Geriatric Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Geriatric Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends 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. 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. The drug therapy include treatment and...