Global Pediatric Health Care Products and Services Market to reach US$ 130,000 Mn and US$ 830,000 Mn, respectively in 2026
Albany, NY -- (SBWIRE) -- 06/18/2018 -- Global Pediatric Health Care Products and Services Market - Snapshot
Pediatrics is a branch of medicine which deals with the health, growth, and development of infants, children, and adolescents. According to the report, the global pediatric health care products and services market was valued at around US$ 88,000 Mn and US$ 520,000 Mn, respectively, in 2017 and is projected to expand at a CAGR of around 4.5% and 5.5%, respectively, from 2018 to 2026. Unhealthy lifestyle habits and rise in obese pediatric population propel the pediatric health care products and services market. The world is going through a rapid nutritional and epidemiological shift, rise in prevalence of obesity, cardiovascular disease, nutrition-related chronic diseases, and cancer. Changes in lifestyle, for instance, in eating habits, have led to an increase in obesity.
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Obesity is a growing problem in developed as well as in developing countries. Obese or overweight children are likely to remain obese in their adulthood and are susceptible to non-communicable diseases, such as cardiovascular diseases and diabetes, at a younger age. According to a study conducted by the World Health Organization (WHO), in 2016 the number of overweight children, under the age of five, was estimated at more than 41 million globally. Almost half of all overweight children under five years of age lived in Asia and one quarter lived in Africa.
Launch of new drugs by pharmaceutical companies for pediatric patients and increase in focus by global research bodies on the development of new and improved drugs for children are expected to drive the pediatric therapeutics market during the forecast period. Rise in prevalence of diseases and disorders such as allergies, asthma, mental disorders, diabetes, infectious diseases among children and increase in awareness regarding these diseases among parents boost the pediatric services market. Rise in patient pool and increase in government efforts to raise awareness regarding pediatric disorders and treatments have created opportunities for players operating in the market.
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The global pediatric health care products and services market has been analyzed based on drug class, disease/ disorder, services type, and region. In terms of drug class, the antibiotics segment is anticipated accounted for the largest share of the market in 2017 and its share is projected to increase by 2026. Antibiotics are extensively utilized, particularly for pediatric patients, due to their efficacy in treating bacterial infections. Based on disease/disorder, the allergy and respiratory segment is expected to account for a large share of the market. The segment is projected to expand at a CAGR more than 4.5% during the forecast period. Expansion of the segment can be attributed to the rise in demand for pediatric health care products for allergy and respiratory disorders. Among pediatric services types, the others services segment includes communicable diseases, non-communicable diseases, neonetal disorders, respiratory disorders, neurosurgical, and musculoskeletal services is expected to dominate the market. The others segment is expected to account for more than 60% share of the market by 2026.
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Based on region, North America accounted for a dominant share of the global pediatric health care products and services market in 2017. The region accounted for a substantial share of the market due to launch of new drugs by pharmaceutical companies for pediatric patients in the region. The market in Asia Pacific is projected to expand at a considerable growth rate during the forecast period due to the increase in number of children with diseases and disorders and improvement in the health care infrastructure in countries such as China, India, and Indonesia.
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Key players operating in the market include 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. These players focus on R&D activities to develop and launch innovative product line in the market. For instance, in July 2017, Eisai Co., Ltd. received the U.S. Food and Drug Administration approval for its new product Fycompa, used to treat partial-onset seizures (POS). Moreover, in January 2017, Pediapharm, Inc. launched Rupall for the symptomatic relief of nasal and non-nasal symptoms of seasonal allergic rhinitis.
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