Geriatric Medicine Market Size | Top Key Companies

According to Nova One Advisor, the global geriatric medicine market size was valued at USD 158.90 billion in 2023 and is anticipated to reach around USD 333.64 billion by 2033, growing at a CAGR of 7.7% from 2024 to 2033.

The global geriatric population is one of the major challenges for the healthcare industry and the governments across the globe, however, it has proven to be a boon for the geriatric medicine market.

The high market growth is anticipated on account of the rising prevalence of various target diseases in the geriatric population, the demographic shift, the upward trend in lifestyle-related risk factors, and the significantly improved access to affordable healthcare as well as medicine across the developing and emerging economies.

The rising prevalence of the Alzheimer’s disease in the geriatric population is expected to serve as a high impact rendering driver for the geriatric medicine market over the forecast period. In 2015, as per the estimates published by the Alzheimer’s disease International, nearly 47 million people have dementia and this number is expected to double after every 20 years. Furthermore, as per the estimates published by The Alzheimer's Association, in the U.S., out of the 5.4 million Americans living with the disease, nearly 5.2 million or 96.3% are aged 65 and above.

In order to mitigate the concerns arising due to the unfavorable shift in the demographic variables such as age, lifestyle patterns, economic development, coupled with the upward shift in the disease trends associated with the geriatric population, the developed regions have consistently improved their healthcare practices by allocating high amount of resources towards the healthcare and social development sectors.

For instance, the U.S., Germany, the UK, and Japan allocate 17.1%, 11.30%,9.10%,10.20%, of their GDP respectively towards healthcare expenditure and majority of these resources are channelized towards developing new drugs, new software, and building technology platforms for hospitals and home health services.

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Geriatric Medicine Market Top Key Companies:

• F. Hoffmann-La Roche Ltd.
• Novartis AG
• AbbVie Inc.
• Johnson & Johnson, Inc.
• Merck & Co., Inc.
• Pfizer, Inc.
• Bristol-Myers Squibb Company
• Sanofi
• GSK Plc.
• Takeda Pharmaceuticals Company Ltd.

Geriatric Medicine Market Recent Developments

• In June 2024, Sun Pharmaceutical Industries inked a licensing pact with Takeda Pharmaceutical Company to commercialize a novel gastrointestinal drug in India. The company has entered into a non-exclusive patent licensing agreement with Takeda Pvt. Ltd to commercialize Vonoprazan tablets in volumes of 10 and 20 mg in India.
• In May 2023, Pfizer Inc. announced that the U.S. Food and Drug Administration (FDA) has approved ABRYSVO (Respiratory Syncytial Virus Vaccine), the company’s bivalent RSV prefusion F (RSVpreF) vaccine, for the prevention of lower respiratory tract disease caused by RSV in individuals 60 years and older.

Geriatric Medicine Market Key Takeaways

• The North America geriatric medicine market registered 38.77% of the market share.
• The geriatric medicine market in the U.S. dominated the market with a share of 89.83% in 2023.
• Asia Pacific geriatric medicine market is anticipated to witness significant growth with a 9.1% CAGR in the forecast period.
• The geriatric medicine market in the U.S. dominated the market with a share of 89.83% in 2023.
• In the therapeutic category, antihypertensive therapeutics accounted for a share of 20.77% in 2023.
• Antidiabetic therapeutics witnessed to grow at a CAGR of 9.4% in projected years.
• In the condition segment, cardiovascular diseases were leading and accounted for the largest market share of 32.76% in 2023.
• Diabetes and metabolic disorders experienced exponential growth in projected years with a CAGR of 9.8%.
• In distribution channel segments, retail pharmacies dominated the market with 45.79% market share in 2023.

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Geriatric Medicine Market By Regional Insights

The North America geriatric medicine market registered 38.77% of the market share. This is mainly due to the rising geriatric population, the presence of leading players, strong healthcare infrastructure, and an increasing awareness. In addition, thorough research activities conducted in the region expedite the development of novel therapies, and further boosts the market growth.

U.S Geriatric Medicine Market Trends

The geriatric medicine market in the U.S. dominated the market with a share of 89.83% in 2023. The primary drivers for the U.S. market include the higher prevalence and increasing awareness about the elderly population related to diabetes, cardiovascular disorders, and other risks. The U.S. is experiencing a significant growth in the elderly population is an important aspect. The prevalence of chronic conditions such as diabetes, arthritis, and cardiac diseases is more common in elderly groups. Moreover, advancements in medical technology, including telemedicine, healthcare systems, remote monitoring devices, and highly equipped medical diagnostics are increasing the quality of geriatric care. These factors account for the rise in the geriatric medicine market in projected years.

Europe Geriatric Medicine Market Trends

Europe geriatric medicine market is a significant market for geriatric medicine & ranked second position in 2023, with substantial variations across countries, high awareness of geriatric medications, and implementation of robot-assisted surgical processes. Another major reason is that elderly people (≥65 years) comprise a substantial and increasing proportion of the European population and it is expected that they will make up 30% by 2050. Due to the increased illness of multiple chronic and acute diseases, older people are the main users of healthcare resources, and it has been estimated that over 10% of the older population receives 10 or more related medicines. In addition, the support of government initiatives also boosts the growth of the geriatric medicines market. Moreover, government agencies and public companies are investing in and providing insurance policies to the people.

In the UK geriatric medicine market, the rising prevalence of cardiovascular diseases and diabetes in the geriatric, uplift in government funding, rising healthcare infrastructure developments, and the rising count of specialty clinics are driving the market growth. Some factors that may lead to the growth include growth in disposable income, the launch of many generic and patented drugs, and the growth of private and public healthcare expenses. Most geriatricians work as part of a multidisciplinary team in an acute hospital. Geriatric is in turn typically placed within a medical division beside specialties such as diabetes and respiratory medicine. Geriatricians work in smaller groups of hospitals as community geriatricians. The rising incidence of medication-related issues among older adults and the urgent requirement for palliative care are the determining factors fueling the regional market growth.

The geriatric medicine market in Germany is witnessing a rise, driven by an increasing old-age population and a high demand for specialized clinical services. Also, the growth is boosted by various factors, such as advancements in therapeutics, the assistance of governments and NGOs for elderly groups, and increasing emphasis on personalized medicine. Furthermore, rapid enhancements and improvements in healthcare infrastructure and investments support market growth.

Asia Pacific Geriatric Medicine Market Trends

Asia Pacific geriatric medicine market is anticipated to witness significant growth with a 9.1% CAGR in the forecast period. The rapidly growing older population in countries such as China, Japan, and India propel the demand for geriatric drugs and enhanced healthcare services and medications. This can be attributed to the developing healthcare infrastructure and facilities, government assistance, rising geriatric population, and increasing awareness about healthy lifestyles.?

China geriatric medicine market is dominant because of a mix of factors that fuel the demand here. A major driver of the geriatric medicine market is the increasing aging population as China accounts for a significant share of the elderly population. The government has also been implementing reforms in healthcare to improve healthcare services for the elderly, with insurance coverage and investments in elder care.

India is also a significant market for geriatric medicines, factors that propel are- urbanization, insurance penetration, healthcare investments in the country made by governments, policy assistance, pharmaceutical demands aiming at the treatment of chronic diseases, and other age-related issues.

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Geriatric Medicine Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Geriatric Medicine market.

By Therapeutics?

• Analgesics
• Antihypertensive
• Statins
• Antidiabetic
• Proton Pump Inhibitors
• Anticoagulant
• Antipsychotic
• Others

By Condition?

• Cardiovascular Diseases
• Arthritis & Bone Health
• Neurological Disorders
• Cancer
• Diabetes and Metabolic Disorders
• Respiratory Diseases
• Others

By Distribution Channel?

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Geriatric Medicine Market analysis from 2021 to 2033 to identify the prevailing Geriatric Medicine Market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the cancer supportive care drugs industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Geriatric Medicine Market trends, key players, market segments, application areas, and market growth strategies.

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