Global Geriatric Medicines Market Size

Geriatric Medicines Market Analysis

The geriatric medicines market is expected to register a CAGR of 6.5% over the forecast period (2022-2027).

The COVID-19 pandemic had impacted almost every section of society and so had impacted the healthcare system worldwide. The pandemic has put forward a serious challenge for the geriatric medicine market, as the geriatric population is considered the most vulnerable and is more prone to diseases and infections, thus, the pandemic surged the rising need for geriatric medicines. For instance, an article titled, 'Geriatric Population During the COVID-19 Pandemic: Problems, Considerations, Exigencies, and Beyond' published in September 2020 reported that the elderly, especially those with underlying diseases, are more susceptible to COVID-19 infections and the initial studies revealed that more cases of COVID-19 were reported in people aged between 49-55 years. The article also quoted that the prevalence of the disease was higher in individuals aged 60 years and above than in younger individuals. Also, in developed countries, mortality due to COVID-19 was 83.7% for those aged 70 years and 16.2% for people younger than 69 years. Thus, the rising COVID-19 cases created a rising demand for geriatric population medicines. Although initially, the market witnessed significant challenges due to the disturbances in the supply chain due to the government lockdown but with the decrease in COVID-19 cases and resumption of services the market witnessed significant growth.

The factors which are likely to drive the market are the rise in affordability along with the availability of products specific to these populations, the steep rise in the growth of the elderly population, and the prevalence of chronic conditions. The primary factor attributing to the growth of the market is a steep rise in the elderly population across geographical locations, mainly in developed and emerging economies which is leading to the rise in affordability along with the availability of products specific to these populations is likely to drive this market. For instance, in 2022 World Population Prospects, reported that there were 771 million people aged 65 years or over globally, 3 times more than the size in 1980 (258 million). The older population is projected to reach 994 million by 2030 and 1.6 billion by 2050. Similarly, in October 2022, World Health Organization (WHO) reported that in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years and by 2050, 80% of older people will be living in low- and middle-income countries. Older people are more prevalent to infections and are more prone to acquired diseases, thus, these figures have a positive outlook on the global geriatric medicines market.

Further, technological developments such as recent mergers, acquisitions, and partnerships among the key market players are also expected to drive the market. For instance, in September 2022, Alkem and Stempeutics launch StemOne for the treatment of knee osteoarthritis. Similarly, in August 2021, Pfizer declared the acquisition of Trillium Therapeutics, a clinical-stage immune-oncology business. The agreement aided in the advancement of cancer treatment.

Thus, the increasing aged population around the world is expected to drive the market, but lack of awareness and proper care among elderly patients and the high cost of medicines and treatment may slow down the market growth over the forecast period.