Market Size of Pediatric Healthcare Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.35 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pediatric Healthcare Market Analysis
The pediatric healthcare market is anticipated to register a CAGR of 6.35% during the forecast period.
COVID-19 had significantly impacted the pediatric healthcare market due to the decline in pediatric services during the pandemic. For instance, according to the BMC study published in March 2021, the pandemic and public health restrictions have harmed children's health and mental well-being, which has been exacerbated by the difficulties in obtaining primary and community care. The impact on children with disabilities and chronic health conditions was greater and prompted child protection concerns for vulnerable children. Such studies highlighted the adverse impact of the outbreak on pediatric healthcare in the initial phase of the pandemic, thereby impeding the market growth. However, with the surge in vaccination programs globally and the resumption of pediatric care services and facilities, the market returned to its pre-pandemic levels of growth.
The major factors attributed to the growth of the pediatric healthcare market are a growing burden of diseases, viral infections, and malnutrition cases every year. For instance, according to Observer Research Foundation data published in December 2021, India has nearly 200 million undernourished people. Infectious disorders such as pneumonia, diarrhea, and malaria, as well as premature birth and intrapartum complications, continue to be the primary causes of death among children under the age of five around the world. Such a high burden of deaths creates the need for early proper preventive measures which is expected to drive the growth of the market.
Furthermore, favorable government support such as funding activities, combined with increased technological advancements, fuels the pediatric healthcare market. For instance, in October 2022, French government launched "immediate action plan" along with EUR 150 million (USD 155.4 million) funding for pediatrics. Also, in June 2021, the Finance Ministry in India invested over Rs. 23,220 crore (USD 285.6 million) funding for setting up pediatric facilities in hospitals. Hence, such initiatives are likely to support market growth over the forecast period.
However, the small size of the study population and ethical issues in pediatric research, along with complications associated with medicines in pediatrics, among others, may hinder the market growth.
