Table of Contents
Introduction
Global Geriatric Medicines Market size is expected to be worth around US$ 328.9 billion by 2033 from US$ 158.1 billion in 2023, growing at a CAGR of 7.6% during the forecast period 2024 to 2033.
Geriatric medicine, also known as geriatrics, is a medical specialty dedicated to the health care of elderly populations. It aims to enhance the well-being of older adults by preventing and treating diseases and disabilities. Geriatric patients often face complex medical and psychological challenges that can interfere with their ability to take medications correctly. As such, they require specialized care and attention to facilitate a faster recovery from illnesses or disorders. There is no specific age at which a person may begin receiving care from a geriatrician, as it depends on the individual’s unique health needs and the availability of specialized care.
The growth of the geriatric medicines market is primarily driven by the increasing elderly population in both developed and developing regions. A significant number of adults over the age of 65 suffer from various chronic conditions, including cancer, neurological disorders, cardiovascular diseases, and rheumatoid arthritis. Additionally, the widespread practice of polypharmacy among the elderly raises the risk of adverse drug interactions, further underscoring the need for geriatric medical services. These factors collectively contribute to the expanding demand for geriatric medicine.
Most individuals consider consulting a geriatric medicine doctor after reaching 65 years of age, particularly beyond 75. However, the decision to see such a specialist depends on personal medical history and individual health needs. Some geriatric medicine centers begin providing services to individuals as early as 50 years old. Initiating geriatric care at a younger age can be beneficial, as it allows for the early management of aging-related health issues, potentially preventing several chronic conditions.
Statistics show that over 50% of adults aged 65 or older are managing at least three chronic medical conditions, necessitating regular monitoring and treatment. Managing multiple health issues can complicate medical care, which is where a geriatrician can provide significant assistance. Geriatricians are skilled in ensuring the safe administration of multiple medications, minimizing the risk of adverse interactions. They also evaluate the benefits and risks of various treatment options, such as surgical procedures, which may carry different risks for individuals at 70 compared to those at 40.
While internal medicine doctors and family physicians can offer similar support, the expertise of a geriatric medicine doctor is especially valuable for older adults with complex health needs. This includes conditions that impact both physical and mental health. Geriatricians bring a depth of experience and specialized knowledge to the care of older adults, enhancing the quality and effectiveness of their healthcare.
Key Takeaways
- Market Size: Geriatric Medicines Market size is expected to be worth around US$ 328.9 billion by 2033 from US$ 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%.
Geriatric Medicines Statistics
- Adverse Drug Events in Elderly Populations
- Anticoagulants: They are responsible for approximately 21% of emergency department visits for adverse drug events (ADEs).
- Diabetes Agents: Drugs such as insulin are linked to about 14% of ADEs.
- Antibiotics: These medications cause around 13% of ADEs.
- Dementia Prevalence Among the Elderly
- Overall Prevalence: In 2022, 4.0% of adults aged 65 and older were reported to have a diagnosis of dementia.
- Age-Related Increase: The prevalence of diagnosed dementia escalates with age: 1.7% among those aged 65–74, 5.7% for ages 75–84, and 13.1% for those 85 and older.
- Osteoporosis and Bone Health
- Osteoporosis Prevalence: The prevalence of osteoporosis among U.S. adults over 50 at the femur neck is 6.3%.
- Falls and Related Health Costs
- Daily Aging Population: Each day, over 10,000 people in the U.S. turn 65.
- Death Rates from Falls: There has been a 30% increase in death rates from falls over the last decade.
- Annual Medical Costs for Falls: Falls result in approximately $50 billion in medical costs annually.
- Fatalities and Injuries from Falls: More than 32,000 older adults die from falls each year, and over 8 million require medical attention or restricted activity for at least a day.
- Prescription Drug Use and Cost-Related Non-Adherence
- Prescription Drug Usage: As of 2021, 57.9% of adults aged 18–64 had taken prescription drugs in the past 12 months.
- Cost-Related Non-Adherence: In the same year, 8.2 million adults reported not taking their medication as prescribed due to cost, employing strategies such as skipping doses or delaying filling a prescription.
Geriatric Medicines Therapeutics Analysis
- Analgesics: In geriatric care, analgesics are crucial for managing chronic pain, which is prevalent among the elderly due to conditions like arthritis and neuropathy. The choice of analgesics needs careful consideration to balance efficacy with the potential for side effects such as gastrointestinal and renal issues.
- Statins: These are commonly prescribed to elderly patients for managing cholesterol levels, thus preventing cardiovascular diseases. The use of statins in the geriatric population is guided by the overall health and life expectancy to optimize cardiovascular health without compromising the quality of life.
- Antidiabetics: Management of diabetes in the elderly requires an individualized approach, considering factors like the presence of comorbidities and the risk of hypoglycemia. Special attention is given to the dosing and types of antidiabetic drugs to prevent adverse effects and manage blood sugar levels effectively.
- Antihypertensives: High blood pressure is a significant concern in geriatric patients, and antihypertensives are used to reduce the risk of heart disease and stroke. The choice of medication often considers the patient’s overall health status and potential drug-drug interactions.
- Proton Pump Inhibitors (PPIs): Used to treat gastroesophageal reflux disease (GERD) and other acid-related disorders in the elderly. However, long-term use is carefully monitored to avoid side effects such as increased risk of bone fractures and renal issues.
- Anticoagulants: These are critical for preventing thrombotic events in elderly patients, especially those with atrial fibrillation. Dosing must be managed carefully to prevent complications such as bleeding, considering the altered pharmacodynamics in older adults.
- Antipsychotics: Utilized in managing psychiatric disorders in the elderly, including dementia-related psychosis. However, their use is highly regulated due to the risks of increased mortality and the development of neurological side effects.
- Others: This category includes medications for treating a variety of other conditions common in older adults, such as incontinence, insomnia, and chronic obstructive pulmonary disease (COPD). Each of these therapeutic areas requires tailored approaches to optimize care and minimize adverse effects.
Emerging Trends
- Integration of the 4Ms Framework: In the U.S., the “4Ms” framework (What Matters, Medication, Mentation, Mobility) is increasingly adopted to optimize the care of older adults. This approach emphasizes personalized care plans, regular medication reviews, mental health assessments, and mobility support to promote independence and prevent injuries.
- Focus on Age-Friendly Health Systems: There is a growing emphasis on transforming health systems to become more age-friendly. This involves adjusting healthcare policies and practices to address the specific needs of older adults, ensuring they receive respectful and effective treatments aligned with their values and preferences.
- Expansion of Integrated Care Models: Global strategies now stress the importance of integrated care models that are responsive to the needs of the aging population. These models aim to coordinate services across different providers and settings to improve the accessibility and quality of care for older individuals.
- Increasing Use of Technology in Care: Technological innovations, such as telemedicine and remote monitoring, are becoming vital in managing the health of the elderly, particularly in monitoring chronic conditions and ensuring continuous care without the need for frequent hospital visits.
- Guidelines for Dementia Risk Reduction: The WHO has established guidelines for reducing the risk of cognitive decline and dementia. These include recommendations on lifestyle behaviors such as diet, physical activity, and cognitive training, which are crucial in delaying or preventing the onset of dementia.
- Prevention of Ageism: Efforts to combat ageism are intensifying, with educational programs designed to change how society thinks about aging and the elderly. These programs promote more inclusive policies and practices that support the dignity and contributions of older adults.
- Adapting to Demographic Shifts: As the global population ages, there is an increasing focus on adapting health and social systems to better meet the needs of older adults. This includes ensuring that healthcare professionals are trained in geriatrics and that facilities are equipped to handle the complexities of elder care.
- Promoting Healthy Aging: The UN Decade of Healthy Ageing (2021–2030) emphasizes the creation of environments that foster the health, participation, and security of older persons, aiming to extend their ability to do what they value and enhance their quality of life as they age.
Use Cases
- Polypharmacy Management: In geriatrics, managing polypharmacy involves assessing the necessity, efficacy, and safety of a patient’s medication list, which often includes five or more medications. This reduces drug-drug and drug-disease interactions, preventing adverse drug reactions and improving patient outcomes.
- Medication Reconciliation: This is a critical process during transitions of care, such as hospital discharge, to ensure accuracy in a patient’s medication regimen. It involves compiling and comparing old and new medication lists, making necessary adjustments, and effectively communicating changes to all involved in the patient’s care.
- Geriatric Syndromes Management: Geriatric medicines play a crucial role in addressing conditions uniquely prevalent in older adults, such as falls, incontinence, and delirium. Tailored pharmacological interventions can help manage these syndromes, improving quality of life and reducing healthcare costs.
- Prevention of Adverse Drug Reactions: Older adults are at higher risk for adverse drug reactions due to physiological changes associated with aging. Careful selection and dosing of medications, such as avoiding long-acting sedatives and certain anticholinergics, can prevent these potentially dangerous reactions.
- Supportive Care in Chronic Diseases: Geriatric medicines are essential in the management of chronic conditions such as diabetes, heart disease, and osteoporosis, where medication adherence and appropriate therapy adjustments can significantly influence disease progression and patient well-being.
- Functional Independence: Through the use of geriatric-specific treatment protocols, geriatric medicines help maintain functional independence in elderly patients. This involves using medications that minimize side effects that could impair physical and cognitive functions.
- Specialized Geriatric Clinics: Utilizing geriatric medicines in specialized clinics (e.g., memory care, arthritis, frailty assessment) enhances targeted care delivery. These clinics offer comprehensive evaluations and management plans that often involve multidisciplinary teams to address the complex needs of older adults.
- Training and Education: Geriatric medicines are integral to educational programs for healthcare professionals specializing in elder care. These programs emphasize the importance of age-appropriate care, highlighting both pharmacological and non-pharmacological treatments to manage and prevent diseases in the aging population.
Conclusion
The geriatric medicines market is set to grow significantly, driven by the expanding elderly population and their unique healthcare needs. Specialized care, including the management of polypharmacy and chronic conditions, underscores the critical role of geriatricians. Emerging trends, such as the adoption of age-friendly health systems and the integration of technology in patient care, are enhancing the effectiveness and accessibility of geriatric medicine. As the global demographic continues to age, the focus on personalized, preventative, and integrated care models is essential in promoting healthy aging and improving the quality of life for older adults.
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