Global Pediatric Drugs Market: Overview
Pediatric drugs are given to patients in the pediatric age group of 2-12 years. Pediatric therapy has to be entirely different from adult therapy not just because we need to cater to different dosage regimes, but also because a child's response to a drug may be different from that of an adult.
Diseases among children are increasing steadily. Be they infectious diseases in the developing world or autoimmune disorders in developed regions, a better diagnostic and treatment infrastructure is making detection of diseases easier in this age group. Such factors are set to fuel growth in the global pediatric drugs market over the forecast period of 2020 to 2030, as per Transparency Market Research.
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Global Pediatric Drugs Market: Competitive Landscape
The pediatric drugs market is concentrated owing to the presence of a few manufactures. Some of the companies which are currently dominating the market are:
· BioMarin Pharmaceutical Inc
· Horizon Therapeutics plc
· Sumitomo Dainippon Pharma Co Ltd
· Gilead Sciences Inc
· Jazz Pharmaceuticals Inc
These players have given impetus to innovations and plan to expand production to cater to increasing demand from this age group.
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Global Pediatric Drugs Market: Key Trends and Drivers
· The global fertility rate has almost halved since 1950, yet this bodes well for the pediatric drugs market. A smaller family means an increased attention is paid to the health of those few children in the family. Rising standards of healthcare globally make it possible for people to access healthcare services at ease, and makes it possible for pediatric drugs to be brought to the fore.
· The current COVID-19 pandemic has increased healthcare spending globally as all sorts of therapeutic interventions are tried on patients who land up with complications of this disease. Children account for a significant fraction of those affected, and thus are set to demand increased drug therapy in the future.
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Global Pediatric Drugs Market: Regional Analysis
More than 40% of children in the United States suffer from some form of allergies currently, according to the World Health Organization. The robust healthcare infrastructure in North America and Europe makes it easier to access therapy for this and other diseases, making these regions the leading areas of the world in the pediatric drugs market.
The Asia Pacific region (APAC) should be a market leader in the future given the potential for population rise here. A growing number of healthcare facilities will give further impetus to this market.
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