Market Trends of Global Pediatric Drugs Industry
This section covers the major market trends shaping the Pediatric Drugs Market according to our research experts:
Respiratory Disorder Drugs Segment By Indication is Expected to Hold the Major Market Share in the Pediatric Drugs Market
The respiratory disorder drugs segment is expected to account for the largest share of the pediatric drugs market due to lower immunity, increased pollution, and exposure to various allergens, resulting in chronic respiratory disorders such as Chronic obstructive pulmonary disease (COPD). COPD is a major cause of the global pediatric healthcare burden, leading to an increased demand for the efficient treatment of the diseases, in turn fueling the market. According to the World Health Organization 2021, Chronic Obstructive Pulmonary Disease (COPD) was the third leading cause of death worldwide, causing 3.23 million deaths in 2019. Thus, the increasing prevalence of COPD among children is expected to boost the market growth over the forecast period.
On the other hand, the rare autoimmune disorders drugs segment is anticipated to witness the fastest CAGR and dominate the market during the forecast period. The segment's dominance can be attributed to the increased prevalence of these disorders due to rising coincidences among the patients with various cancers, genetic disorders, and other autoimmune disorders, which provides incentives to assist and encourage the development of drugs for rare diseases. For instance, in May 2019, the Jacobus pharmaceutical company received approval from the US Food and Drug Administration (FDA) under Priority Review and Fast Track designations for its RUZURGI (amifampridine) tablets. Ruzurgi also received orphan drug designation for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in pediatric patients. These prescription drugs' high cost may also attribute to the fastest growth, propelling the global pediatric drugs market during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the pediatric drugs market due to the rise in the volume of pediatric patient cases with kids suffering from various autoimmune disorders, respiratory disorders, cerebral palsy, and muscular atrophy, along with a steep rise in the adoption of advanced technologies in the US, which holds the major revenue share of the market in North America.
For instance, according to the article published in the JAMA Network in 2020 by Luyu Xie, asthma was one of the world's most common chronic diseases in children. In the United States, 6 million children (roughly 8% of the population) have been diagnosed with asthma, costing USD 81.9 billion in annual health care costs and resulting in high demand for pediatric drugs.
The launch of new products by key players in the region for pediatric patients, rise in government initiatives to create awareness in people for pediatric medicines, and early approvals with accelerated drug approval initiative by the USFDA to encourage the development of drugs for rare diseases and to decrease the rising pediatric burden are likely to create more opportunities in the market. For instance, in 2020, Veklury (remdesivir), an antiviral medication, was licensed by the US Food and Drug Administration for use in adults and children aged 12 and above.
Also, the rise in disposable income and improvements in healthcare infrastructure are likely to help the global pediatric healthcare market's growth over the forecast period.
