population will increase by 314% from 207 million in 2000 to 857 million in 2050. 
Competitive Analysis

The prominent players in the global geriatric medicines market include GlaxoSmithKline Plc., Eli Lilly and Company, Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, Novartis AG, Pfizer, Inc. Merck & Company Inc., AstraZeneca plc. Sanofi S.A. and Abbott Laboratories Inc.

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