Thursday, 12 June 2014

Geriatric Medicine Market - Industry Research Report and Forecast, 2013 – 2019

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.

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.

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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