Vaccines are biological preparations that improve immunity to a particular disease. They work by triggering an immune response in people, which then confers protection against the disease. Pediatric vaccines refer to various vaccines administered to children from infancy to adolescence to protect them against dangerous diseases. These vaccines aim to safely confer immunity at an early age when immunity is crucial yet fragile. They include routine childhood vaccines such as the diphtheria-tetanus-pertussis (whooping cough) (DTaP) vaccine and the measles-mumps-rubella (MMR) vaccine, as well as other vaccines which protect against rotavirus, influenza, human papillomavirus (HPV), pneumococcal etc.
The global pediatric vaccines market is estimated to be valued at US$ 46,424.3 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing government initiatives on preventive healthcare are estimated to be the major driver for the growth of the pediatric vaccines market over the forecast period. Many developing countries are taking up pediatric immunization programs under which vaccines are provided freely or at very low costs. For instance, the Government of India’s Universal Immunization Program provides vaccines for childhood diseases free of cost. Such programs aim to achieve high vaccination coverage and eliminate vaccine-preventable diseases, thereby boosting the uptake of pediatric vaccines.
Another driver for the market growth is the ongoing research and development for new pediatric combination andconjugate vaccines. Combination vaccines aim to protect against multiple diseases with a single injection, improving patient compliance. They also reduce the number of required injections as well as costs for both patients and healthcare systems. New conjugate vaccines targeting pneumococcal disease and meningococcal disease are also being developed to improve antibody response rates in children.
SWOT Analysis
Strength: Pediatric vaccines have significantly reduced child mortality and eradicated serious diseases like smallpox. Government initiatives for immunization programs have increased awareness. Advancements in vaccine technologies have improved efficacy, safety and production.
Weakness: Low immunization rates remain a challenge in developing regions due to limited access and affordability issues. Adverse events following immunization lead to hesitancy. Storage and distribution challenges in remote areas affect vaccine quality.
Opportunity: Rising focus on combination vaccines streamlines immunization schedules. Growing population and economic growth in emerging markets boost demand. New product developments against prevalent diseases will expand the market size.
Threats: Rising competition threatens pricing structure and market shares of leading players. Stringent regulations delay approvals and market entry. Outbreaks of new diseases challenge preparedness. Misinformation and anti-vaccination lobbies create resistance.
Key Takeaways
The global pediatric vaccines market is expected to witness high growth over the forecast period supported by rising investments in immunization programs. In 2024, the market size is projected to reach US$ 46,424.3 Mn registering a CAGR of 5.9% between 2023-2030.
Regional analysis: Asia Pacific dominates the market currently and is expected to grow the fastest through 2030 owing to large population base and improvements in healthcare infrastructure. China, India and other developing Asian countries have significant potential.
Key players: Key players operating in the pediatric vaccines market are GlaxoSmithKline, Merck, Pfizer, Sanofi, Panacea Biotec, Zydus Cadila, Serum Institute of India, Bharat Biotech. These companies focus on expanding geographical presence and new product launches catering to endemic diseases.
The global pediatric vaccines market is fragmented with top players accounting for around 45% share. Collaborations between industry and public institutes supports R&D and accessibility goals. Strong pipeline of candidates indicates continued market expansion.
The Business Research Company’s latest report Pediatric Vaccines Global Market Report 2020 covers Pediatric Vaccines market drivers, Pediatric Vaccines market trends, Pediatric Vaccines market segments, Pediatric Vaccines market growth rate, Pediatric Vaccines market major players, and Pediatric Vaccines market size.
The report provides in-depth analysis of the impact of COVID-19 on the Pediatric Vaccines industry, along with revised market numbers due to the effects of the coronavirus.View Complete Report: https://www.thebusinessresearchcompany.com/report/pediatric-vaccines-market-global-report-2020-30-covid-19-impact-and-recoveryPediatric Vaccines Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now: https://www.thebusinessresearchcompany.com/sample.aspx?id=2824=smpThe global pediatric vaccines is expected to decline from $30.4 billion in 2019 to $28.9 billion in 2020 at a compound annual growth rate (CAGR) of -5%.
The decline is mainly due to the focus on Covid-19 outbreak and its treatment across the globe and non-availability of vaccines or delay of immunizations in pediatrics.
The market will stabilize or grow from next year owing to the easing of supply chain restrictions.
