GLOBAL GERIATRIC MEDICINES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has established itself as the dominant region in the global geriatric medicines market and is anticipated to hold 36.2% of the market share in 2024. The high per capita healthcare expenditure in countries like U.S. and demand for innovative drugs to treat age-related chronic conditions have propelled the regional market growth. The U.S. alone accounts for over 65% of the North American market due to well-developed pharmaceutical industry and presence of major international drug makers in the region. In recent years, increasing preference for generic drugs to control escalating healthcare costs has emerged as a key trend in the regional market.

The Asia Pacific region is considered the fastest growing market for geriatric medicines driven by rapidly growing geriatric population, improving access to healthcare facilities and rising healthcare expenditure in emerging economies. Countries like China and India provide immense growth opportunities, owing to their huge geriatric demographic base and rising focus on quality healthcare by local governments. Several international drug manufacturers are shifting their manufacturing facilities to Asia in order to cater to regional demand in a cost-effective manner and benefit from policy incentives offered by governments. This has made APAC an important hub for generic drugs production. However, lack of comprehensive public insurance coverage in many South-East Asian countries remains a challenge for market expansion.