Pediatric Drugs Market Size to Garner Around USD 363.86 Billion by 2032

The global pediatric drugs market size is predicted to garner around USD 363.86 billion by 2032 and is expanding at a CAGR of 12.2% over the forecast period 2023 to 2032.

The pediatric drugs market size was valued at USD 115.6 billion in 2022, grew to USD 129.13 billion in 2023. North America led the global market with the major market share of 37% in 2022.

One of the main factors driving up the cost of pediatric drugs is the rising occurrence of various conditions like asthma, anorexia, cancer, birth deformities, growth deficits, juvenile diabetes, and attention deficit hyperactivity in children. The Pediatric Research Equity Act (PREA) and the Best Pharmaceuticals for Children Act (BPCA) are two laws that are now in effect and are encouraging major businesses to raise their spending on research and development (R&D) for the purpose of developing pediatric medications. Additionally, the demand for pediatric pharmaceuticals is expected to increase due to the world's expanding pediatric population, which is expected to fuel market expansion.

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Growth Factors:

• Growing Rate of Pediatric Diseases: The need for specialized drugs designed to treat pediatric health difficulties is being driven by the rising incidence of pediatric illnesses, such as autoimmune diseases, rare pediatric diseases, and respiratory disorders.
• Research Developments in Pediatrics: Treatment choices for pediatric patients are being improved by the ongoing advancements in pediatric research, which are resulting in the creation of novel drugs and therapies for children.
• Emphasis on Rare Childhood Diseases: Drugs especially intended to treat rare pediatric disorders are being developed as a result of pharmaceutical companies' growing focus on these conditions.
• Advocacy and Awareness among Parents: The need for pediatric drugs and therapies is rising as a result of parental awareness of and advocacy for their children's healthcare requirements.

Key Insights:

• Asia-Pacific is anticipated to grow at a CAGR of 18.3% during the forecast period.
• The respiratory disorder drugs segment has contributed more than 35% in 2022.
• The gastrointestinal drugs segment is estimated to expand at a remarkable CAGR of 13.7% during the projected period.
• The oral segment has accounted over 42% of revenue share in 2022.
• The parenteral segment is anticipated to expand at the fastest CAGR over the projected period.
• The hospital pharmacies segment has generated over 46% of revenue share in 2022.
• The online pharmacies segment is predicted to expand at the fastest CAGR over the projected period.

Regional Stance

In 2022, North America accounted for the greatest revenue share at 37%. The pediatric medication market is dominated by North America for a number of important reasons. The U.S. pediatric drugs market size surpassed USD 24.81 billion in 2022 and is estimated to hit around USD 78.78 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.

The area is home to a sizable patient population of pediatric patients, a strong healthcare infrastructure, and strong R&D skills. Furthermore, the development and accessibility of pediatric drugs are promoted by advantageous regulatory frameworks and government incentives. Additional factors supporting the market's expansion include a significant emphasis on the healthcare needs of children and a high degree of knowledge among parents and medical professionals. North America is a major player in the worldwide market for pediatric pharmaceuticals because of its robust economy and plenty of well-known pharmaceutical businesses.

Over the course of the projection period, Asia-Pacific is expected to expand at the fastest rate, with the highest CAGR of 18.3%. There are a number of important reasons behind the Asia-Pacific region's significant market share in pediatric medications. First off, there is a growing need for pediatric-specific healthcare solutions in the area due to the large and growing pediatric population. In addition, the economic growth of the Asia-Pacific region and the growing middle class in the region help to make pediatric drugs more accessible and affordable.

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Pediatric Drugs Market Scope

Market Driver

Regulatory Initiatives

The adoption of regulatory efforts is one of the main factors propelling the pediatric drugs market. Global health authorities have acknowledged the significance of pediatric medication development and implemented policies to promote it. Among these efforts is the Pediatric Research Equity Act (PREA) in the US, which requires pharmaceutical companies to carry out pediatric clinical trials for specific medications.

Increasing Awareness

Medical experts, parents, and other carers are pushing for the creation of pediatric medications as there is an increasing recognition of the special healthcare needs of children. A greater need for safer, more effective pediatric-specific drugs has resulted from this raised awareness.

Market Restraints

Lack of Pediatric Clinical Data

A notable obstacle in the creation of medications for pediatric patients is the lack of pediatric clinical data. Clinical trials involving minors might provide logistical and ethical challenges. As a result, information regarding the effectiveness and safety of drugs for children is frequently lacking. To guarantee that medications are secure and efficient for kids, pharmaceutical businesses and researchers need to go beyond this obstacle.

Dosing and Formulation

Formulating children's prescriptions with age-appropriate dosages and forms can be difficult. Customized solutions are necessary for every age group in pediatrics, ranging from newborns to teenagers. It's challenging but necessary to create kid-friendly formulations that are appetizing and simple to use.

Market Trends

Personalized Medicine

The pediatrics drugs market is starting to see the introduction of personalized medication, a rapidly emerging trend in the pharmaceutical business. Pediatric drug development and administration are being revolutionized by personalized medicine, which customizes therapies based on a child's unique genetic composition and medical need.

Biologics and Gene Therapies

The use of gene therapies and biologics in the treatment of pediatrics illnesses is growing quickly. These cutting-edge medicines promise more effective and minimally intrusive treatments for children by precisely addressing the underlying causes of disorders.

Digital Health Solutions

Pediatric medication management is changing as a result of the incorporation of digital health technologies. Digital technologies are improving the delivery of pediatrics healthcare services, adding convenience for parents and carers through remote patient monitoring and telemedicine.

Related Reports

Cardiovascular Drugs Market: https://www.precedenceresearch.com/cardiovascular-drugs-market

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Asthma and COPD Drugs Market: https://www.precedenceresearch.com/asthma-and-copd-drugs-market

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Recent Development

• In 2023, AbbVie extended the use of Rinvoq (upadacitinib) to treat children two years of age and older with moderately to severely active polyarticular juvenile idiopathic arthritis (JIA).
• In 2022, Eli Lilly and Company introduced Taltz (ixekizumab) as a pre-filled pen injector, providing children with moderate to severe plaque psoriasis with a more practical and easy-to-use choice.
• Novartis added newborns and young children up to the age of two to the label for the gene therapy Zolgensma, which treats spinal muscular atrophy (SMA), starting in 2022.
• In 2023, Roche introduced Hemlibra (emicizumab-kxks), a pre-filled pen injector that provides children with haemophilia A with a more practical and user-friendly choice.
• In 2023, Pfizer expanded the indication for Prevnar 13, a 13-valent pneumococcal conjugate vaccine, to cover the protection of sickle cell disease patients' newborns and children against invasive pneumococcal illness.

Market Key Players:

• GlaxoSmithKline
• Pfizer Inc.
• Novartis AG
• Sanofi
• AstraZeneca
• Merck & Co.
• Johnson & Johnson
• Roche Holding AG
• Teva Pharmaceutical Industries
• Eli Lilly and Company
• Bristol-Myers Squibb
• Novo Nordisk A/S
• Boehringer Ingelheim
• Takeda Pharmaceutical Company
• AbbVie Inc.

Market Segmentation

By Type

• Respiratory Disorder Drugs
• Autoimmune Disorder Drugs
• Gastrointestinal Drugs
• Cardiovascular Drugs

By Route of Administration

• Oral
• Topical
• Parenteral
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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