The increasing prevalence of pediatric diseases are driving the global “pediatric drugs and vaccines” market, says Fortune Business Insights in a report, titled “Pediatric Drugs and Vaccines Market Size, Share and Global Trend By Product (Vaccines, Drugs) By Disease Indication (Infectious Disease, Cancer, Allergy And Respiratory, Nervous System Disorders, Cardiovascular Disease, Diabetes, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and Geography Forecast till 2026.” The rising number of births around the world is fostering the growth of global pediatric drugs and vaccines market.
Some of the major companies that are present in the global pediatric drugs and vaccines market are Novartis AG, AstraZeneca, GlaxoSmithKline plc, Sanofi, Merck Sharp & Dohme Corp., Pfizer Inc., Mitsubishi Tanabe Pharma Corporation, Bharat Biotech, Zydus Cadila, Serum Institute of India Pvt. Ltd., Panacea Biotec Limited and others.
Improvements in the Immunization Program Will Facilitate Growth
The increasing pediatric population around the world is predicted to fuel demand for pediatric drugs and vaccines which will, in turn, promote the growth of the global pediatric drugs and vaccines market. According to the U.S. based non-profit organization Child Trends, in 2016, there were nearly 78 million children below the age of 18, accounting for 23.0% of the total U.S. population. Further, the rising number of births around the world along with the increasing prevalence of pediatric diseases are some of the factors contributing to the global pediatric drugs and vaccines growth. In addition, Increasing R&D activities in pediatric drugs and vaccines, improvements in the immunization program and the emergence of pediatric drugs and vaccines in the emerging nations are some of the prime factors that are boosting the global pediatric drugs and vaccines revenue. However, the lack of accessibility of pediatric drugs and vaccines in the developing countries due to lack of awareness and inadequate healthcare infrastructure are factors restricting the growth of the global pediatric drugs and vaccines market
Approval of Gilenya® By FDA Will Contribute to Growth
Novartis International AG, a Swiss multinational pharmaceutical company based in Switzerland, announced Gilenya® after receiving the approval from the Food and Drug Administration. The new drug will be used for the treatment of relapsing forms of multiple sclerosis in children and adolescents. The new treatment is predicted to encourage the use of vaccination as the drug is intended to be the first disease-modifying therapy. This factor will in turn aid the pediatric drugs and vaccines growth. Furthermore, FDA approval for supplemental new drug application is also predicted to contribute significantly to the global pediatric drugs and vaccines revenue. For instance, UCB S.A., received U.S. Food and Drug Administration (FDA) approval for a supplementary new drug application (sNDA) for the anti-epileptic drug (AED) BRIVIACT (brivaracetam) CV oral formulations indicated as monotherapy and adjunctive therapy in the treatment of partial-onset (focal) seizures in patients age four years and older.
Increasing Treatment Option for Pediatric Diseases Will Foster Growth in North America
Geographically, the global pediatric drugs and vaccines market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America led the global pediatric drugs and vaccines market in 2018 and is expected to continue dominating during the forecast period. A large children pool and increasing treatment options for pediatric diseases are driving the global pediatric drugs and vaccines market. Well-established healthcare system and high per capita healthcare expenditure are further speeding up the growth of the pediatric drugs and vaccines market in the region. In addition, Easy access to advanced pediatric drugs and vaccines diagnostics due to improvements in research & development along with escalating demand for preventive medical care are contributing positively to the global pediatric drugs and vaccines growth in North America. Asia Pacific is expected to grow at a considerable rate during the forecast period owing to the rising awareness of pediatric diseases and increasing access to advanced pediatric drugs and vaccines. Rising disposable incomes and developing healthcare systems in further adding to the pediatric drugs and vaccines shares in Asia Pacific.
An Overview of the Impact of COVID-19 on this Market:
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