Pediatric vaccines help protect children from dangerous, and sometimes deadly, diseases before they become exposed to them. They stimulate the body’s immune system to produce antibodies and fight potential threats. With the rising prevalence of diseases across developing regions, governments are implementing universal immunization programs to boost vaccine coverage among children.
The global Pediatric Vaccines Market is estimated to be valued at US$ 46,424.3 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased Focus on Universal Immunization Programs: Governments across developing regions are focusing on expanding universal immunization programs to increase vaccine coverage among children. For instance, under the Universal Immunization Program (UIP) of India, vaccines are provided free of cost to all children up to 12 years of age. The growing emphasis on such programs is expected to drive the uptake of pediatric vaccines during the forecast period. Rising awareness about vaccine-preventable diseases through government campaigns is also contributing to the market growth.
Pediatric Vaccines Market SWOT Analysis
Strength: Pediatric vaccines helps in reducing infectious disease burden in children. They help prevent diseases such as polio, measles, influenza, etc.
Weakness: Outbreak of any vaccine preventable disease can reduce adoption of pediatric vaccines. Some parents hesitate to vaccinate children due to misinformation regarding side effects of vaccines.
Opportunity: Emerging markets in Asia Pacific and Latin America provide significant growth opportunities due to large target population. Developing new pentavalent and hexavalent combination vaccines also presents opportunities.
Threats: Stringent regulations for approval of new vaccines increases investment risks and costs. Pricing pressures from governments and regulatory delays are also threats.
Key Takeaways
The global pediatric vaccines market is expected to witness high growth. The global Pediatric Vaccines Market is estimated to be valued at US$ 46,424.3 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030.
North America currently dominates the market due to early adoption of new vaccines. However, Asia Pacific is expected to be the fastest growing market due to large population base. Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to increasing government support for immunization programs, rising awareness about vaccination, and increasing healthcare expenditure in this region. North America accounted for the largest share of the global pediatric vaccines market in 2023.
Key players operating in the pediatric vaccines market are GlaxoSmithKline, Merck, Pfizer, Sanofi, Panacea Biotec, Zydus Cadila, Serum Institute of India. GlaxoSmithKline garnered the highest revenue share in 2023 owing to its wide distribution network and strong brand presence. However, Serum Institute of India is expected to overtake GSK owing to its alliance with various global vaccine brands and cost effective offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile