The global pediatric vaccines market size is anticipated to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing in government and non-government grants, investments for the development of novel vaccines, and initiatives for spreading awareness about immunization.
Vaccination is a method of boosting the immune system's ability to combat specific antigens. Antigens, which are weaker versions of the target viruses, are injected. When the body is exposed to comparable antigens in the future, these antigens develop antibodies. This is one of the simplest ways to get the body ready to battle certain diseases. The majority of vaccines are given when the disease is still in its early stages. Pediatric vaccines refers to a range o.
According to new monitoring statistics released by the World Health Organization (WHO), measles and rubella infections increased by 300% in the first three months of 2019 compared to the same time in 2018. This rise has been documented for two years, with outbreaks primarily among youngsters in the Democratic Republic of the Congo, Kyrgyzstan, Myanmar, Ethiopia, Georgia, Kazakhstan, Madagascar, Sudan, Philippines, Ukraine, and Thailand. Furthermore, as per the report, more than 364,808 measles cases have been reported in 182 nations between January 1 and July 31, 2019. The outbreak of COVID-19 pandemic has affected the market as it forced to shut the production units of vaccine testing devices. Moreover, low demand for instruments and consumables, along with the global supply chain interruptions and trade restrictions have harmed the global pediatric vaccines market.
Market Trends, Drivers, Restraints, and Opportunities
- Immunization plays an important role in today's medicine, as there are a variety of international plans for children that vary based on the sickness. Thus it is expected to propel market growth during the forecast period.
- Increasing prevalence of various chronic diseases in children as well as their high sensitivity to severe consequences and symptoms of these diseases, helps to drive the market growth.
- Increasing awareness regarding the advantages & efficacy of vaccines along with encouraging government policies are responsible for the growth of the market.
- High costs of immunizations are projected to restrain the market growth during the in coming years.
- Wide adoption of paediatric vaccination has been improved by community-based vaccination plans is expected to boost the market.
Scope of the Report
The report on the global pediatric vaccines market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Pediatric Vaccines Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Multivalent and Monovalent), Technology (Inactivated, Toxoid, Live Attenuated, Subunit, Conjugate, and Others), and Applications (Allergy, Infectious Disease, and Cancer)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Serum Institute of India Pvt. Ltd.; Merck Sharp & Dohme Corp.; GlaxoSmithKline plc; SANOFI; Pfizer, Inc.; AstraZeneca; Zydus Cadila; Indian Immunologicals Ltd; Bio Med Pvt. Ltd.; Panacea Biotec; Mitsubishi Tanabe Pharma Corporation; and Sinovac Biotech Ltd.
Market Segment Insights
Monovalent vaccines segment is estimated to register a large revenue share
On the basis of Types, the global pediatric vaccines market is bifurcated into multivalent and monovalent. The monovalent vaccines segment is estimated to register a large revenue share during the forecast period. The segment growth is attributed due to the increasing in the frequency of infectious diseases in children and wide adoption of vaccine types as prevention purposes. Furthermore, owing to the safety and stability as well as their capacity to induce a quick immune response, the monovalent vaccines are expected to gain a substantial market share in the coming years.
Conjugate segment is expected to expand at a rapid pace
Based on technology, the market is segregated as inactivated, toxoid, live attenuated, subunit, conjugate, and others. The conjugate segment is expected to expand at a rapid pace during the forecast period owing to the increasing in the prevalence of pneumococcal and meningococcal infections along with rising in awareness regarding the precautionary measures of diseases. Pfizer's 13-valent Pneumococcal Conjugate Vaccine, which is adopted for the prevention of pneumonia, was chosen for immunization in some Indian states in May 2017. Around 5.15 million newborns in India were vaccinated in the first round. Under the auspices of Gavi, Pfizer Inc. provided the vaccine through UNICEF.
Infectious diseases segment is projected to hold a key market share
On the basis of applications, the global pediatric vaccines market is segmented into allergy, infectious disease, and cancer. The Infectious diseases segment is projected to hold a key market share in the coming years due to the ongoing awareness program about immunization against a number of infectious diseases that cause sickness and mortality. Increased prevalence of diseases in children such as cholera, chickenpox, hepatitis typhoid, and measles leads to increased demand for immunization. Thus, it is expected to propel the segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period. Increased R&D investments by multiple firms as well as increased government funding for immunization and the development of pediatric vaccines are some of the primary factors contributing to a robust growth rate of the regional market. Furthermore, the presence of improved healthcare infrastructure and immunization facilities aids the pediatric vaccine market growth in the region.
The US has recorded the large percentage of children receiving immunizations, as illustrated by data provided by the Centers for Disease Control and Prevention (CDC). The data states that 83.4 percent of children receive tetanus, pertussis, and diphtheria vaccinations in the US. Furthermore, polio, being one of the important vaccines, is given to almost 92% of the children across the country whereas measles, mumps, rubella (MMR) vaccine and hepatitis B vaccines are received by 91.1% and 90.5% of the children respectively. Other vaccines such as pneumococcal conjugate vaccine (PCV), chickenpox, and combined 7-vaccine series are received by around 90% of the children. ?
Meanwhile, the market of Asia Pacific is also expected to expand at a considerable rate during the forecast due to the increasing healthy competition among major players in the region. Factors such as rapid development of pediatric vaccines, rising immunization initiatives by government and non-government organizations, and up surging population present key drivers for the regional market expansion.
Segments Covered in the Report
The global pediatric vaccines market has been segmented on the basis of
- Live Attenuated
- Infectious Disease
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Serum Institute of India Pvt. Ltd.
- Merck Sharp & Dohme Corp.
- GlaxoSmithKline plc
- Pfizer, Inc.
- Zydus Cadila
- Indian Immunologicals Ltd
- Bio Med Pvt. Ltd.
- Mitsubishi Tanabe Pharma Corporation
- Panacea Biotec
- Sinovac Biotech Ltd.
Some of the key players competing in the market are Serum Institute of India Pvt. Ltd.; Merck Sharp & Dohme Corp.; GlaxoSmithKline plc; SANOFI; Pfizer, Inc.; AstraZeneca; Zydus Cadila; Indian Immunologicals Ltd; Bio Med Pvt. Ltd.; Panacea Biotec; Mitsubishi Tanabe Pharma Corporation; and Sinovac Biotech Ltd.
These major players are focusing on certain strategic efforts such as mergers and acquisitions, new product launches, and collaborations, to help them increase their market position. For example, GlaxoSmithKline plc had acquired Novartis' vaccine business division in 2015 and got FDA approval for two new vaccines, Boostrix and Infanrix, which are used to protect against tetanus, pertussis, and diphtheria.