Geriatric Drugs Market Size Is Estimated to Be $1.5 Billion By 2027, Growing at A CAGR Of 6.5% During the Forecast Period 2022-2027.
The geriatric drug market size is estimated to be $1.5 billion by 2027, growing at a CAGR of 6.5% during the forecast period 2022-2027. Geriatrics or geriatric medicine is a specialty that focuses on the health care of the elderly. It aims to promote health by avoiding and treating conditions and disabilities in the elderly population. Delirium in geriatric medication is associated with anticholinergic problems.
Global Elderly Care Services Market
The Global Elderly Care Services Market is anticipated to grow at a market worth of US$ 1,744.6 billion by 2025, expanding at a CAGR of 8.31% during the forecast period 2019-2025. The major reasons for escalation are the growing aging population paired with associated age-related diseases, increasing demand for residential care facilities among others. Moreover, rise in the number of applications based on Tele-awareness and adoption of carebots due to the lack of skilled labor would mark as new upcoming trend in this industry. Elder Care primarily focuses on providing senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among others. These services can be provided through institutional care, day-care, community care or home care. The popularity of such services is increasing among the working group, owing to lack of time paired with increasing awareness about the benefit associated with the service. In 2018, Institutional care dominated the global elderly care market and is anticipated to generate a market size of US$ 1,197.5 billion by 2025. Home-Based care is expected to be the fastest-growing service type during the forecast period.
Aging is a global phenomenon. The aging population is increasing at a fast pace all over the world. Life expectancy has also increased from 72.4 years in 2014 to 73.5 years in 2019. This will bring the total number of people above the age of 65 to more than 605 million or 11% of the entire population globally. In addition, average life expectancy is expected to reach 85 in 2040 from the current 75-80 years, thus substantially increasing the number of people aged 80 or above, as well as their proportion in the overall population. The aging population is the ultimate driving factor for a growing business market and reports reveal that this population is increasing with time. Henceforth, senior care and home care service businesses will have enough potential in the coming years. Older people with long-term conditions such as neurological diseases that majorly includes Parkinson’s disease, Alzheimer’s and dementia; multiple sclerosis; Chronic Obstructive Pulmonary Disease (COPD); heart failure, are rising all over the globe. A focus on maintaining and improving the physical and functional health of older adults through therapeutic interventions within a community setting meeting other are thought to improve well-being and quality of life. Healthcare is the basic requirement of all the individuals however, the high cost of healthcare makes it difficult to afford. The route to funding and financial aid is extraordinarily complex. Aging leads to deteriorating health due to impairment and thus leads to huge expenditure on it. The spending or financing is can be of three types namely, public expenditure, private expenditure and out-of-pocket expenditure. Moreover, government is also increasing the expenditure on elderly care to provide this section of society with amenities and increase their years of happy and comfortable living.
Basis of type of service the global elderly care service market is bifurcated into Institutional care, adult daycare, and Home-based care. The market of Institutional Care is expected to grow tremendously and is projected to dominate the market in 2025 due to the high adoption of these services. Elderly Care Service market is segmented based on funding sources into public expenditure, private expenditure, and out-of-pocket expenditure. The public expenditure occupied the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025. For a deep-dive analysis of the overall adoption and penetration of the elderly care service, study is conducted for major aging population regions/countries. Major regions/countries analyzed include North America (US), Europe (France, Germany, Spain, Italy, UK), Asia-Pacific (Japan, China, Australia, India) and Rest of the World. Currently, Europe dominates the market with 37.2% share in 2018. High prevalence of age-related disorders and rising old age population along with high awareness among the people is the major driving factor.