Seattle, WA -- (SBWIRE) -- 11/06/2019 -- Growing adoption of pediatric vaccines has significantly increased global coverage of vaccination. According to the World Health Organization (WHO), immunization helps to prevent around 2 to 3 million deaths annually. Moreover, vaccination is the most cost–effective and efficient health investment, which is accessible to hard-to-reach locations and disease-susceptible populations.
According to the Centers for Disease Control and Prevention (CDC), in April 2014, vaccination was estimated to prevent around 21 million hospitalizations and around 732,000 deaths among children born between 1994 and 2013. High prevalence of infectious disease, coupled with increasing government initiatives for raising awareness regarding immunization and development of novel adjuvants and therapeutic vaccines are expected to drive growth of global pediatric vaccines market during the forecast period.
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Childhood vaccines or immunizations are crucial in reducing numerous childhood infectious diseases such as diphtheria, measles, Polio, and Haemophilus influenzae type b (HiB). International immunization programs for children have a lot of vaccines in common though there can be some vaccines that are specific to a particular region.
The global pediatric vaccines market was valued at US$ 23,317.0 million in 2017 and is expected to witness a CAGR of 10.8% over the forecast period (2018 – 2026)
Government of various economies, healthcare regulatory organizations, and private organizations are focused on reducing rate of pediatric disease, which is expected to boost the demand for pediatric vaccine over the forecast period. For instance, in 2013, World Health Organization (WHO): Europe launched the flu Awareness Campaign initiative to spread awareness regarding flu among the European population. In 2002, the United Nations Children's Fund (UNICEF) initiated the Social Mobilization Network (SMNet) in India, in order to eradicate the polio from India.
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Furthermore, according to the data published in the Journal of Infectious Diseases, in July 2017, Social Mobilization Network resulted in increasing immunization coverage in the high-risk areas of India from 36% in 2009 to 81% in 2016 in Uttar Pradesh and from 54% in 2009 to 88.5% in 2016 Bihar. Since, pediatric vaccines reduce pediatric infections significantly number of vaccine preventable infectious disease are minimized using vaccination program. However, mortality associated with such infectious disease is reported in some of the countries.
On the basis of geography, the global pediatric vaccines market is segmented into six major regions: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Among regions, North America is expected to hold dominant positions in the global pediatric vaccines market, owing to high presence of key players in the market. Moreover, extensive research and development (R&D) by research organizations, and rise in the government supports for immunization and development of pediatric vaccines is expected to support the North America pediatric vaccines market.
Key players operating in the global pediatric vaccines market are GlaxoSmithKline plc, Serum Institute of India Pvt. Ltd., Eli Lilly Company, AstraZeneca plc, Pfizer, Inc., Aventis Pharma Limited, Indian Immunologicals Limited, Zydus Cadila, Panacea Drugs Pvt. Ltd., and Sinovac Biotech Ltd.
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