Pediatric Health Care Products And Services Market - Forecast(2023 - 2028)
Pediatric Health Care Products And Services Market Overview
Pediatric Health Care Products And Services Market size is estimated to reach $8.1 billion by 2027, growing at a CAGR of 5.8% during the forecast period 2022-2027. Pediatric includes newly born children and adolescents. Therefore, Pediatric Health Care Products And Services can be delineated as the measures designed to ensure the well-being of the said section of the population. Owing to weak immunity or vulnerable defenses it becomes easy for the viruses to inflict pediatrics. The babies are more susceptible to diarrhea, influenza, sinusitis, RSV, ear infections, colds, bronchitis, and others as vulnerable immunity. Besides infants, social anxiety and depression are becoming major problems among adolescents. Therefore, antidepressants, antifungal, antidiarrheal, anti-histamines, and others are the most common form of medication taken into consideration to efficiently deal with such complications. The pediatric healthcare products and services market outlook is exceptionally captivating as the demand for better healthcare is on the rise. The fierce surge in communicable illnesses, child obesity, cancer, organ infections, and complications related to infants’ metabolism are the factors set to drive the growth of the Pediatric Health Care Products And Services Market for the period 2022-2027.
The report: “Pediatric Health Care Products And Services Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Pediatric Health Care Products And Services Industry.
Drug Type: Antibiotics, Antidepressants,
Antipsychotics, Analgesics, Antifungal, Anti-histamines, and others.
By Ailment: Gastro Intestinal, Respiratory infections, Cardiovascular diseases, Hormonal Imbalance, and others.
By Service Provider: Hospitals, Clinics, Online consultancy, and other medical facilities.
By Product Providers: Hospital Pharmacies, Retail pharmacies, Online stores, and others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).
- Geographically, the North America Pediatric Health Care Products And Services Market accounted for the highest revenue share in 2021. The growth is owing to the broadening trend of home care and the presence of renowned pharmaceutical players offering top-of-the-line products and services to consumers. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- Escalating breakthroughs in the discovery of novel drugs, enlarging prevalence of health complications, and rising awareness among parents regarding children's health are said to be preeminent drivers driving the growth of the Pediatric Health Care Products And Services Market. Side effects of antibiotics, the requirement of extortionate research expenditure which low-income African and Asian countries cannot afford, and the COVID-19 challenges faced by manufacturers are said to reduce the market growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Pediatric Health Care Products And Services Market report.
Pediatric Health Care Products And Services Market Share, By Geography (%), 2021
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Pediatric Health Care Products And Services Market Segment Analysis-By Drug Type
The Pediatric Health Care Products And Services Market based on the drug type can be further segmented into antibiotics, antidepressants, antipsychotics, analgesics, antifungal, anti-histamines, and others. The antibiotics segment held the largest share in 2021. The growth is owing to the humungous prevalence of bacterial infections. The Covid-19 spread has had a galvanizing impact on the antibiotic market across the globe and has made antibiotics the most prescribed form of medicine. Complications like impetigo (skin infection), urinary tract infections, strep throat, and whooping cough have become an inextricable part of child lives in today’s world. Nevertheless, the existence of virus-led infections (sinus infections) with antibiotic resistance properties is providing growth opportunities as it is only because of these infections that researchers are working round the clock to stumble upon a breakthrough. Moreover, the antibiotic along with anti-histamines and antidepressants drugs segment is estimated to be the fastest-growing segment with a CAGR of 6.3% over the forecast period 2022-2027. This growth is owing to augmenting incidences of seasonal allergies and social anxiety disorders among children. Some of the most common reasons behind teen depression are a sense of futility and lower self-esteem owing to the higher nobility or social status of peers in school. As a result, the usage of antidepressants has broadened in recent years.
Pediatric Health Care Products And Services Market Segment Analysis-By Product Providers
The Pediatric Health Care Products And Services Market based on product providers can be further segmented into hospital pharmacies, retail pharmacies, online stores, and others. The retail pharmacies segment held the largest share in 2021. The growth is owing to the comprehensive existence of retail pharmacies shops in both developed and underdeveloped areas which make the purchase more convenient. Also, most drugs like antidepressants, analgesics, and antibiotics are available over-the-counter. Therefore, visiting a medical practitioner for a prior prescription is not necessary. Furthermore, the online segment is estimated to be the fastest-growing segment with a CAGR of 6.9% over the forecast period 2022-2027. This growth is owing to 24/7 access to high-speed internet, rain or shine. Moreover, growing emphasis on information technology in schools has made children quite tech-friendly which can be a prominent factor of growth. Moreover, the online pharmaceutical purchase is more convenient as they save time plus reduce human-to-human contact which may prove beneficial in virus outbreaks. Nevertheless, improving infrastructure in deprived areas is expanding the market for e-pharmaceutical platforms.
Pediatric Health Care Products And Services Market Segment Analysis-By Geography
The Pediatric Health Care Products And Services Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the factors such as the existence of acclaimed pharmaceutical players like Pfizer and Johnson & Johnson. In addition to that, the escalating concept of home care has its fair share in driving the growth of the pediatric health care and services market in said segment. Unlike in-hospital treatments, home care treatments are cost-effective and convenient. Also, better living standards and high disposable incomes made it possible for parents to provide better healthcare to their children. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to high fertility rates in several Asian countries. Also, poor hygienic conditions result in severe pediatric infections in countries like India, Pakistan, Bangladesh, Indonesia, and others. Likewise, the growing pharmaceutical industry of China and India are providing various growth opportunities for the Pediatric Health Care Products And Services Market.
Pediatric Health Care Products And Services Market Drivers
Spiraling incidences of chronic illnesses such as rhinitis is Anticipated to Boost Market Demand
The swift rise in chronic illnesses is the best thing that ever happened from the pharmaceutical industry's point of view. Therefore, rising cases of infections, allergies, and other severe ailments are acting as a stimulus to the aforementioned market. According to a report, nearly 2 million Americans get inflicted by antibiotic-resistant bacteria annually. Worsening air quality and airborne allergens are the prominent reason behind IgE-mediated conditions such as nasal congestion, conjunctivitis, asthma, itching, and others. More than 400 million people across the globe grieve every year from such allergies. Also, the growing threat of new viruses is providing reasonable grounds for the growth of the aforementioned market. For instance, in February 2022 the UK recorded new cases of viral hemorrhagic illness “Lassa fever.” In addition to that, a WHO report claimed that every 1 in 7 teenagers worldwide who fall between 10-18 years age group develops depression complications. Thus, the demand for antidepressants is hiking year after year.
Growing research activities are Expected to Boost Market Demand
Many viral infections possess properties that help them efficaciously eluding the effects of antibiotics. Therefore, it has become a holy grail for medical researchers to develop an effective solution to such complications. Moreover, under the umbrella of government fundings efficacy of research activities is flourishing. For instance, the UK has pledged to soar its science research spending to 22 billion pounds by 2024. On another hand, with a slight increase, US healthcare spending reached $165 billion in 2021.
Pediatric Health Care Products And Services Market Challenges
Side-effects accompanied by overuse of drugs like antibiotics anticipated to Hamper Market Growth
Overuse of antibiotics can set health hitches like nausea, inflammation, stomach pain, unstable digestion, and swelling in motion. Nevertheless, many deaths can be observed. For instance, over 135,000 people have to rush to hospitals annually for treatment of reactions caused by antibiotics. Likewise, antidepressants come with a variety of side effects too which include insomnia, constipation, fatigue, and many more which may challenge the steady growth of the Pediatric Health Care Products And Services Market.
Pediatric Health Care Products And Services Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Pediatric Health Care Products And Services market top 10 companies include:
- Sitari Pharmaceutical
- New England Home Care
- Interim Healthcare
- Pfizer Inc.
- GlaxoSmithKline Plc.
- Sanofi S.A.
- Novartis International AG
- Mylan N.V.
- Merck & Co., Inc.
- Eisai Co.
- On December 9, 2021, Paris, France-based renowned healthcare company “Sanofi” publicized that company has successfully reached an acquisition agreement with Vienna, Austria-based biotechnology firm “Origimm Biotechnology GmbH.” Origimm is known for its skin disease solutions. The transaction is shouldering Sanofi’s activities aimed at acne vaccine development.
- On November 22, 2021, New Jersey, United States-based well-known pharmaceutical company “Merck” announced the successful acquisition of Massachusetts, United States-based biopharmaceutical company “Acceleron Pharma.” The overall value of the transaction stands around a massive $11.5 billion. Moreover, the transaction is supporting the CVD portfolio of Merck.
- On September 11, 2019, London, England-based prominent healthcare company “GlaxoSmithKline” announced that it has successfully acquired the biotechnology firm “Sitari Pharmaceuticals.” Sitari is recognized for developing disease treatment. The financials of the acquisition were kept hidden. Also. the transaction has strengthened the disease research portfolio of GlaxoSmithKline.
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