The Pediatric Health Care Products and Services Market size is forecast to reach $56.78 billion by 2025, growing at a CAGR of 5.9% during the forecast period 2020-2025. Unhealthy lifestyle habits and rise in the obese pediatric population is the major factor driving the growth of the market. An increase in funding for pediatric research and growth in awareness regarding pediatric care is set to further enhance the overall market demand for the Pediatric Health Care Products and Services Market during the forecast period 2020-2025.
Pediatric Health Care Products and Services Market Segment Analysis - By Disease
The Cancer segment held the largest share in the Pediatric Health Care Products and Services Market in 2019 and is estimated to grow at a CAGR of 6.7% during the forecast period 2020-2025. Cancer is a disease caused when cells divide uncontrollably and spread into surrounding tissues. Cancer is caused by changes in DNA. Most cancer-causing DNA changes occur in sections of DNA called genes. These changes are also called genetic changes. Cancer can start almost anywhere in the human body, which is made up of trillions of cells. Normally, human cells grow and divide to form new cells as the body needs them. When cells grow old or become damaged, they die, and new cells take their place. Many cancers form solid tumors, which are masses of tissue. Cancers of the blood, such as leukaemia’s, generally do not form solid tumors. Cancer is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
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Pediatric Health Care Products and Services Market Segment Analysis - By Drug Class
The Antibiotics segment held the largest share in the Pediatric Health Care Products and Services Market in 2019. Antibiotics are medicines that help stop infections caused by bacteria. They do this by killing the bacteria or by keeping them from copying themselves or reproducing. Most bacteria that live in your body are harmless. Some are even helpful. Still, bacteria can infect almost any organ. Only bacterial infections can be killed with antibiotics. The common cold, flu, most coughs, some bronchitis infections, most sore throats, and the stomach flu are all caused by viruses. Antibiotics are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025.
Pediatric Health Care Products and Services Market Segment Analysis - By Geography
North America dominated the Pediatric Health Care Products and Services Market in 2019 with a share of more than 41.06%, followed by the Asia Pacific owing to the launch of new drugs by pharmaceutical companies. An increase in awareness regarding the diseases among parents and an increase in government efforts to raise awareness regarding pediatric disorders and treatments is also increasing the growth of the Pediatric Health Care Products and Services Market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the increase in the number of children with diseases and disorders. Improvements in the healthcare infrastructure are also increasing the growth of the Pediatric Health Care Products and Services Market in this region.
Pediatric Health Care Products and Services Market Drivers
Rise in prevalence of disease & disorder such as allergies, asthma, mental disorders among children
A rise in the prevalence of disease & disorder such as allergies, asthma, mental disorders among children is increasing the growth of the Pediatric Health Care Products and Services Market. Asthma is a globally significant non-communicable disease with major public health consequences for both children and adults, including high morbidity, and mortality in severe cases. While asthma incidence and prevalence are higher in children, morbidity, and mortality are higher in adults. Childhood asthma is more common in boys while adult asthma is more common in women, and the reversal of this sex difference in prevalence occurs around puberty suggesting sex hormones play a role in the etiology of asthma. For children, asthma can impair airway development and reduce maximally attained lung function, and these lung function deficits can persist into adulthood without additional progressive loss. Thus, increasing the growth of the Pediatric Health Care Products and Services Market.
Growth in awareness regarding pediatric care
Growth in awareness regarding pediatric care is increasing the growth of the Pediatric Health Care Products and Services Market. Pediatrics is the branch of medicine dealing with the health and medical care of infants, children. It reduces infant and child rate of deaths, controls the spread of infectious disease, promotes healthy lifestyles for long disease-free life, and help ease the problems of children and adolescents with chronic conditions. Pediatrics is concerned not only about the immediate management of the ill child but also the long term effects on quality of life, disability, and survival. Pediatricians are involved with the prevention, early detection, and management of problems. Thus, increasing the growth of the Pediatric Health Care Products and Services Market.
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Pediatric Health Care Products and Services Market Challenges
High cost and high expenditure on research
Some of the factors that are set to impede the growth of the Pediatric Health Care Products and Services Market are high cost and high expenditure on research.
Pediatric Health Care Products and Services Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Pediatric Health Care Products and Services Market. In 2019, the Pediatric Health Care Products and Services Market share is consolidated by the top ten players present in the market. Pediatric Health Care Products and Services Market, the top 10 companies are Pfizer Inc., GlaxoSmithKline plc. Merck & Co., Inc., AstraZeneca plc, Boehringer Ingelheim GmbH, Gilead Sciences, Inc., Sanofi S.A., Pediapharm, Inc., Novartis AG, Eisai Co., Ltd., and Mylan N.V. among others.
Acquisitions/Product Launches
In September 2019, GlaxoSmithKline acquired Sitari Pharmaceuticals which is a biotechnology company developing treatments for multiple disease indications.
Key Takeaways
North America dominated the Pediatric Health Care Products and Services Market in 2019 owing to the increasing launch of new drugs by pharmaceutical companies and the rise in the patient pool. The Pediatric Health Care Products and Services Market scope for different regions will be provided in the final report.
The rise in prevalence of disease & disorder such as allergies, asthma, mental disorders among children, and increasing awareness regarding the diseases among the parents is likely to aid in the market growth of the Pediatric Health Care Products and Services.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Pediatric Health Care Products and Services Market report.
High cost and high expenditure on research is poised to create hurdles for the Pediatric Health Care Products and Services Market.
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