Geriatric is the branch
of medicine concerned with clinical, remedial, preventive and social aspects of
illness usually among people over 65 years of age. In response to the needs and
demands of an aging population, demand for geriatric medicines has grown
rapidly in last 3 decades. The elderly patients across the globe face an array
of ill health conditions which include co-morbid complexities such as falls,
cerebral ageing and syncope among others. According to Eurostat the number of
people aged 65 tears and above is likely to be 141 million by 2050 which is
approximately 17%-30% increase in specific population group as compared to 2008
geriatric population. An article published by the Indian Express in June 2014
stated that people aged 60 years and above are likely to reach 323 million mark
by 2050.
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In present scenario the
approximately 80% of India’s elderly population lives in rural area of which
40% of them lives below poverty line. Such conditions significantly increase
the risk for adverse drug reaction events especially among geriatric population
as one third of the emergency admissions in elderly people is due to drug
related In 2010 approximately 45-50% of the prescriptions were written for
people aged 60 and above and one in three patients took at least 5 drugs or
more on a daily basis in United States.
In last three decades,
geriatric medicines have experienced substantial growth due to which it has now
become a prominent part of the American medicines. Notable accomplishment in
growth include establishment of National Institute on Aging whose mission is to
improve health and well-being of older Americans through research and
identification of new clinical interventions. In general geriatric medicines
market can be segmented in two prominent sub classes namely drug therapy and
geriatric services.
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The drug therapy include
treatment and care with respect to prominent geriatric diseases such as
diabetes, skin diseases due to extrinsic conditions, congestive heart failure
diseases, atherosclerosis, memory impairment, dementia, urinary disorders and
others. Probiotics are another emerging area of opportunities in forthcoming
years for geriatric care. Whereas, the geriatric services market include
advance care planning, home care services, nutritional care, socialization
programs, education and awareness and sleep management are among the prominent
areas of opportunities for new and existing players.
Major drivers that will
positively uplift and boost the demand and growth for geriatric medicines
market include increasing trend with respect to electric record among physicians
which reduces the patient discomfort and helps practitioners having continuous
patient monitoring. Apart from this innovations related to multiple chronic
disease treatment, increasing collaboration of lay organization and NGOs with
professional group will drive the geriatric market in coming years. Some of the
major restraints to this market include lack of patient participation in
clinical trials leading to development of vaccines or drugs that are not
completely studied and safe.
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This leads to lot of health issues and adverse
effects in past one decade. Lack of specialized care centers and hospital units
are another major factor responsible for low geriatric patient care. Only 40% -
45% of the US geriatric population avail the proper treatment despite of
technological advancements and infrastructure reforms.
Some of the prominent
players in geriatric medicines market include Geri-Care pharmaceuticals,
Nausicaa Medical, Geriatric & Medical Companies, Inc., Nutricap Labs, UAS
Laboratories and others.
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This research report
analyzes this market depending on its market segments, major geographies, and
current market trends. Geographies analyzed under this research report include
·
North
America
·
Asia
Pacific
·
Europe
·
Rest of
the World
This report provides
comprehensive analysis of
·
Market
growth drivers
·
Factors
limiting market growth
·
Current
market trends
·
Market
structure
·
Market
projections for upcoming years
This report is a complete
study of current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
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