Global Childhood Vaccine Market: Vaccine
The global childhood vaccine market is projected to grow at a healthy rate over the forecast period. The rising number of deadly infection has led to advent of many vaccines that can prevent children from diseases like meningitis, pneumonia, and hepatitis etc. The increasing numbers of pediatric clinics are anticipated to drive the global childhood vaccine market towards growth.
Transparency Market Research (TMR) report elucidates on share, size, and trend of the global childhood market. The report also includes factors that influence growth, restraints that hinder market, and the geographical out look of the childhood vaccine market.
Global Childhood Vaccine Market: Notable Developments
Several developments have taken place in the global childhood vaccines market, some of the recent development in this area are:
The Pfizer, global leader in healthcare drugs and vaccines was granted a FDA approval in 2018 for breakthrough therapy and vaccine in meningococcal B group. The drug is named as TRUMENBA®, this prevents children from 1 year to 9 years of age from both the diseases meningitis and pneumococcal.
In 2019, The Committee for Medicinal Products for Human Use recommends the approval for Dupixent® for atopic dermatitis in children from 12 years to 17 years age group.
The global childhood vaccines market comprises of several healthcare companies. However, some of the prominent market players include Sanofi, Pfizer, Hissen, CSL, Merck, and China National Biotech.
Global Childhood Vaccine Market: Drivers and Restraints
New Born Promotes Childhood Vaccine Market
Several thousands of birth takes place every year and the birth rate is highest in developing countries, pushing the growth of the global childhood vaccine market during the forecast period. Additionally, growing number of maternity clinics where the new-borns are administered vaccines soon after the birth to protect them against virus and other communicable infections are expected to surge the demand.
Rising Government Support Growth in Childhood Vaccine Market
The increasing number of initiatives from government to provide basic vaccines such as protection against TB, cholera, and flu etc. are anticipated to boost the sales in the global market. Further, rising awareness among parents through pre natal and post natal programs, TV commercials from government and NGOs are expected to drive the global childhood market to grow in the upcoming years. School mandates of immunization to protect children from infection and immunization drives carried out in schools are anticipated to expand the childhood vaccine market.
Rising disposable income and compulsory vaccines that are spread across two years are also reasons that may surge the global childhood market over the forecast period.
Although, there are several vaccines available to protect against deadly diseases, these vaccines may not reach the poor countries on time. The high cost of many vaccines may not be affordable by all, which may hinder the growth of the global vaccine market.
Nevertheless, the rising investment on research and development and development of innovative vaccines are projected to push the global childhood market to expand in future.
Global Childhood Vaccine Market: Geographic Analysis
Asia Pacific is expected to be the major contributor in the global childhood market during the forecast period. The growth in this region can be attributed ever increasing birth rate, rising awareness, and increasing disposable income.
North America may also play a significant role in the global childhood vaccine market due to the availability better medical infrastructure. Moreover, promising outcomes of research and developments and clinical trials are expected to expand the childhood vaccine market.