The geriatric medicines market is projected to reach $948 billion by 2023, according to a new market report published by Transparency Market Research.
The study, which analyzes the market for geriatric medicine in terms of revenue, found the global market was valued at $504.7 billion in 2014 and is expected to grow at a compound annual growth rate of 7.3 percent from 2015 to 2023, to reach an estimated value of $948 billion in 2023.
The growth of the global geriatric medicines market is attributed, in part, to growth in the aging population and increasing prevalence of chronic diseases.
However, Transparency Market Research notes that lack of specialized care centers and hospital units could hamper market growth from 2015 to 2023.
Here are five other findings from the study.
1. Among the geriatric medicines market segments, by therapeutic category, analgesic accounted for the largest market share in 2014 in terms of revenue and continues to dominate the market from 2015 to 2023.
2. Among the geriatric medicines market segments, by condition, cardiovascular accounted for the largest market share in 2014 in terms of revenue and continues to dominate the market from 2015 to 2023.
3. The largest regional geriatric medicines market in 2014 in terms of revenue was North America. That is expected to continue through 2023.
4. Asia Pacific is expected to be the regional geriatric medicines market with the highest compound annual growth rate from 2015 to 2023.
5. Abbott Laboratories, AstraZeneca, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Co., Eli Lilly and Co., GlaxoSmithKline, Merck & Co., Novartis AG, Pfizer and Sanofi are some of the major players operating in the global geriatric medicines market.