Major players in the pediatric vaccines market are GlaxoSmithKline plc, Pfizer Inc. , Sanofi S. A. , Merck & Co. , Inc. , Indian Immunologicals Limited, AstraZeneca plc, CSL Limited, Mitsubishi Tanabe Pharma Corporation, Serum Institute of India Pvt.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pediatric Vaccine Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06065183/?utm_source=GNW
Ltd. and Panacea Biotec Ltd.
The global pediatric vaccine market is expected to grow from $28.97 billion in 2020 to $32.44 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $49.9 billion in 2025 at a CAGR of 11.4%.
The pediatric vaccines market consists of sales of pediatric vaccines and its related services used to provide immunity to infants and children for specific diseases.The pediatric vaccine is a preparation of killed microorganisms, living attenuated organisms, or living fully virulent organisms that are administered to stimulate the production of antibodies and provide immunity against one or several diseases among children.
Pediatric vaccines are used in childhood immunization schedules to enhance a child’s immunity or prevent diseases such as diphtheria, tetanus, pertussis, influenza, Hepatitis B, polio, and many other infectious and non-infectious diseases.
Vaccine refusal by parents for their children is a prevailing tradition in many countries.Among the reasons for withholding children for vaccination are lack of knowledge, religious and philosophical objections, exaggerated concerns regarding vaccine safety, and others.
According to a nationwide survey found that over half (51%) of pediatric services in the United States have the policy to dismiss families that refuse childhood vaccines.Thirty-seven percent of pediatricians themselves said they often dismissed families for refusing vaccines, and 6% said they would dismiss a family for choosing to reach out to crucial early vaccines.
Governments are imposing laws and organizing awareness programs to overcome parent’s and family’s resistance to the child’s vaccine, but are unable to impose any strict rules against parents’ refusal for children’s immunization, which is hindering the pediatric vaccines market’s growth.
The demand for novel vaccines is steadily growing to deliver improved immunization against challenging infectious diseases (e.g. tuberculosis, HIV/ AIDS) and non-communicable chronic diseases such as cancer and neurodegenerative diseases. Novel approaches to vaccine development include structural immunogenic design, gene-based vaccine platforms, and effective adjuvant recombinant antigen formulations. To meet the increasing demand for novel vaccines, there is a continuous quest for pediatric vaccine manufacturers and developers for innovation of vaccine design and manufacturing technologies. For instance, in January 2020, Hilleman laboratories, global research, and development organization, has announced their plans to develop a novel vaccine against Group B Streptococcus, a major cause for neonatal infections in women, in the area of maternal and child health.
The rising prevalence of chronic diseases such as tuberculosis, diphtheria, and pneumonia in the age group of 15 years and below will contribute to the growth of the pediatric vaccines market.The risk of severe disease outcomes and complications of infectious diseases are increasing in children and adolescents with chronic conditions.
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020. The increased prevalence of chronic diseases among children rises the demand for immunization from chronic diseases, hence, driving the pediatric vaccines market’s growth.
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