The US geriatric medicine market is projected to grow at a CAGR of 4.6% during the forecast period. The US has high per capita income; access to advanced healthcare, a large elderly population, and a high prevalence of chronic diseases are some of the major factors driving the geriatric medicine market in the country.
Moreover, a significant presence of key market players, such as Pfizer Inc., Bristol-Myers Squibb Co., Abbott Laboratories Inc., Johnson & Johnson Services Inc., and Eli Lilly, and Co., further contribute to the market growth in the US. These market players generate significant revenue from the US due to the advanced and innovative instruments that also fuels the growth of the market.
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In addition, the significant prevalence of diabetes and other disorders in elderly people in the US further contributes to market growth in the country. 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 US geriatric medicine industry during the forecast period.
US Geriatric Medicine Market – Segmentation
By Therapeutics
- Analgesic
- Anticoagulant
- Antihypertensive
- Antidiabetic
- Others (Statins and Antipsychotic)
By Condition
- Cardiovascular Diseases (CVDs)
- Diabetes
- Neurological
- Cancer
- Respiratory
- Others (Arthritis and Osteoporosis)
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Company Profiles
- Abbott Laboratories Inc.
- Amgen Inc.
- Astellas Pharma Inc.
- AstraZeneca PLC
- Boehringer Ingelheim GmbH
- Bristol-Myers Squibb Co.
- Cipla Ltd.
- Eli Lilly and Co.
- GlaxoSmithKline PLC
- Johnson & Johnson Services Inc.
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
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