The global pediatric vaccines market has witnessed significant growth in recent years owing to the growing emphasis on mass immunization and introduction of novel combination vaccines. Pediatric vaccines are used for immunizing children and infants against childhood infections and deadly diseases before they become highly susceptible to contracting them. Various recombinant and subunit vaccines have been introduced that target rotavirus, meningococcal, pneumococcal and human papilloma virus. Widespread promotion and awareness drives by governments and health organizations have enhanced immunization rates considerably. Vaccines against diphtheria, tetanus, pertussis, Hib and polio are recommended for all children and given routinely before the age of two years.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the pediatric vaccine market is the increasing focus on combination vaccines owing to their added advantages over single-antigen vaccines. Combination vaccines help reduce the burden of multiple vaccine injections and healthcare visits. For example, Pentacel developed by Sanofi is a 5-in-1 combination vaccine protecting against diphtheria, tetanus, pertussis, poliomyelitis and Haemophilus influenzae type b.Similarly, other key players like GlaxoSmithKline, Merck & Co. and Pfizer Inc. have developed innovative multi-valent vaccine candidates currently under development and clinical trials. Governments and healthcare agencies promote the use of such high-value combination vaccines through favorable reimbursement policies to boost immunization rates.
Threat of new entrants: The threat of new entrants is low due to the extensive research and development required for pediatric vaccines along with regulatory approvals and compliance.
Bargaining power of buyers: The bargaining power of buyers is moderate as pediatric vaccines are important for child healthcare.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple manufacturers and suppliers.
Threat of new substitutes: There is no threat of new substitutes for pediatric vaccines.
Competitive rivalry: The competitive rivalry is high among existing players due to their extensive R&D and new product launches.
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 to 2030.
Regional analysis comprised The North America pediatric vaccines market is expected to hold the largest market share owing to the increasing healthcare spending and rising awareness regarding immunization.
Key players related content comprises Key players operating in the pediatric vaccines market are GlaxoSmithKline plc., Pfizer Inc., Merck & Co., Inc., Sanofi. GlaxoSmithKline plc leads the market with its wide range of pediatric vaccine portfolio including priorix, synflorix, and meningitec.
- Source: Coherent Market Insights, Public sources, Desk research
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