Visiongain has published a new report on Geriatric Drugs Market Report 2021-2031: forecasts by therapeutic category (analgesic, antihypertensive, statins, antidiabetic, proton pump inhibitor, anticoagulant, antipsychotic and antidepressant and others), by condition (cardiovascular, arthritis, diabetes, neurological, cancer, osteoporosis, respiratory and other)) By type of drug (generic drugs and brand name drugs), by form (tablet, capsules, ointment, gel, lotion, others), by route of administration (oral, topical, intravenous, others), by method of prescription (OTC, and prescribed), by end user (hospitals, home care, specialty clinics and others), by distribution channel (hospital pharmacies, retail pharmacies and online pharmacies) PLUS profiles of major manufacturing companies and main national and regional market analyzes. PLUS COVID-19 recovery scenarios.
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Impact of COVID-19 on the Geriatric Drug Market
Impact of COVID-19 through different recovery models such as V-shaped, U-shaped, W-shaped and L-shaped; has been taken into consideration when estimating and forecasting the Geriatric Drugs market. Different recovery scenarios are also included in the report for all segments and regions / nations. The recovery scenarios on the basis of which the market has been forecast and analyzed in this report are mentioned below:
Increase in the geriatric population in the world
The geriatric population has been increasing very rapidly around the world for several decades. All regions are facing a huge increase in the number of the geriatric population. For example: According to the United Nations, Department of Economic and Social Affairs, Population Division, the geriatric population (people aged 65 or older) was 702.9 million in 2019. The geriatric population is at high risk of developing chronic illnesses due to a weakened immune system. The rapid increase in the number of the geriatric population in the world is also increasing the demand for geriatric drugs in the world. This is why the increase in the geriatric population in the world is a driving force of the geriatric drug market.
Availability of reimbursement in developing countries
The demand for geriatric drugs is increasing very rapidly due to the availability of reimbursement in developing countries. Reimbursement from governments and private insurance actors has increased dramatically for the care of the elderly, increasing the rate of diagnosis and treatment in the geriatric population and also increasing the demand for geriatric drugs for the treatment of various chronic diseases in the geriatric population. The growing demand for geriatric drugs is leading several manufacturers to launch their product portfolios in geriatric drugs for this reason the factor works as a driver for the geriatric drug market.
Government initiative and awareness program
Various governments, international organizations, regulatory authorities, independent authorities and non-profit organizations are launching various awareness programs in developed and developing countries to increase awareness of the availability of diagnosis and treatment for the geriatric population. The increase in government initiatives and awareness program is expected to increase the demand for elderly care drugs and is expected to create various new opportunities for the geriatric drugs market.
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The major companies (Pfizer, Inc., Merck & Co., Inc. and AstraZeneca) account for over XX% of the global geriatric drug market share. Other companies described in the report include: Bristol-Myers Squibb Company, Novartis AG, Sanofi SA, GlaxoSmithKline plc, Eli Lilly and Company, Abbott Laboratories, Boehringer Ingelheim GmbH, among others. Some of the main developments are listed below:
In 2017, Sanofi received US Food and Drug Administration (FDA) approval for Dupixent (dupilumab) for the treatment of moderate to severe atopic dermatitis in adult patients. The launch will help the company expand revenue generation from a market-driven product portfolio.
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