The rise in the prevalence of respiratory disorders, changing lifestyle habits, progressive increase in obese pediatric population, and surge in awareness about pediatric care are anticipated to increase expenditure on pediatric respiratory disease treatment.
Respiratory diseases are pathological conditions affecting the organs and tissues that make gas exchange difficult during breathing. Respiratory disorders in infants and children are challenging problems for every clinician involved in the management of these patients. The refore the rising prevalence of respiratory diseases in pediatrics has been the key factor for the growth of this market.
Research and advancements in drug discovery of new drugs that are more efficient and safer have also helped the growth of this market. However, side-effects of the present therapeutic medications and stringent guidelines by regulatory authorities for the approval of drugs have restraint the market growth.
Key Market Trends
Asthma Segment is Expected to Dominate the Disease Segment of the Market
Asthma is the most common chronic respiratory disease of childhood affecting children globally. According to a 2018 report by Giuliana Ferrante published in Frontiers in Pediatrics Journal, the global prevalence of pediatric asthma is 14.1%. Pediatric Asthma is seen to be more common in high-income countries (prevalence in North America is 21.6%).
The prevalence in developing regions was lower than or near average (Indian subcontinent at 7% and Latin America at 15.9%) but was reported to be increasing at a tremendous rate according to the same report. As the prevalence of pediatric asthma increases globally, the demand for medication for treating or alleviating asthma symptoms will also increase. Hence, this segment is expected to grow in the forecast period.
North America Holds a Large Share of the Pediatric Respiratory Disease Therapeutics Market
North America is a found to be a significant market for pediatric respiratory disease treatment due to strong emphasis on health care development and high health care expenditure. According to a 2019 report by Richard Perry published in Springer PharmacoEconomics Journal, about 6 million children younger than 18 years old are affected by asthma. Over the decades, the prevalence of asthma among children was also reported to have increased.
However, developed countries like US and Canada have structured healthcare system which have fast adoption rate for newer drugs, therapies and technologies. These countries allocate more funds to healthcare most other developing countries. According to the same report, total direct cost of pediatric asthma was also estimated to be about USD 6 billion in annually. Hence, expenditure on pediatric respiratory diseases therapeutics is expected to increase with increasing prevalence in future.
The majority of the key player involved in research and manufacturing of Pediatric Respiratory Disease therapeutics are established in developed countries. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness, which has helped the market growth.
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