Geriatric Complementary and Alternative Medicines (CAM) Market: Overview
Geriatric population is more susceptible
to chronic diseases such as heart problems, joint disorders and others.
Therefore, this population group needs regular use of the medicines to
prevent the disease conditions. The use of complementary and alternative
medicines is increasing among the geriatric population globally due to
the fact that CAMs decreases the risk of adverse reactions and drug
interactions.
Complementary and alternative medicines
include products such as dietary medicine and herbal medicine products.
These medicines can be used for the management of both communicable
(i.e. tuberculosis, hantavirus and others) and non communicable diseases
(i.e. chronic kidney disease, cardiovascular and others) in geriatric
population. These medicines (i.e. CAM) treat the patients by healing
therapies which is not based on principles of conventional medicine.
Geriatric Complementary and Alternative Medicines (CAM) Market: Growth Enablers
Consistent rise in geriatric population
is expected to stimulate the market growth of geriatric complementary
and alternative medicines. For example, according to a report published
by World Health Organization (WHO), the number of people aged 65 years
or older is expected to increase from 605 million in 2012 to 2 billion
by 2050.
In addition, the use of complementary and
alternative medicine is rapidly increasing among the geriatric
population which would act as the potential driver for the market
growth. For example, National Center for Complementary and Alternative
Medicine (NCCAM) and American Association of Retired People (AARP)
conducted one survey which stated that the use of CAM is increasing
globally among the population aged 50 years and above. The report
published by the Journal of Pharmacy Practice and Research also suggests
that geriatric population widely uses complementary and alternative
medicines compared to general population. The survey revealed that
around 80% of the geriatric population globally is using at least one
complementary and alternative medicine. Additionally, increasing number
of clinical studies to investigate the effectiveness and mechanism of
action (MOA) of complementary and alternative medicines (CAM) drives the
growth of the market. Moreover, factors such as low cost, effective
therapy and others further stimulates the uptake of complementary and
alternative medicines market in near future. However, lack of awareness
for complementary and alternative medicines therapies among geriatric
population restrains the market growth.
Geriatric Complementary and Alternative Medicines (CAM) Market: Regional Dynamics
Geographically, North America is
considered as the largest market of geriatric complementary and
alternative medicines owing to high use of CAMs in this region. For
example, Health and Retirement Study conducted one survey which
concluded that around 85% of the geriatric population in North America
reported the use of complementary and alternative medicines. Thus, high
use of CAM modalities will establish healthy platform to develop the
growth of geriatric complementary and alternative medicines market.
Europe is the second largest market of
geriatric complementary and alternative medicines. The growth is mainly
attributed to the increasing aging population coupled with rising use of
complementary and alternative medicines in Europe. According to
European Commission (Eurostat) report published in 2013, around 17.8% of
the European population were aged 65 years and above. The organization
has also stated that aging population is expected to increase at high
rate in coming year in Europe. In addition, Asia-Pacific is the emerging
market for geriatric complementary and alternative medicines market
because of rising interest of key companies to expand their presence in
Asia Pacific.
Key companies operating in the market for
geriatric complementary and alternative medicines include Geriatric
& Medical Companies, Inc., Merck Sharp & Dohme Corporation.
Geri-Care pharmaceuticals, UAS Laboratories.
The report offers a comprehensive
evaluation of the market. It does so via in-depth qualitative insights,
historical data, and verifiable projections about market size. The
projections featured in the report have been derived using proven
research methodologies and assumptions. By doing so, the research report
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