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Pediatric vaccines help prevent various life-threatening diseases in children and infants. Some of the commonly administered pediatric vaccines protect against diseases such as polio, diphtheria, tetanus, pertussis, influenza, and pneumococcal disease. These vaccines are administered through injection or orally and play a crucial role in public health. Widespread vaccination programs by governments and non-profit organizations have led to significant control over the spread of many infectious diseases. However, in developing countries where immunization rates are still low, these vaccine-preventable diseases continue to persist.
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
As mentioned in the heading, rising immunization programs across the globe are poised to fuel growth of the pediatric vaccines market over the forecast period. Governments of both developed and developing nations place significant importance on childhood vaccination and spend considerably on national immunization schedules. For instance, the Government of India launched the ‘Intensified Mission Indradhanush’ in 2014 to boost immunization in high-risk areas and vulnerable communities. Such nationwide initiatives increase awareness and demand for pediatric vaccines.
Another major driver for the market growth is the high disease burden from target indications such as influenza, rotavirus, and pneumococcal disease especially in developing regions with poor public health infrastructure. Continued outbreaks of these illnesses emphasize the need for mass vaccination drives. Moreover, ongoing research efforts of big pharmaceutical players towards the development of novel conjugate and combination pediatric vaccine products with added valencies will further propel the market expansion through 2030.
Segment Analysis
The Pediatric Vaccines market can be segmented based on product type, disease indication, and distribution channel. Based on product type, the market is dominated by combination vaccines segment. Combination vaccines protect against multiple diseases through a single injection which significantly reduce the number of injections required to vaccinate a child. This makes them more convenient and increase compliance rates thus driving their demand.
PEST Analysis
Political: Vaccination programs are supported by governments through national immunization schedules which provide vaccines free of cost. However, changes in governments can impact focus on immunization programs.
Economic: Growing economy, rising disposability income, and increasing healthcare spending is expected to drive the market growth. However, high cost of R&D for new vaccines development can hamper the market.
Social: Increasing awareness about vaccine preventable diseases and their impact on child health and development is a major growth driver. However, religious beliefs and lack of awareness in some regions can restrain the market growth.
Technological: Advancements in vaccine production technologies like cell-based and recombinant technologies help improve efficacy, safety, stability and ease production. This will drive innovations to introduce new generation vaccines.
Key Takeaways
The global Pediatric Vaccines market is expected to witness high growth over the forecast period from 2023 to 2030 driven by various favorable factors. 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.
Regional analysis
North America is expected to continue dominating the global pediatric vaccines market owing to availability of favorable reimbursement policies, high vaccination awareness, and advanced healthcare infrastructure in countries like U.S. and Canada. Asia Pacific region is anticipated to witness fastest growth during the forecast period driven by rising focus on immunization programs supported by government initiatives in countries like China and India.
Key players
Key players operating in the pediatric vaccines market are GlaxoSmithKline, Pfizer, Merck, Sanofi, Panacea Biotec, Zydus Cadila, Serum Institute of India and others. GlaxoSmithKline leads the market with its wide portfolio of pediatric combination vaccines like Infanrix, Pediarix and others. Pfizer dominate the market with its Prevnar vaccine which is world’s best selling vaccine.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
