Global Geriatric Medicine Market to Surge at 7.3% CAGR 2015-2023 Spurred by Rising Incidence of Chronic Ailments A recent market report by Transparency Market Research has pegged the global geriatric medicine market to reach US$948 bn by 2023. According to the report the market was valued at US$504.7 bn in 2014. The report is titled “Geriatric Medicines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,� and it projects the market to expand at a CAGR of 7.3% between 2015 and 2023.
Geriatric medicines are concerned with administering specialist medical care for elderly people. These medicines mainly deal with the diagnosis, treatment, remedial, prevention, and social aspects relating to illnesses of older people, mainly patients who are 65 years or older. The rising incidence of diseases such as cancer, neurological disorders, cardiovascular disorders, and rheumatoid arthritis has been the prime driver of the global geriatric medicine market. The market is also gaining impetus from the increasing use of multiple medicines that may cause adverse side effects. The global geriatric medicine market has been exhibiting growth at an impressive rate. Apart from the increasing geriatric population, rising prevalence of chronic ailments, and the increasing investments in the national healthcare systems, particularly in developing nations, will boost the global geriatric medicines market. Despite witnessing positive