Newark, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global pediatric vaccines market is expected to reach USD 63.59 billion by 2033, at a CAGR of 6.75% during the forecast period 2024 -2033. The market is anticipated to be driven by the rising incidences of chronic diseases among children. Furthermore, the increasing number of stringent government measures and government funding adds impetus to the market's growth during the forecast period. The increased number of vaccines approved is an opportunity for the market's growth. The outbreak of the Covid-19 pandemic increases awareness regarding vaccines to boost the immune system for several diseases in children and promotes the market's growth during the forecast period.
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The global pediatric vaccines market has been experiencing steady growth due to the increasing awareness about immunization, government initiatives, and the rising prevalence of diseases that can be prevented through vaccination. While the market outlook is positive, challenges such as vaccine hesitancy, supply chain constraints, and high costs in low-income regions could temper growth.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.75% |
| Market Size in 2033 | USD 63.59 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Vaccine Type, Application, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Pediatric Vaccines Market Growth Drivers | Increase in the number of vaccine approvals |
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Key Insights on Pediatric Vaccines Market
The monovalent segment dominated the market, with a market share of around 61.52% in 2023.
The vaccine type segment is divided into monovalent and multivalent. The monovalent segment dominated the market, with a market share of around 61.52% in 2023. The monovalent vaccine type segment has been growing owing to its rapid immune response to the human body.
The conjugate segment is expected to grow at the fastest CAGR of 8.34% over the forecast period.
The technology segment is divided into inactivated, live attenuated, subunit, conjugate, toxoid, and other. Over the forecast period, the conjugate segment is expected to grow at the fastest CAGR of 8.34%. The segment has been growing owing to an increase in the prevalence of meningococcal and pneumococcal infections.
The infectious disease segment accounted for the largest share of the market, with 15.21% in 2023.
The application segment is divided into cancer, mumps, infectious disease, allergy, influenza, pneumococcal disease, measles, and rubella (MMR). In 2023, the infectious disease segment dominated the market, accounting for around 15.21% of global revenue. The rising awareness about immunization against several infectious diseases propels the segment's growth.
Regional Segmentation Analysis:
The pediatric vaccines market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. North America is expected to be the largest market during the forecast period. The demand for pediatric vaccines in North America has been growing owing to the government's rising investment in immunization, driving the market’s growth in the region. In addition, the presence of advanced healthcare facilities and infrastructure required for immunization supports the market's growth in the region.
Competitive Analysis:
The major players in the pediatric vaccines market include 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, and F. Hoffmann-La Roche Ltd., among others.
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