As per 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. North America growing as the largest market for the global pediatric vaccines market, with a 33% share of the market revenue in 2021. The growing population of the region propels the growth of the market. The region’s pediatric vaccines market has been growing due to increasing investment in vaccine research and development activities. The rise in government support for immunization also propels the market’s growth in the region. Furthermore, the presence of advanced healthcare facilities and infrastructure for immunization supports the growth of the market in the region.
Pediatric Vaccines Market Size By By Application (Cancer, Mumps, Infectious Disease, Allergy, Influenza, Pneumococcal Disease, Measles, and Rubella (MMR))Vaccine Type (Monovalent and Multivalent),Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry 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 which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The vaccine type segment is subdivided into monovalent and multivalent. The monovalent type dominated the market, with a market share of around 63% in 2021. The monovalent segment has been growing due to its ability to improve the immune system rapidly. The technology segment is subdivided 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 16.6%. The conjugate segment has been growing owing to an increase in the prevalence of meningococcal and pneumococcal infections. The application segment is subdivided into cancer, mumps, infectious disease, allergy, influenza, pneumococcal disease, measles, and rubella (MMR). In 2021, the infectious disease segment accounted for the largest share of the market, with 16% and a market revenue of 6.6 billion. The rising prevalence of infectious diseases in children increases the need for immunization in children.
The pediatric vaccines market is anticipated to be driven by the increasing prevalence of chronic diseases in children. The outbreak of the Covid-19 pandemic increases awareness regarding vaccines to boost the immune system in children and also boosts the market’s growth during the forecast period. 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.
The global pediatric vaccines market is expected to continue growing in the coming years, with high demand for vaccines in developing countries and ongoing efforts to develop new vaccines. However, there are also challenges facing the market, including vaccine hesitancy and the high cost of vaccine development and production.
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