Rising awareness about the importance of child healthcare and well-being is fuelling demand for pediatric vaccines globally. Emphasis of governments in developing countries, especially China, Brazil, and India, on child healthcare is providing growth opportunities to players operating in the pediatrics vaccines market.
Global non-profit organisations have for long relentlessly worked for providing basic healthcare services to the economically weaker sections of the society. Lack of funds for providing healthcare facilities has often been a major roadblock in developing countries. However, in the last decade or so, many developing nations have shown consistent economic growth, resulting into adequate funding for major healthcare projects.
Of important context in the global pediatric market are China and India. Nearly 15% of China’s 1.35 billion population is in the age group 0-14, whereas India has close to 440 million children. Healthcare facilities offered by the government have witnessed gradual improvement in the recent past, setting the foundation for further growth of the pediatric vaccines market.
Pediatric vaccines are used in the prevention of numerous diseases, such as Hepatitis- A and –B. Measles, Influenza, Polio, Tetanus, and Diphtheria. Commonly used pediatric vaccines include live, accentuated vaccines, toxoid vaccines, and recombinant vector vaccines.
Currently, live, accentuated vaccines account for bulk of demand among all the vaccines. On the basis of disease indication type, pediatric vaccines find high demand for preventing, treating, and managing infectious diseases.
North America and Asia Pacific Remain Key to Growth
North America is the largest market for pediatrics vaccines, accounting for a sizeable share of the global pediatric vaccines market. The healthcare sector in the U.S. and Canada are among the finest in the world. High awareness among parents on the importance of vaccination in disease prevention is a key factor sustaining the steady demand for pediatric vaccination in the market.
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Western Europe has traditionally remained a lucrative market for pediatric vaccines, owing to a combination of several factors, including government initiatives and active participation of parents. The Western Europe pediatric vaccines market is expected to increase at a steady rate in the next decade as well. The pediatric vaccine manufacturers in the region are focusing on developing highly advanced vaccines that offer higher degree of preventive action against infectious diseases.
As discussed previously, of special significance in the pediatrics vaccines market are the developing countries of Asia Pacific. The region is home to 60% of world’s population, and a sizeable percentage of this population are children. As focus on children’s healthcare gains momentum, demand for pediatric vaccines is anticipated to witness an increase. The Asia Pacific pediatric vaccines market is expected to increase at the fastest CAGR among all the regions during the next decade.
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Leading pediatric vaccination companies include Baxter International, Emergent Bio solutions, Sanofi, Medimmune, Bavarian Nordic Merck, Pfizer, Novartis, GlaxoSmithKline, Bharat Biotech, and AlphaVax.
All the leading players in the pediatric vaccines market have a considerable presence in the Asia Pacific region, and they are focusing on expanding further to gain a competitive edge in the market. It is expected that the pediatric vaccination in the market will witness heightened mergers and acquisitions in the near future.