Market Trends of Pediatric Healthcare Industry
This section covers the major market trends shaping the Pediatric Healthcare Market according to our research experts:
Chronic Illness Segment Is Expected To Hold The Major Market Share Over the Forecast Period
The chronic illness segment is expected to hold a significant share of the pediatric healthcare market owing to the lower immunity of the pediatrics, leading to an increased demand for chronic disease treatment.
The growing burden of chronic diseases such as asthma and obesity, among others, creates the need for treatment. For instance, as per the article published in Experimental and Therapeutic Medicine Journal in August 2021, the incidence of pediatric psoriasis increases with age representing an increase from 0.55% in children aged 0-9 years to 1.37% in children between 10-19 years in the United Kingdom. Hence, this is likely to boost the adoption of treatment for treating psoriasis in children, which is projected to boost market growth.
Also, as per the Asthma and Allergy Foundation of America, 2021, about 5 million American children have asthma, and is the leading chronic disease in children. Also, as per the American College of Allergy, Asthma & Immunology 2022 data, about 26.5 million American adults have asthma, among which 6.1 million are children and its prevalence is higher in children (9.4%) than in adults (7.7%). Hence, such a huge prevalence of asthma among children is likely to create demand for advanced medicines, thereby contributing to the market growth.
In addition, the rise in drug approvals from the US FDA for the treatment of chronic conditions in children also contributes to the growth of the segment. For instance, in July 2021, the US FDA approved Novartis' Cosentyx (secukinumab) for the treatment of moderate to severe plaque psoriasis in pediatric patients aged six and older who are candidates for systemic therapy or phototherapy.
Therefore, owing to the above factors, the segment is expected to grow over the forecast period.
North America is Expected to Hold Significant Share and Expected to do Same Over the Forecast Period
North America is expected to hold a major share of the pediatric healthcare market due to the rise in the volume of pediatrics suffering from autism, respiratory disorders, cerebral palsy, and muscular atrophy, along with a steep rise in the adoption of advanced technologies in the United States, which holds the major revenue share of the market in North America.
For instance, according to the data updated by the CDC in October 2021, more than 40% of school-aged children and adolescents in the United States have at least one chronic health condition, such as asthma, obesity, and other medical disorders, or behavioral/learning issues. The high burden of pediatric diseases in the United States will lead to increased development and adoption of pediatric therapies in this country, driving the growth of this region.
Furthermore, the rise in government initiatives to create awareness for pediatric treatments and disorders, as well as increasing funding for pediatric diseases are likely to create new opportunities in the pediatric healthcare market in the region over the forecast period. For instance, according to the National Institute of Health report published in May 2022, the funding for pediatric diseases in the years 2020 and 2021 was USD 5,347 million and USD 5,465 million, respectively. The rise in funding for pediatric diseases in the United States will lead to a rise in the development of new therapies and, thereby, driving the market growth in this region.
Moreover, product launches for pediatric are also contributing to the market growth. For instance, in October 2021, the US FDA approved Rethymic for the treatment of pediatric patients with congenital athymia, a rare immune disorder. Rethymic is one of the first thymus tissue products approved in the United States. Therefore, the rising drug approvals in the United States are further boosting the market growth over the forecast period.
Hence, owing to the above-mentioned factors, this region is expected to witness significant growth.
