The Global Geriatric Medicines Market is anticipated to witness high growth owing to increasing geriatric population globally.
The global geriatric medicines market comprises drugs that are prescribed to treat chronic conditions predominantly found in the elderly population. Key areas where geriatric medicines are used include cardiovascular diseases, arthritis, diabetes, cancer, neurological disorders, and others. The increasing prevalence of these conditions in the aged population fuels the demand for geriatric medicines. In addition, the growing focus on developing disease-modifying drugs to treat chronic disorders is also supporting the market growth. The Global Geriatric Medicines Market is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in Global Geriatric Medicines Market Size are Pfizer Inc., Takeda Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb, Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals. The key opportunities in the market include increasing investment in R&D for developing specialized drugs for geriatric indications and rising focus on geriatric wellness programs. The global players are expanding their presence in emerging markets through acquisitions and collaborations.

Market Drivers
Increasing geriatric population: According to the UN, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2020. The growth in the aging population is the key driver as it exponentially increases the demand for geriatric medicines.

Market Restrains
High R&D costs: Developing new medicines involves considerable investment in R&D. The clinical trials and approval process for geriatric medicines is complex and costly due to age-related variations in pharmacokinetics and pharmacodynamics. This high cost of product development poses a significant challenge.

Segment Analysis
The global geriatric medicines market is dominated by the cardiovascular medicines segment owing to the rising prevalence of cardiovascular diseases among the elderly population across the world. Cardiovascular diseases are the major cause of deaths globally each year, with a majority of deaths occurring in people aged over 60. Rising risk factors like obesity, smoking, hypertension, etc. have led to a surge in cardiovascular conditions in the geriatric population. Diabetes medicines are the second largest sub-segment due to the increasing incidence of diabetes in older adults accompanying aging. Age-related physiological changes impact insulin sensitivity and secretion, predisposing elderly diabetics to higher health risks. Nervous system diseases medicines are also gaining significance with rising neurological disorders like Alzheimer's and Parkinson's among seniors.

Global Analysis
Regionally, North America dominates the global geriatric medicines market due to the increasing geriatric demographic, developed healthcare infrastructure, and higher healthcare spending in the US and Canada. However, the Asia Pacific region is emerging as the fastest-growing market for geriatric medicines driven by massive aging populations in China and India. Rapid economic development, improving access to healthcare, and rising aging-related disease burden are prompting higher medical needs among Asian seniors. In terms of manufacturing and exports, Europe is a key player in the global market with major players like Pfizer and Novartis. However, the market is growing more significantly in developing regions owing to their rising senior population pools coupled with better availability of generic drugs.

Global Geriatric Medicines Market Regional Analysis  is dominated by the cardiovascular medicines segment owing to the rising prevalence of cardiovascular diseases among the elderly population across the world. Cardiovascular diseases are the major cause of deaths globally each year, with a majority of deaths occurring in people aged over 60. Rising risk factors like obesity, smoking, hypertension, etc. have led to a surge in cardiovascular conditions in the geriatric population. Diabetes medicines are the second largest sub-segment due to the increasing incidence of diabetes in older adults accompanying aging. Age-related physiological changes impact insulin sensitivity and secretion, predisposing elderly diabetics to higher health risks. Nervous system diseases medicines are also gaining significance with rising neurological disorders like Alzheimer's and Parkinson's among seniors.

Global Analysis

Regionally, North America dominates the global geriatric medicines market due to the increasing geriatric demographic, developed healthcare infrastructure, and higher healthcare spending in the US and Canada. However, the Asia Pacific region is emerging as the fastest-growing market for geriatric medicines driven by massive aging populations in China and India. Rapid economic development, improving access to healthcare, and rising aging-related disease burden are prompting higher medical needs among Asian seniors. In terms of manufacturing and exports, Europe is a key player in the global market with major players like Pfizer and Novartis. However, the market is growing more significantly in developing regions owing to their rising senior population pools coupled with better availability of generic drugs.