Global Geriatric Medicines Market By Therapeutics (Analgesic, Statins, Antidiabetic, Antihypertensive, PPI, Anticoagulant, Antipsychotic, and Others), By Route of Administration (Parenteral, Oral, and Others), By Application (Cardiovascular, Neurological, Cancer, Arthritis, Osteoporosis, Respiratory, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

Global Geriatric Medicines Market size is expected to be worth around USD 328.9 billion by 2033 from USD 158.1 billion in 2023, growing at a CAGR of 7.6% during the forecast period 2024 to 2033.

Growing demand for geriatric medicines stems from the increasing elderly population and the rising prevalence of age-related diseases such as Alzheimer’s, cardiovascular conditions, and arthritis. The market continues to expand as innovations in drug development target various geriatric health concerns, including dementia, chronic pain, and osteoporosis.

In September 2022, Corium, Inc. launched ADLARITY, a transdermal system delivering donepezil for the treatment of Alzheimer’s disease-related dementia, reflecting the market’s focus on patient-friendly delivery systems. Additionally, Cyclo Therapeutics, Inc. commenced its Phase 2b study in October 2022 for Trappsol Cyclo, aimed at reducing amyloid beta and tau in Alzheimer’s patients, further highlighting the ongoing development of specialized treatments.

Geriatric medicines are increasingly addressing multifactorial diseases, offering opportunities for personalized and long-term care solutions. The market benefits from expanding therapeutic options, including cardiovascular, anti-inflammatory, and neurological treatments, ensuring improved quality of life for elderly patients.

Key Takeaways

• Market Size: Geriatric Medicines Market size is expected to be worth around USD 328.9 billion by 2033 from USD 158.1 billion in 2023.
• Market Growth: The market growing at a CAGR of 7.6% during the forecast period 2024 to 2033.
• Therapeutics Analysis: The antihypertensive segment led in 2023, claiming a market share of 42.5%.
• Route of Administration Analysis: The oral held a significant share of 62.5% due to its convenience and ease of administration.
• Application Analysis: The cardiovascular segment had a tremendous growth rate, with a revenue share of 47.2%.
• Distribution Channel Analysis: The retail pharmacies segment grew at a substantial rate, generating a revenue portion of 49.5%.
• Regional Analysis: North America dominated the market with the highest revenue share of 39.7%.

By Therapeutics Analysis

The antihypertensive segment led in 2023, claiming a market share of 42.5% owing to the rising prevalence of hypertension among older adults. As the global aging population increases, age-related cardiovascular conditions are becoming more common, necessitating greater demand for antihypertensive drugs. Changing lifestyles, such as sedentary behavior and poor diet, have also contributed to higher rates of hypertension, especially in geriatric patients.

Advances in antihypertensive therapies, including combination drugs and those with fewer side effects, are anticipated to drive market growth. Additionally, increasing awareness about the importance of controlling blood pressure to prevent stroke and heart disease likely supports the expansion of this segment.

By Route of Administration Analysis

The oral held a significant share of 62.5% due to its convenience and ease of administration. Older adults often prefer oral medications, as they are non-invasive and simpler to manage compared to parenteral methods. The availability of a wide range of oral formulations, including tablets and extended-release capsules, caters to diverse therapeutic needs in the elderly population.

Improved drug formulations that enhance bioavailability and are easier to swallow are anticipated to further boost this segment’s growth. The rising prevalence of chronic conditions requiring long-term medication, such as diabetes and hypertension, also drives demand for oral medications among geriatric patients.

By Application Analysis

The cardiovascular segment had a tremendous growth rate, with a revenue share of 47.2% owing to the high prevalence of heart-related conditions in aging populations. Cardiovascular diseases, such as coronary artery disease, heart failure, and arrhythmias, are more common in older adults, leading to increased demand for specialized treatments.

The growing focus on preventive care, along with advancements in cardiovascular therapies that improve patient outcomes, is projected to fuel this segment’s expansion. Additionally, the rising awareness of the importance of managing risk factors like high cholesterol, diabetes, and hypertension in the elderly population further supports growth in the cardiovascular segment.

By Distribution Channel Analysis

The retail pharmacies segment grew at a substantial rate, generating a revenue portion of 49.5% due to its accessibility and widespread presence. Retail pharmacies provide convenient access to medications for older adults, particularly in communities with limited healthcare infrastructure. The availability of over-the-counter medications and prescription drugs, along with personalized services like medication counseling, makes retail pharmacies a preferred choice for elderly patients.

The expansion of retail pharmacy chains and the growing trend of pharmacy-driven health services, including vaccination and health screenings, are likely to contribute to this segment’s growth. Additionally, the increasing prevalence of chronic diseases in geriatric populations drives recurring visits to retail pharmacies for medication refills.

Key Market Segments

By Therapeutics

• Analgesic
• Statins
• Antidiabetic
• Antihypertensive
• PPI
• Anticoagulant
• Antipsychotic
• Others

By Route of Administration

• Parenteral
• Oral
• Others

By Application

• Cardiovascular
• Neurological
• Cancer
• Arthritis
• Osteoporosis
• Respiratory
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Drivers

Rise in Geriatric Population

Rising geriatric population drives significant growth in the geriatric medicines market. The World Health Organization (WHO) reported in October 2022 that individuals over 65 years old constitute the fastest-growing demographic globally. By 2050, the elderly population is expected to account for 22% of the global population, reaching 2 billion people.

This increase in older adults is anticipated to drive demand for specialized medications addressing age-related health issues such as arthritis, cardiovascular diseases, and cognitive decline. As healthcare systems focus more on geriatric care, pharmaceutical companies are likely to invest in the development of medications tailored to this population, boosting market growth.

Restraints

Side-effects of Medicines

Rising concerns over the side effects of medications hamper the growth of the geriatric medicines market. Older adults often take multiple prescriptions, increasing the likelihood of adverse drug reactions due to polypharmacy. These reactions can result in hospitalizations, leading to skepticism and reluctance in adopting new treatments.

Furthermore, age-related changes in metabolism complicate the way elderly individuals process medications, increasing the risk of toxicity. Such risks are projected to impede market expansion as healthcare providers and patients prioritize safety over newer drug options. The growing incidence of side effects thus represents a significant restraint in the market for elderly-focused treatments.

Opportunities

Growing Prevalence of Chronic Diseases

Increasing prevalence of chronic diseases among the elderly presents a substantial opportunity for the geriatric medicines market. The aging population faces higher risks of conditions such as diabetes, hypertension, and strokes, which require long-term treatment. According to the CDC’s data published in May 2024, in the United States, one person dies from a stroke every 40 seconds, with 795,000 people experiencing strokes annually, including 610,000 first-time or recurrent cases.

This rising burden of chronic illnesses is expected to drive demand for advanced therapeutic solutions specifically designed for older adults. As healthcare providers focus on managing chronic conditions, the market is likely to see an increase in innovation, fueling growth in geriatric medicine development.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly influence the geriatric medicines market, creating both barriers and opportunities for growth. Economic recessions in developed regions may limit healthcare funding, impacting the affordability of medications for the aging population. Trade restrictions and geopolitical tensions can disrupt pharmaceutical supply chains, leading to higher drug costs and potential shortages.

Conversely, government healthcare initiatives and growing investments in aging populations drive demand for medications tailored to older adults. Emerging markets, with expanding healthcare infrastructure and increasing awareness of elderly care, offer growth potential. Despite challenges, technological advancements and increased healthcare spending contribute to a positive outlook for the geriatric medicine sector.

Latest Trends

Growing Investments in Adult Care

Growing investments in adult care represent a major trend driving the expansion of the geriatric medicines market. Healthcare organizations are increasingly focusing on creating specialized programs to address the complex needs of older adults. In March 2023, the Penn Medicine Princeton Cancer Center received a USD 2.5 million grant from the Bristol Myers Squibb Foundation to support the Geriatric Oncology Program, ensuring comprehensive care for older adults with cancer.

This development is anticipated to encourage further investments in senior care, fostering innovation in medical treatments. Rising awareness of age-related diseases and the need for tailored healthcare solutions is projected to accelerate market growth, enhancing the quality of life for elderly populations.

Regional Analysis

North America is leading the Geriatric Medicines Market

North America dominated the market with the highest revenue share of 39.7% owing to the region’s aging population and the increasing prevalence of age-related diseases such as cardiovascular conditions, arthritis, and respiratory illnesses. Enhanced healthcare infrastructure and government initiatives to support elderly care further fueled market expansion.

A notable development occurred in May 2023 when Pfizer Inc. announced the U.S. FDA approval of ABRYSVO, a bivalent Respiratory Syncytial Virus (RSV) prefusion F vaccine, for individuals aged 60 and older. This vaccine targets the prevention of lower respiratory tract diseases caused by RSV, addressing a significant need in geriatric healthcare. Advancements in pharmaceutical research, combined with growing awareness of age-related conditions, contributed to the market’s growth across North America.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

Asia Pacific is expected to grow with the fastest CAGR owing to increasing healthcare access, rising life expectancy, and a rapidly aging population in countries like Japan, China, and India. Strategic partnerships between pharmaceutical companies are projected to drive market expansion.

For instance, in June 2024, Sun Pharmaceutical Industries signed a licensing agreement with Takeda Pharmaceutical Company to commercialize a novel gastrointestinal drug, Vonoprazan tablets, in India. This collaboration highlights the region’s commitment to enhancing elderly care through innovative drug offerings. As chronic conditions become more prevalent among the elderly, rising demand for specialized medications is likely to accelerate market growth across Asia Pacific.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The major players in the Geriatric Medicines market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the geriatric medicines market focus on expanding their drug portfolios by developing treatments specifically tailored to age-related diseases like osteoporosis, cardiovascular disorders, and neurodegenerative conditions.

They collaborate with healthcare institutions and research organizations to conduct clinical trials and gather insights into the unique needs of older adults. Many companies emphasize global expansion by targeting regions with rapidly aging populations. Strategic acquisitions and partnerships help them enhance distribution networks and access new technologies.

Additionally, they invest in patient education and awareness programs to promote early diagnosis and treatment, driving demand for their products.

Top Key Players

• Sun Pharmaceutical Industries
• Sanofi S.A.
• Pfizer Inc.
• Otsuka Pharmaceutical
• Novartis AG
• GlaxoSmithKline PLC
• Eisai
• Boehringer Ingelheim GmbH
• AstraZeneca PLC
• Abbott Laboratories Inc.

Recent Developments

• In May 2023, Otsuka Pharmaceutical and Lundbeck LLC announced that the U.S. FDA approved the supplemental New Drug Application (sNDA) for REXULTI (brexpiprazole) for the treatment of agitation associated with dementia due to Alzheimer’s disease. This approval is significant for the geriatric medicines market as it addresses a critical need for therapies managing behavioral symptoms in Alzheimer’s patients, contributing to the growing demand for specialized treatments for the elderly population.
• In January 2023, Eisai and Biogen Inc. announced the U.S. FDA approval of lecanemab-irmb, a monoclonal antibody designed to target amyloid beta for the treatment of Alzheimer’s disease. This approval reflects ongoing advancements in targeted therapies for Alzheimer’s, a prevalent condition in the elderly, and underscores the increasing focus on innovative treatments in the geriatric medicines market.

Report Scope