Geriatric Medicines Market Size Trends, Share, Growth, Supply and Manufacturers Analysis Research Report Forecast 2022- 2031

The geriatric medicines market studied was anticipated to witness a CAGR of nearly 6.5% during the forecast period. 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. Besides, the rising prevalence of chronic disorders, such as cancers, diabetes, and rheumatoid arthritis among the geriatrics attributes for the growth of the market. For instance, according to the United Nations data of World Population Prospects for the year 2019, the number of people over the age of 65 increases from 9% in 2019 to more than 16% of the total world’s population by 2050. The number of persons aged 80 years or over is also projected to triple, from 143 million in 2019 to 426 million in 2050. Thus, the rise in the volume of the patient pool results in a higher demand for the market fueling the global market growth over the forecast period.

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Key Market Trends

Analgesics in the Therapeutics Segment is Expected to Hold the Largest Market Share in the Geriatric Medicines Market

The analgesics segment is expected to account for the most significant revenue over the forecast period as it is the most common indication with a high occurrence rate of pain-related syndromes in the elder age. This dominance is due to the occurrence of various reasons, such as osteoporosis, lack of musculoskeletal strength, vision impairment, and unintentional falls leading to unbearable pain in that age. Thus, owing to several distinct syndromes, the demand for proper analgesic therapy increases with the rise in prescription sales for pain management is more and is anticipated to the growth of the segment. On the other hand, the anti-diabetic segment is expected to witness the fastest CAGR due to the increasing global burden of diabetes in the elderly age group, which results in other ailments resulting in higher demand for the segment driving the market revenue over the forecast period.

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