The Pediatric Drugs and Vaccines Market is segmented by Product (Vaccines, Drugs), Disease (Infectious Disease, Cancer, Allergy & Respiratory, Nervous System Disorders, Cardiovascular Disease, Diabetes, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
The growing pediatric population worldwide is likely to spur the demand for pediatric drugs and vaccines which will, in turn, promote significant growth. In 2016, as per the U.S.-based non-profit organization Child Trends, there were nearly 78 million children below the age of 18, holding for 23.0% of the total U.S. population. Moreover, the growing number of births across the globe coupled with the growing prevalence of pediatric diseases are some of the factors stimulating global pediatric drugs and vaccine growth.
The COVID-19 outbreak impacted the growth of the pediatric drugs and vaccines market positively as the visits to hospitals for medical consultation decreased due to fear of getting infected. The usage of pediatric drugs and vaccines made it easier for the patients to be able to consult the healthcare providers online
The market has been divided into infectious disease, cancer, allergy & respiratory, nervous system disorders, cardiovascular disease, diabetes, and others. The infectious diseases segment accounted for a substantial market share in 2020. Growing global awareness about immunization against several infectious diseases that cause mortality and morbidity. An increase in the incidence of diseases, such as typhoid, chickenpox, measles, cholera, and hepatitis, in children, results in high demand for immunization, is likely to segment growth.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. A large children pool and growing treatment options for pediatric diseases are boosting the regional market growth. A well-established healthcare system and high per capita healthcare expenditure are further augmenting the growth of the pediatric drugs and vaccines market in the region.
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