Growth Drivers
Increasing Geriatric Population Across the Globe to Trigger Reduction of Protein Synthesis – It was noticed the number and proportion of the geriatric population, meaning the people aged 60 years and older in the population was 1 billion in 2019 across the globe. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050.
Increasing Cases of Cancer Owing to Exposure to Harmful Carcinogens – The most recurrent cases of deaths as a result of cancer were lung cancer which caused 2.21 million deaths, colon and rectum cancer, which caused 1.93 million deaths, stomach cancer, which caused 1.09 million deaths, and breast cancer, which caused 2.26 million deaths in the year 2020 across the globe.
Prevalence of Cancer-Causing Diseases in Low and Lower-Middle-Income Nations – It was noticed that about 30% of cancer cases in low-and lower-middle-income nations are caused by cancer-causing diseases such as the human papillomavirus (HPV) and hepatitis.
Increasing Health Expenditure across the Global Population – As per the data by the World Bank, as of 2019, the global current health expenditure per capita was USD 1121.97.
Prevalence of STDs such as AIDS among the World Population – According to the World Health Organization (WHO), since the beginning of the HIV epidemic, about 84.2 million people worldwide have been infected and about 40.1 million have lost their life. Globally, 38.4 million people were living with HIV at the end of 2021.
Challenges
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
~8% |
Base Year Market Size (2022) |
~ USD 350 Million |
Forecast Year Market Size (2033) |
~ USD 650 Million |
Regional Scope |
|
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
7.9% |
Base Year Market Size (2024) |
USD 407.48 million |
Forecast Year Market Size (2037) |
USD 1.09 billion |
Regional Scope |
|
Author Credits: Radhika Pawar
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