Newark, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global pediatric vaccines market is expected to grow from USD 41.6 billion in 2021 to USD 98.8 billion by 2030, at a CAGR of 10.1% during the forecast period 2022-2030.
The government has taken all the necessary measures to reduce the cost of patient immunization. Governments and private health authorities organize various vaccination programs to help the underprivileged get their vaccines on time. For instance, the Vaccines for Children Program aims to provide vaccines to children who do not have a health insurance policy or cannot fund the cost of vaccinations. The funding for this program is provided through the Centers for Medicare and Medicaid Services (CMS) to the Centers for Disease Control (CDC) and approved by the Office of Management & Budget. There is a drastic increase in global vaccination coverage and a rise in the uptake of new vaccines, which propels the market's growth.
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According to World Health Organization (WHO), every year, almost 3 million deaths are prevented worldwide with the help of immunization. An additional 1.5 million deaths could be avoided if there is an improvement in vaccination coverage. As per a report released by the Centers for Disease Control and Prevention (CDC) in 2015, vaccination was expected to prevent almost 21 million hospitalizations, 732,000 deaths in children born between 1994 and 2013, and 322 million illnesses, and could save around USD 1.4 trillion expenditure on healthcare development. By 2016, DTP vaccine coverage had reached approximately 90% in over 130 countries.
Competitive Landscape:
The government has taken all the necessary measures to reduce the cost of patient immunization. Governments and private health authorities organize various vaccination programs to help the underprivileged get their vaccines on time. For instance, the Vaccines for Children Program aims to provide vaccines to children who do not have a health insurance policy or cannot fund the cost of vaccinations. The funding for this program is provided through the Centers for Medicare and Medicaid Services (CMS) to the Centers for Disease Control (CDC) and approved by the Office of Management & Budget. There is a drastic increase in global vaccination coverage and a rise in the uptake of new vaccines, which propels the market's growth. According to World Health Organization (WHO), every year, almost 3 million deaths are prevented worldwide with the help of immunization. An additional 1.5 million deaths could be avoided if there is an improvement in vaccination coverage. As per a report released by the Centers for Disease Control and Prevention (CDC) in 2015, vaccination was expected to prevent almost 21 million hospitalizations, 732,000 deaths in children born between 1994 and 2013, and 322 million illnesses, and could save around USD 1.4 trillion expenditure on healthcare development. By 2016, DTP vaccine coverage had reached approximately 90% in over 130 countries.
Competitive Landscape:
To enhance their market position in the global pediatric vaccines market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In February 2022, BioNTech and Pfizer initiated a rolling submission for Emergency Use Authorization (EUA) of the Pfizer-BioNTech COVID-19 Vaccine among children for kids from the age group of 6 months old to 4 years of age. This announcement was made following a request from the U.S. Food and Drug Administration (FDA).
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Market growth and trends:
The increasing prevalence of chronic diseases is one of the major factors driving market growth. Furthermore, the outbreak of Covid-19 also boosted the market's growth as several people became aware of the importance of vaccination and building a high immune system. According to WHO, globally, people suffer from severe illness are around 5 billion, while almost 0.5 billion deaths are reported annually. Most infants are at higher risk of contracting infectious and chronic diseases, so vaccination can be used to prevent these diseases driving the market's growth. However, the high cost of vaccines is restraining the market's growth. The increased number of vaccines approved is an opportunity for the market's growth. However, the availability of biosimilars at low rates is challenging for the market's growth during the forecast period.
Key Findings
● In 2021, the monovalent segment dominated the market with the largest market share of 63% and market revenue of 26.2 billion.
The vaccine type segment is divided into monovalent and multivalent. In 2021, the monovalent segment dominated the market with the largest market share of 63% and market revenue of 26.2 billion. The monovalent vaccine-type segment comes with safety and stability, which drives the segment's growth.
● In 2021, the conjugate segment accounted for the largest share of the market, with 21% and a market revenue of 8.7 billion.
The technology segment is divided into inactivated, live attenuated, subunit, conjugate, toxoid, and other. In 2021, the conjugate segment accounted for the largest share of the market, with 21% and a market revenue of 8.7 billion. The rising awareness regarding preventing diseases such as meningococcal and pneumococcal infections is driving the segment's growth.
● In 2021, the infectious disease segment accounted for the largest market share, with 16% and a market revenue of 6.6 billion.
The application segment is divided into cancer, mumps, infectious disease, allergy, influenza, pneumococcal disease, measles, and rubella (MMR). In 2021, the infectious disease segment accounted for the largest market share, with 16% and a market revenue of 6.6 billion. The segment has been growing owing to the high demand for vaccination to cure infectious diseases.
Regional Segment Analysis of the Pediatric Vaccines Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest global pediatric vaccine market, with a market share of around 33% and 13.7 billion of the market revenue in 2021. The increasing investment in regional research and development activities drives the market's growth. Furthermore, the presence of advanced healthcare facilities and infrastructure for immunization supports the growth of the market in the region.
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Market growth and trends:
The increasing prevalence of chronic diseases is one of the major factors driving market growth. Furthermore, the outbreak of Covid-19 also boosted the market's growth as several people became aware of the importance of vaccination and building a high immune system. According to WHO, globally, people suffer from severe illness are around 5 billion, while almost 0.5 billion deaths are reported annually. Most infants are at higher risk of contracting infectious and chronic diseases, so vaccination can be used to prevent these diseases driving the market's growth. However, the high cost of vaccines is restraining the market's growth. The increased number of vaccines approved is an opportunity for the market's growth. However, the availability of biosimilars at low rates is challenging for the market's growth during the forecast period.
Key Findings
● In 2021, the monovalent segment dominated the market with the largest market share of 63% and market revenue of 26.2 billion.
The vaccine type segment is divided into monovalent and multivalent. In 2021, the monovalent segment dominated the market with the largest market share of 63% and market revenue of 26.2 billion. The monovalent vaccine-type segment comes with safety and stability, which drives the segment's growth.
● In 2021, the conjugate segment accounted for the largest share of the market, with 21% and a market revenue of 8.7 billion.
The technology segment is divided into inactivated, live attenuated, subunit, conjugate, toxoid, and other. In 2021, the conjugate segment accounted for the largest share of the market, with 21% and a market revenue of 8.7 billion. The rising awareness regarding preventing diseases such as meningococcal and pneumococcal infections is driving the segment's growth.
● In 2021, the infectious disease segment accounted for the largest market share, with 16% and a market revenue of 6.6 billion.
The application segment is divided into cancer, mumps, infectious disease, allergy, influenza, pneumococcal disease, measles, and rubella (MMR). In 2021, the infectious disease segment accounted for the largest market share, with 16% and a market revenue of 6.6 billion. The segment has been growing owing to the high demand for vaccination to cure infectious diseases.
Regional Segment Analysis of the Pediatric Vaccines Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest global pediatric vaccine market, with a market share of around 33% and 13.7 billion of the market revenue in 2021. The increasing investment in regional research and development activities is driving the market's growth. Furthermore, the presence of advanced healthcare facilities and infrastructure for immunization supports the growth of the market in the region.
Key players operating in the global pediatric vaccines market are:
● Astellas Pharma Inc.
● Grifols, S.A.
● Novo Nordisk A/S
● Pfizer Inc.
● Johnson & Johnson Services, Inc.
● Teva Pharmaceutical Industries Ltd.
● Merck & Co., Inc.
● Takeda Pharmaceutical Company Limited
● Bristol-Myers Squibb Company
● F. Hoffmann-La Roche Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global pediatric vaccines market based on the below-mentioned segments:
Global Pediatric Vaccines Market by Vaccine Type:
● Monovalent
● Multivalent
Global Pediatric Vaccines Market by Technology:
● Inactivated
● Live Attenuated
● Subunit
● Conjugate
● Toxoid
● Other
Global Pediatric Vaccines Market by Application:
● Cancer
● Mumps
● Infectious Disease
● Allergy
● Influenza
● Pneumococcal Disease
● Measles
● Rubella (MMR)
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About the report:
The global pediatric vaccines market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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