Pediatric vaccines are vaccines that are administered to children and adolescents below 18 years old against diseases and infections that can be prevented by immunization. Some of the key pediatric vaccines include diphtheria, tetanus, pertussis, haemophilus influenzae type B, polio, hepatitis B, measles, mumps, rubella, rotavirus, and pneumococcal conjugate vaccines. Pediatric vaccines are particularly important as they help protect children from life threatening, yet preventable diseases and infections at a young age. The growing focus of governments across the globe on implementing widespread childhood immunization programs through national immunization days is a key driver boosting the demand for pediatric vaccines.
The global pediatric vaccines market is estimated to be valued at US$ 46,424.3 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends
One of the key trends shaping the pediatric vaccines market growth is the growing focus on development of combination pediatric vaccines to reduce the complexity of vaccination schedules and improve immunization rates. Manufacturers are increasingly focusing on RD efforts to develop various combination vaccines with an aim to decrease the number of injections administered to the child at each visit. Moreover, growing initiatives by manufacturers to introduce newer vaccines against newer diseases is another key trend influencing market growth. For instance, expanding RD efforts to develop pediatric vaccines for HIV, Ebola, Zika, and human papillomavirus. Strong pipeline of combination and newer disease pediatric vaccines are anticipated to fuel revenue growth of the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The pediatric vaccines market requires significant capital investment and stringent regulations which act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of numerous vaccine manufacturers. However, the necessity of pediatric vaccines limits their influence.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have access to resources globally, switching costs are low, and suppliers can choose to sell to other vaccine manufacturers.
Threat of new substitutes: There are no proven alternatives to pediatric vaccines currently available. Research for new substitutes is ongoing but they are not expected to pose significant threats in the near future.
Competitive rivalry: The global pediatric vaccine market is concentrated with key players. However, domestic players in different regions also compete on pricing, quality, and delivery.
Key Takeaways
The global pediatric vaccines market is expected to witness high growth over the forecast period driven by increasing government support and initiatives for immunization programs worldwide. The global pediatric vaccines market is estimated to be valued at US$ 46,424.3 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030.
Regional analysis – North America dominates the global pediatric vaccines market and is expected to grow at a CAGR of 4.5% during the forecast period. High immunization rates, presence of major vaccine players and manufacturers, and robust healthcare infrastructure have supported market growth in the region.
Key players – Key players operating in the pediatric vaccines market are 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. All key players focus on extensive research and development activities to develop new and advanced pediatric vaccines. partnerships, acquisitions, and geographical expansion.
