Market Overview:
In addition, the global pediatric healthcare market is expected to rise at a CAGR of 4.1%, with a value of USD 63.6 billion over the estimated forecasting year of 2022-2027.
In addition, the rise in research and development for the development of pediatric therapies is further expected to drive market growth. For instance, in February 2020, according to catalyst.pharma.org, more than 2,100 industry-sponsored pediatric clinical studies are underway, involving more than 1.2 million children patients and investigating 580 experimental medicines across a wide range of therapeutic areas, including diseases with major unmet medical needs. The rise in research and development for pediatric medicine will lead to the entry of novel therapies into the market, thereby driving pediatric healthcare market growth over the forecast period.
Furthermore, the rise in government support and increased research activities in technological advancements fuel the pediatric healthcare market. However, the small size of the study population and, ethical issues in pediatric research, complications associated with the medicines in pediatrics, among others, are expected to decrease the market growth.
The increasing instances of congenital cardiac diseases in children, such as atrial septal defect, atrioventricular canal defect, patent ductus arteriosus, and ventricular septal defect, represent one of the key factors driving the pediatric healthcare market growth. The introduction of novel and more efficient pediatric interventional cardiology devices, including catheters, bio absorbable stents, guide wires, balloons, stents, vascular closure devices, and atherectomy devices, is another major growth-inducing factor. In line with this, the shifting inclination of patients toward non-invasive medical treatment procedures, along with the rising awareness regarding the associated benefits, such as the lower risk of infection, shorter postoperative recovery times, and avoidance of large scars, is also driving the market growth. Other factors, including rising healthcare expenditure and the numerous initiatives undertaken by governments of various nations to speed-up regulatory procedures, are creating a positive outlook for the market.
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Market Segmentation:
According to the latest market analysis report, the global market has been segmented into four sections type of diseases, therapeutics, treatment basis and regional sectors. With the type of disease section, the pediatric healthcare market is segmented into three sections: short-term diseases, chronic diseases, and others. In the therapeutics section, the market is divided into five categories: cardiology, allergy and immunology, gastroenterology, infectious disease, and others. The market is divided into treatment sections: medication, surgery, and others. According to the regional basis, the global market is further divided into five sections Asia-pacific, Europe, North America, South America and Middle East & Africa.
Regional Analysis:
North America is expected to hold a major share in the pediatric healthcare market. The rise in the volume of pediatric patient cases with kids who have autism, respiratory disorders, cerebral palsy, and muscular atrophy, along with a steep rise in the adoption of advanced technologies in the United States, holds the major revenue share of the market in North America. The high burden of pediatric diseases in the United States will lead to increased development and adoption of pediatric therapies in this region, driving the growth of this region.
Furthermore, key players’ launch of new products for pediatric patients, the rise in government initiatives to create awareness in people for pediatric treatments and disorders, and improvements in healthcare infrastructure are likely to create a new opportunity for the global pediatric healthcare market over the forecast period. The rise in funding for pediatric diseases in the United States will lead to a rise in the development of new therapies, thereby leading to higher adoption and driving the market growth in this region.
Industrial News:
The pediatric healthcare market is moderately competitive and consists of several major players. In terms of market share, a few major players are currently dominating the market.
Key Players for Middle East and Africa Pediatric healthcare Market:
Some of the key players in this market are: Novartis AG (Switzerland), AstraZeneca (UK), Janssen Global Services, LLC (Belgium), Eli Lilly and Company (US), Bristol-Myers Squibb Company (US), AMMT (Dubai), King Faisal Specialist Hospital and Research Centre (Saudi Arabia), VPS Healthcare (UAE)
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