Tuesday, June 18, 2024

Global Pediatric Drugs Market Poised for Significant Growth, Projected to Reach USD 95.4 Billion by 2033

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The recently published report “Global Pediatric Drugs Market, By Type, By Route of Administration, By Distribution Channel, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033” provides a comprehensive analysis of the booming pediatric drugs market.

In 2023, the global pediatric drugs market was valued at USD 28.8 billion and is projected to grow to USD 95.4 billion by 2033, with a robust CAGR of 12.7%. Pediatric drugs, formulated specifically for children aged 2 to 12, are essential due to the high prevalence of preterm births, intrapartum complications, and infectious diseases such as diarrhea, malaria, and pneumonia, which are major causes of death in children under five.

According to the UNICEF 2020 report, approximately 5.2 million children under five died by 2020, averaging 13,900 deaths daily. Pharmaceutical companies are increasingly focusing on pediatric formulations, taking into account age, weight, and developmental stages. Pediatric drugs are administered orally, topically, or intravenously, prioritizing safety and efficacy.

Regulatory Guidelines and Innovations Propel Pediatric Drugs Market Growth Amid Challenges

Regulatory bodies like the European Medical Agency and the FDA have established guidelines to encourage research and ensure safe and effective pediatric medications. Respiratory disorder drugs dominated the market in 2023, capturing 39.4% of the share due to the high prevalence of respiratory illnesses. The oral segment held a remarkable 48.7% market share in 2023, driven by the ease and convenience of administering medications to children. Hospital pharmacies led the market with a 52.7% share in 2023, highlighting their crucial role in providing specialized pediatric medications.

The rise of chronic illnesses in children, such as asthma, growth deficiencies, and juvenile diabetes, is a significant driver. Increased healthcare expenditures and government investments are also propelling market growth. However, the market faces challenges such as limited study populations, side effects of pediatric drugs, and poor healthcare infrastructure in developing economies. The implementation of the Best Pharmaceuticals for Children Act (BPCA) and Pediatric Research Equity Act (PREA) is accelerating R&D activities. Advances in gene therapy and digital health technologies are revolutionizing pediatric care, and enhancing treatment outcomes and patient engagement.

Pediatric Drugs

North America Leads Pediatric Drug Market in 2023; Asia-Pacific Poised for Rapid Growth

North America dominated the market in 2023 with a 34.9% share, driven by advanced healthcare infrastructure and robust R&D activities. The Asia-Pacific region is expected to witness the fastest growth during the forecast period, fueled by a growing pediatric population and improving healthcare access.

Major companies in the market are focusing on product developments, new approvals, and mergers and acquisitions. Notable players include Horizon Therapeutics Plc, Jazz Pharmaceuticals, Gilead Sciences, BioMarin Pharmaceutical, Sanofi, AstraZeneca, and Novartis AG. Recent developments in the market include the US FDA’s approval of Cosentyx by Novartis in December 2021 for treating pediatric arthritis, and the approval of Rethymic in October 2021 for pediatric congenital athymia, marking significant advancements in pediatric treatment options.

The global pediatric drugs market is poised for substantial growth, driven by advancements in healthcare, increasing chronic illnesses among children, and significant investments in R&D. The collaborative efforts between pharmaceutical companies and regulatory bodies are expected to enhance the safety and efficacy of pediatric medications, ensuring better health outcomes for children worldwide.

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Resource: Market.us, March, 2024

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