Pediatric Vaccine Market – Insights
Vaccination is required to protect infants from various diseases such as pneumonia, polio, and influenza. Vaccination imitates a particular pathogen (infection causing organism) and triggers the body’s immune system to produce the requisite antibodies that in future develop resistance towards infections caused by these pathogens.
The global pediatric vaccine market is estimated to account for US$ 37,567 Mn in terms of value in 2019 and is expected to reach US$ 98,859 Mn by the end of 2027.
Global Pediatric Vaccine Market: Drivers
Increasing awareness regarding vaccines and immunization among the populace is expected to boost growth of the global pediatric vaccine market over the forecast period. For instance, in the U.S., the month of January is celebrated as Cervical Health Awareness Month, wherein the importance of regular vaccination and screening in the prevention of cancer is forwarded.
Moreover, increasing cases of invasive cervical cancer is also expected to boost growth of the market. Cervical cancer can be prevented through HPV vaccine and regular cervical screenings. According to the American Cancer Society, about 13,800 new cases of invasive cervical cancer are expected to be diagnosed in the U.S. in 2020 and the disease is expected to lead to death of 4,290 women in the same year. The American Academy of Pediatrics recommends HPV vaccination for both females and males between the ages of 9 and 12, as vaccinations are more effective before any exposure to the virus.
Europe region held dominant position in the global pediatric vaccine market in 2018, accounting for 27.0% share in terms of value, followed by North America.
Global Pediatric Vaccine Market: Restraints
High cost of pediatric vaccines is expected to hinder growth of the global pediatric vaccines market. Many vaccines are only provided by one or two suppliers. For newer vaccines there are often particularly few suppliers due to the high investment needed to develop a vaccine. This in turn increases the cost of vaccines.
Moreover, low accessibility of vaccines to remote areas is also expected to hinder growth of the market. For instance, according to the World Health Organization in 2018, around 19.4 million children under the age of one year did not receive basic vaccines. Around 60% of these children belonged to emerging countries such as Angola, Brazil, the Democratic Republic of the Congo, Ethiopia, India, Indonesia, Nigeria, Pakistan, the Philippines, and Viet Nam.
Global Pediatric Vaccine Market: Opportunities
R&D of new vaccines is expected to offer lucrative growth opportunities for players in the global pediatric vaccines market. For instance, in April 2018, Merck & Co, Inc. initiated two Phase III studies of PCV-15 (V114), an investigational polyvalent conjugate vaccine for the prevention of pneumococcal disease.
Market players can also focus on developing vaccines for diseases such as West Nile virus and Zika. As of April 2019, no vaccines have been approved for clinical use, however a number of vaccines are currently in clinical trials such as NAbs, neutralizing antibodies and ZPIV, ZIKV purified inactivated virus vaccine.
Pneumococcal Vaccine sub segment in the vaccine type segment in global pediatric vaccines market was valued at US$ 10,299.7 Mn in 2018 and is expected to reach US$ 36,120.1 Mn by 2027 at a CAGR of 14.4% during the forecast period.
Market Trends/Key Takeaways
Increasing involvement of government and non-government organizations to promote vaccination is boosting growth of the market. For instance, in December 2019, The World Health Organization quality assured a third pneumococcal conjugate vaccine, Pneumosil, manufactured by the Serum Institute of India. The development was supported by the Bill & Melinda Gates Foundation.
The market is witnessing increasing development of multivalent vaccines. For instance, in December 2019, researchers from University of Nottingham reported a research that is expected to lead to an improved vaccine to protect against the bacterium, Neisseria meningitides that causes sepsis and meningitis. The study also highlighted the importance of multivalent vaccines in protection against mutated strains.
Value Chain Analysis
Global Pediatric Vaccine Market: Competitive Landscape
Major players operating in the global pediatric vaccine market include GlaxoSmithKline Plc., Merck & Co., Inc., Pfizer Inc., Sanofi S.A., Panacea Biotec, Zydus Cadila, Emergent BioSolutions Inc., Serum Institute of India Pvt. Ltd., Bharat Biotech, and Indian Immunologicals Ltd.
Global Pediatric Vaccine Market: Key Developments
Major players in the market are also focused on developing new vaccines to expand their product portfolio. For instance, in December 2019, NewLink Genetics Corporation received the U.S. FDA approval for ERVEBO or Zaire Ebola virus vaccine V920.
Major players in the market are focused on conducting clinical trials to expand their product portfolio. For instance, in December 2019, Soligenix, Inc. initiated the study to assess the Safety of RiVax, a lyophilized ricin toxin A-chain subunit vaccine with alum-adjuvant.