With the lack of medication for treating covid-19, geriatric medicine practitioners need to consider potential treatment with conventional antibiotics, boosting demand substantially over normal levels.
ROCKVILLE, MD / ACCESSWIRE / July 6, 2020 / The global geriatric medicines market is projected to rise at a healthy 6% CAGR between 2020 and 2026. As per the Fact.MR report, the global geriatrics demographic is especially vulnerable to the effects of the COVID-19 virus. The crisis period has substantially increased the demand for medications such as Metformin, diuretics, NSAIDs, and ACE inhibitors. Such a trend will have a positive impact on the geriatric medicines market in the short term.
"The higher number of adults over 60 years are affected by chronic conditions ailments such as neurological disorders, cancer, rheumatoid arthritis, and cardiovascular disorders which are driving the expansion of the global geriatric medicines market during and after the pandemic," says the FACT.MR report.
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Geriatric Medicines Market- Key Takeaways
- Analgesics remain highly sought after, propelled by rise in pain management prescriptions.
- Cardiovascular disease applications contribute substantially to revenue owing to prevalence of artery disease and hypertension.
- Diabetes medications are gaining higher demand share owing to poor lifestyle standards among the elderly.
- North America and Asia Pacific are major, fast growing markets, supported by advances in healthcare facilities to launch generic drugs.
Geriatric Medicines Market- Driving Factors
- Rapid growth of the global elderly population demographic is the primary factor supporting the adoption of geriatric medicines.
- The incidences of specific diseases, coupled with lower immunity levels of the elderly support market growth.
- Higher investments in the healthcare sector promotes key market developments.
Geriatric Medicines Market- Major Restraints
- Poor reimbursement policies for geriatrics are set to hold back adoption of geriatric medicine.
- High capital costs of medication development to hinder market growth.
COVID-19 Impact on Geriatric Medicines Market
The coronavirus outbreak has is having a positive impact on the geriatrics medicine market, driven by strong demand for antibiotics, antidiabetics, and others. However, the dependence of global supply chains on China for drugs and intermediate chemicals including APIs will create challenges for market players during the pandemic.
Competitive Landscape
The geriatric medicines market players are leveraging high growth segments and pushing for expansion in untapped markets. For instance, Acacia Pharma has announced FDA approval of BYFAVO drug for procedural sedation. Pfizer, GlaxoSmithKline, Novartis, and AstraZeneca are some of the top geriatric medicine manufacturers in the global market.
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About the Report
This study offers readers a comprehensive market forecast of the geriatric medicines market. Global, regional and country-level analysis of the top industry trends impacting the geriatric medicines market is covered in this FACT.MR study. The report offers insights on the geriatric medicines market on the basis of therapeutic category (analgesic, anti-hypertensive, statins, anti-diabetic, proton pump inhibitor, anti-coagulant, anti-psychotic and anti-depressants), condition (cardiovascular, arthritis, diabetes, neurological, cancer, osteoporosis, respiratory, and others), and distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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SOURCE: FactMR