Pediatric Vaccine Market Size, Share, Growth, Trends, and Global Industry Analysis: By Vaccine (Monovalent and Multivalent), By Indication (Pneumococcal Conjugate Vaccine, DTP Vaccine, Influenza, Meningococcal Vaccine, Polio Vaccine, Rotavirus Vaccine, MMR Vaccine, and Varicella Virus Vaccine), By Technology (Live or Attenuated Vaccine, Inactivated or Killed Vaccine, Toxoid Vaccine, Conjugate Vaccine, Subunit Vaccine, and Recombinant Vector Vaccine), and Region Forecast 2019-2030

Pediatric Vaccine Market size was valued at USD 23,749.8 million in 2023 and is expected to grow at a CAGR of 9.8% over the forecast year to reach USD 45,695.8 million in 2030. Vaccines for children are administered to guard against serious and frequently fatal infections. It primes the body to combat the illness more quickly and successfully by boosting the body. Globally increasing awareness of vaccinations and immunization initiatives will propel the pediatric vaccine industry.

Moreover, opportunities are surfacing in vaccine technology, including mRNA vaccines, and also through the increasing requirements for combination vaccines to reduce the number of injections required. Significant restrictions to the pediatric vaccine market include the presence of vaccine hesitation, where parents and caregivers refuse to vaccinate their children because of safety concerns or unsubstantiated myths. Furthermore, coverage in low-income or rural regions is at a disadvantage as the availability of healthcare infrastructure differs across different areas. The cost of developing and manufacturing vaccines may also become a formidable challenge, particularly for smaller manufacturers.

This being the third reason why the vaccination rate of children is suboptimal, it's because of the regulatory hurdles and the long time taken to have approval for a new vaccine. Thus, these elements have contributed to the challenges of achieving high vaccination rates among children. These are the trends that emerging in the market by a phenomenon where the public and private sectors have been joining forces to increase vaccination coverage. Reports recently indicate that the global market for pediatric vaccines will be about $40 billion in 2027 with a CAGR of around 7% in comparison, showing a continuation of the efforts to advance child health through immunization.

Pediatric Vaccine Market Key Developments

• In March 2024, The European Commission approved the Pfizer PREVENAR 20 vaccine, which provides the widest serotype coverage for the prevention of pneumococcal disease in children. The vaccine was approved based on significant Phase 3 trial data demonstrating safety and effectiveness, like others in its class that have recently received approval in the U.S., Canada, Australia, and elsewhere.
• In November 2022, Indian Immunologicals Limited, in pursuance of its new vaccines, launched Mabella, a measles and rubella vaccine in the market for children. It was developed in collaboration with the Polyvac Institute of Vietnam as a live-attenuated vaccine, which has proven to be safe and effective in clinical trials. Launched to commemorate the silver jubilee year of IIL's Human Biologicals Institute established 25 years ago underlines the significant contributions of the company towards developing vaccines and disease management in India.