Pediatric Vaccines Market: Covid-19 Impact And Recovery
7 May, 2020
The global pediatric vaccines market is expected to decline from $30.4 billion in 2019 to $28.9 billion in 2020 at a compound annual growth rate (CAGR) of -5%. The decline is mainly due to the focus on the Covid-19 outbreak, its treatment across the globe, and non-availability of vaccines or delay of immunizations in pediatrics. The market will stabilize or grow from next year, owing to the easing of supply chain restrictions. Also, successful launch of the coronavirus vaccine or immunization of existing BCG vaccines in countries where it is not administered at present, will boost the pediatric vaccines market significantly in the mid to long term. The market is expected to recover and reach $40.7 billion in 2023 at a CAGR of 7.8%.
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. 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.
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 global pediatric vaccines market. The risk of severe disease outcomes and complications of infectious diseases are increasing in children and adolescents with chronic conditions. As stated by Centers For Disease Control And Prevention, the prevalence of obesity was 18.5% in the US and about 13.7 million children and adolescents were affected by obesity in 2015. The increased prevalence of chronic diseases among children increases the demand for immunization from chronic diseases, hence, driving 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 in pediatric vaccine manufacturers and developers for innovation of vaccine design and manufacturing technologies. For instance, in January 2020, Hilleman Laboratories, a global research and development organization, 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.