Global Pediatric Vaccine Market Expected to Reach $36.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Pediatric Vaccine Market," The global pediatric vaccine market size was valued at $21.4 billion in 2021, and is estimated to reach $36.4 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

Pediatric vaccines are administered to a child in their pediatric age, which is from 0–18 years. Vaccines are generally given to prevent children from diseases transferred through infections, seasonal variations and even through unhygienic areas. Depending upon disease, vaccines are administered at regular intervals.  WHO has designed a standard immunization program to have desired time interval between vaccines doses.

Pediatric vaccines market  include pneumococcal vaccine, DTP vaccine, rotavirus vaccine, MMR vaccine, polio vaccine, influenza vaccine, hepatitis B vaccine, Hib vaccine, and meningococcal vaccine. Pneumococcal vaccine is administered to prevent child from infectious diseases such as pneumonia. DTP vaccines is a combination vaccine administered against prevention of three diseases those are diphtheria, tetanus and pertussis. Hib vaccine is also a combination vaccine for hepatitis B and influenza and is widely accepted.

Key factors that drive the growth of the pediatric vaccine market size is increasing awareness regarding benefits of vaccination in prevention of diseases, rising economic growth, the collaboration of national manufacturers with key players in view to provide high-quality vaccines in at remote areas and initiative by global key players in developing innovative vaccines. Moreover, favorable reimbursement and increasing government support is further expected to boost the market growth during forecast period. However, rising cost of vaccines, low accessibility to remote areas and increasing the availability of biosimilars at low rates is likely to hamper the growth of the pediatric vaccine market during the forecast period. Conversely, rise in demand in emerging markets, increase in R&D activities to develop new vaccines in the pediatric vaccine industry, and surge in healthcare spending are expected to provide numerous opportunities for market growth during the pediatric vaccine market forecast.

By type, the monovalent segment has largest contribution in pediatric vaccine market share in 2021, and is expected to remain dominant during the forecast period, owing to safety and stability associated with such vaccines coupled with the ability to develop a prompt immune response. In addition, increase in awareness regarding vaccination program, improvement in diagnostic procedures, improving health care services in pediatric vaccines industry, rapid economic growth in developing countries and rise in research and development activities to develop vaccine further boost the pediatric vaccine market trends. 

Depending on technology, the subunit, recombinant, polysaccharide, and conjugate vaccines segment has largest contribution in pediatric vaccine market share in 2021, and is expected to remain dominant during the forecast period, owing to these vaccines are considered to be the most efficient alternative to traditional vaccines in the prevention of various human diseases. In addition, the increase in number of regulatory clearances have made the highest impact on the market in recent years.

By indication, the pneumococcal segment dominated the market in 2021, and is expected to remain dominant during the forecast period, owing to introduction of novel pneumococcal vaccines in the market, initiatives taken by governments such various immunization programs for pneumonia, and rise in awareness among patients regarding pneumococcal vaccines.

Region wise, pediatric vaccine market analysis across North America, Europe, Asia-Pacific and LAMEA. North America has the highest market share in 2021. This is attributed to the local presence of large in-house vaccine manufacturers such as GSK, Merck & Co., Inc., and Pfizer and investments made by these key players in pediatric vaccine industry for various R&D activities as well as launch of new products in the U.S. In addition, extensive research in pharmaceutical and biotechnology companies is further anticipated to stimulate growth of the pediatric vaccines market in North America.

On the other hand, Asia pacific is projected to register the highest CAGR of 6.9% during the pediatric vaccine market forecast period. high burden of pediatric diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China are the key driving factors that boost the growth of the pediatric vaccine industry in the region. In addition, improvement in healthcare facilities, rise in disposable income, surge in adoption of vaccination awareness programs, and rapid improvement in economic condition further drive growth of the market in the region.

KEY FINDINGS OF STUDY

•  On the basis of type, the monovalent segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of technology, the subunit, recombinant, polysaccharide, and conjugate vaccines segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on indication, pneumococcal segment is projected to grow at a CAGR of 3.5% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 6.9% during the forecast period.