Press Release   -

Pediatric Drugs Market to Reach USD 390.64 billion By 2032

According to analysts at Vantage Market Research, the Global Pediatric Drugs Market size is worth 133.2 billion in 2023 and is projected to achieve 390.64 billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 12.7% from 2024 to 2032. The Pediatric Drugs Market is experiencing rapid growth driven by the incidence of both acute and chronic illnesses in children, which has increased the need for pediatric drugs that are both safe and effective

Market Overview

The Pediatric Drugs market growth is primarily driven by prevalence of ailments like diabetes, asthma, congenital impairments, and juvenile malignancies is rising, calling for more specialized care for young patients. Pharmaceutical companies have been forced to make large investments in research and development in order to produce novel medicines as a result of this increasing prevalence.

Arise in birth rates over the previous year and an increase in critical pediatric cases that result in fatalities from a range of illnesses, including viral infections, gastrointestinal disorders, lung cancers, and malnutrition drives the market. For instance, according to the 2022 United Nations International Children's Emergency Fund (UNICEF) report, an estimated 4.9 million children under the age of five were projected to have died by that year, translating to approximately 134,00 deaths per day.

New treatment options for pediatric ailments are made possible by developments in gene therapy and customized medicine, which is driving market expansion. In order to improve treatment outcomes and safety, pediatric-specific clinical studies are pushed, which guarantees that medications are examined and optimized for this age group.

Regulatory incentives and ethical imperatives also play a crucial role in driving the market. Government initiatives like the Pediatric Research Equity Act (PREA) and the Best Pharmaceuticals for Children Act (BPCA) in the U.S. Encouraging pharmaceutical companies to concentrate on developing drugs for pediatric patients by offering them financial and regulatory help. These frameworks make it more appealing for businesses to engage in pediatric pharmaceuticals by providing prolonged market exclusivity and accelerated review procedures.

North America Dominated Sales with a 36.2% share in 2023. North America's leadership is attributed to several factors, including advanced healthcare infrastructure, significant investment in research and development, and a high prevalence of pediatric chronic diseases. Access to cutting-edge pediatric therapies is made easier in the United States in particular by the strong support networks that are in place, including comprehensive insurance coverage and pediatric hospitals with specialized care. The adoption of advanced technologies in the U.S., which holds the major revenue share in North America, significantly contributes to this dominance. For instance, according to an article, asthma is one of the most common chronic diseases in children worldwide. 

Key Takeaway from the Report

• The Respiratory Disorder Drugs segment contributed a significant share to the market's growth of 36.5% in 2023 due to the high prevalence of Pediatric respiratory conditions
• The Oral category claimed an extensive share of 40.8% in 2023 because its ease of administration and high patient compliance
• In 2023, Hospital Pharmacies dominated the market with market share of 45.5% due to their accessibility and comprehensive range of pediatric medications
• North America dominated the market by contributing 36.2% of the total share in 2023 due to advanced healthcare infrastructure and high healthcare spending
• Asia Pacific is anticipated to witness fastest growth during the forecast period with 17.1% CAGR

Top Companies

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

Latest News

FDA Grants Accelerated Approval for Tovorafenib (Ojemda) to Treat Relapsed or Refractory Pediatric Low-Grade Glioma (pLGG)

• In April 2024, the FDA has granted accelerated approval for tovorafenib (Ojemda) to treat patients with relapsed or refractory pediatric low-grade glioma (pLGG) that exhibits BRAF alterations, the most common type of brain tumor diagnosed in children.

FDA Grants Priority Review for Harmony Biosciences’ sNDA for WAKIX® (Pitolisant) Tablets for Pediatric Narcolepsy

• In February 2024, Harmony Biosciences Holdings, Inc. announced that the U.S. Food and Drug Administration (FDA) has granted priority review for its supplemental New Drug Application (sNDA) for WAKIX® (pitolisant) tablets. The application seeks approval for the treatment of excessive daytime sleepiness (EDS) or cataplexy in pediatric patients aged 6 years and older with narcolepsy.

FDA Approves Rilpivirine (Johnson & Johnson) for HIV-1 Treatment in Pediatric Patients

• In March 2024, the FDA has approved rilpivirine (Johnson & Johnson) for use in combination with other antiretroviral therapies (ARVs) to treat HIV-1 in treatment-naïve children aged 2 years and older, weighing between 14 kg (30.86 lbs) and 25 kg (55.11 lbs).

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.