The global geriatric medicine market is projected to exhibit a significant growth, at a CAGR of around 6.1%, during the forecast period. The aging population is continuously increasing across the globe. According to the World Health Organization (WHO), the geriatric population is expected to get double by 2050, when compared to 2000. Globally, in 2000, the proportion of the people aged over 65 years were 11.0% of the global population, and these statistics are expected to reach 22.0% by 2050. In turn, the geriatric population is expected to reach 2 billion by 2050, as compared to 605 million in 2010. Similarly, the people aged over 80 years or older are expected to get quadrupled to 395 million from 2000 to 2050.
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According to the UN, over the next 15 years, the older population is expected to grow fastest in the Caribbean and Latin America with a projected 71.0% increase in the population aged 60 years or over, followed by Asia (66.0%), Africa (64.0%), Oceania (47.0%), Northern America (41.0%), and Europe (23.0%). In 2018, the global average geriatric population was 8.92%, in which, the percentage of geriatric population in developed economies was much higher than that of the global average (8.92%). In 2018, among the total population, the geriatric population accounted for 16.0% in North America, 22.0% in Germany, 23.0% in Italy, and 27.0% in Japan, among others.
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Therefore, such a rise in the geriatric population in various economies increases the occurrence of chronic and infectious diseases, including diabetes and CVD. This, in turn, projects to the growth of the global geriatric medicine market. Furthermore, older age is a primary risk factor for heart disease. Around four in every five fatalities occur due to heart diseases occur in patients older than 65 years. With the increasing age, there is a higher possibility of either thickening of the heart’s walls and stiffening of arteries, or the high flow of blood towards the walls of the arteries which causes blood pressure problems. Due to all these factors, the risk of developing CVDs increases. Hence, people of this age group require proper treatment to prevent sudden cardiac arrest and heart failures. Such prevalence of CVD offers growth to the global geriatric medicine market for the development of treatment solutions for CVD.
In addition, as per the National Institute of Diabetes and Digestive and Kidney Diseases, benign prostatic hyperplasia or called enlarged prostate is more likely to occur in men more than age 45 years. Family history and medical conditions such as obesity, heart, and circulatory disease, and type 2 diabetes are also likely to increase the risk of an enlarged prostate. As per the Institute for Health Metrics and Evaluation, there is an increased risk of benign prostatic hyperplasia with rising age. Thus, there arises an increased demand for the treatment among the geriatric population which in turn augments the growth of the global geriatric medicine market during the forecast period.
Global Geriatric Medicine Market-Segmentation
- Others (Statins and Antipsychotic)
- Cardiovascular Diseases (CVDs)
- Others (Arthritis and Osteoporosis)
Global Geriatric Medicine Market– Segment by Region
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
- Latin America
- The Middle East and Africa
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