Market Trends of Global Geriatric Medicines Industry
This section covers the major market trends shaping the Geriatric Medicines Market according to our research experts:
Analgesics in the Therapeutics Segment is Expected to Witness Significant Growth Over the Forecast Period.
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 at that age. Frequent pain and aches experienced by the aging population are the other favorable factors that drive market growth. For instance, in June 2022, Endo International plc reported that it has executed an agreement with Taiwan Liposome Company, Ltd. (TLC), a clinical-stage specialty pharmaceutical company developing novel nanomedicines to target areas of unmet medical need, to commercialize TLC599, a TLC investigational product. TLC599 is an injectable compound in Phase 3 development for the treatment of osteoarthritis knee pain. Thus, such key developments by the market players are expected to drive the market over the forecast period.
In addition, new initiatives to provide healthcare support to the geriatric population and a rise in investments in R&D activities in the analgesics industry, with a key focus on the classes of compounds to formulate new therapeutics, are expected to drive market growth during the analgesics market forecast period. For instance, in September 2022, FAIR Health launched three new FH Total Treatment Cost tools, educational content, and resources related to the care of older adults. This initiative aims to advance shared decision-making among older patients, especially those with serious illnesses, as well as their caregivers and care partners, by providing them with the information and resources needed to make informed healthcare decisions and better navigate the healthcare system. Similarly, in October 2022, Atai Life Sciences reported positive initial results for their Phase 1 clinical trial of KUR-101. KUR-101 is an oral formulation of deuterated mitragynine, the major active alkaloid of the kratom plant, under development for the treatment of opioid use disorder (OUD).
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.
North America is Expected to Witness a Significant Growth Over the Forecast Period.
North America is expected to dominate the overall geriatric medicines market throughout the forecast period. The dominance is due to the growing prevalence of various chronic diseases like obesity and diabetes, and the presence of a vast population of baby boomers during the forecast period in the United States necessitated efficient treatment. For instance, the International Diabetes Federation 2021, data reported about 51 million cases of diabetes in adults in North America, and this number is expected to increase by 57 million by 2030, among which more than half of the patients are over the age of 65 and are expected to continue in the future resulting in higher demand for the specific treatment for geriatric population driving the market in the region. Similarly, in 2022 the Centers for Disease Control and Prevention, reported that one person dies from a stroke every 40 seconds in the United States, and approximately 795,000 people are affected by stroke each year. There are around 610,000 first or fresh strokes and 185,000 recurrent strokes. This growing number of strokes is supporting the geriatric medicines market growth and development in the region.
The new product launches, increasing research and development expenses, and recent mergers, acquisitions, and partnerships are also fueling the growth of the market in the region. For instance, in September 2022, Esai Co., Ltd., and Biogen Inc. announced positive topline results from Eisai's large global Phase 3 confirmatory Clarity AD clinical trial of lecanemab (development code: BAN2401), an investigational anti-amyloid beta (A尾) protofibril antibody for the treatment of mild cognitive impairment (MCI) due to Alzheimer's disease (AD) and mild AD (collectively known as early AD) with confirmed presence of amyloid pathology in the brain.
Also, the government initiave and services in the region that involves contributing towards the health of geriatric population is likely to fuel this market in the region. For instance, in September 2022, project ECHO was launched in Mexico, for the geriatric population. People over the age of 60 experience physiological changes that become clinically significant, requiring adjustments to their medical therapies. They also face physical mobility challenges, and memory issues and have a slower recovery, all of which need to be addressed in an evidence-based holistic manner. In addition, many older patients live in rural areas on a low or limited income, presenting a unique challenge to accessing care. Thus, to overcome all these medical issues, this project was launched to provide complete healthcare and medicine support to the geriatric population.
Thus, due to the aforesaid-mentioned reasons, the region is expected to show significant growth over the forecast period.
