The global geriatric medicine market is expected to reach over USD 1,017 billion by 2024 according to a new report by Grand View Research Inc. Increase in the global geriatric population is one of the major challenges for the healthcare industry and the governments across the globe, however, it has proven to be a boon for the geriatric medicine market.
The high market growth is anticipated on account of the rising prevalence of various target diseases in the geriatric population, the demographic shift, the upward trend in lifestyle-related risk factors, and the significantly improved access to affordable healthcare as well as medicine across the developing and emerging economies.
The rising prevalence of the Alzheimer’s disease in the geriatric population is expected to serve as a high impact rendering driver for the geriatric medicine market over the forecast period. In 2015, as per the estimates published by the Alzheimer’s disease International, nearly 47 million people have dementia and this number is expected to double after every 20 years. Furthermore, as per the estimates published by The Alzheimer's Association, in the U.S., out of the 5.4 million Americans living with the disease, nearly 5.2 million or 96.3% are aged 65 and above.
In order to mitigate the concerns arising due to the unfavorable shift in the demographic variables such as age, lifestyle patterns, economic development, coupled with the upward shift in the disease trends associated with the geriatric population, the developed regions have consistently improved their healthcare practices by allocating high amount of resources towards the healthcare and social development sectors.
For instance, the U.S., Germany, the UK, and Japan allocate 17.1%, 11.30%,9.10%,10.20%, of their GDP respectively towards healthcare expenditure and majority of these resources are channelized towards developing new drugs, new software, and building technology platforms for hospitals and home health services.
Browse full research report on Global Geriatric Medicine Market: http://www.grandviewresearch.com/industry-analysis/geriatric-medicine-market
Further key findings from the study suggest:
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Grand View Research has segmented the geriatric medicine market by therapeutic category, therapeutic condition, and region:
Geriatric Medicine Market by therapeutic category (USD Billion, 2016 – 2024)
Geriatric Medicine Market by therapeutic condition, by Revenue (USD Billion,2016 – 2024)
Geriatric Medicine Market Regional Outlook, by Revenue (USD Billion, 2016 – 2024)
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/pharmaceuticals
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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