The global paediatric healthcare market will reach USD 153300 million by 2024, thanks to rising demand for chronic illnesses. The segment witnessed the fastest growth in the recent past, with CAGR rising at over 8.5%, much above the total CAGR for the paediatric healthcare market. The rising treatment options for chronic care remains a promising opportunity for global investors, with a significant rise in innovation, research, and complementary technology. Some key players in the global paediatric healthcare market are Abbott, AstraZeneca, GlaxoSmithKline, Merck & Co., Pfizer, Sanofi, and Perrigo.
According to the Centre for Disease Prevention and Control (CDC), the percentage of obese children in the United States is over 20%. This is significant as obesity is increasingly associated with various chronic illnesses including diabetes, disability, cardiovascular diseases, among others. The rise of chronic illnesses also remains a major concern among children as illnesses like cancer remain a leading cause of death among children aged between 1-4 years, 5-9 years, and 10-14-year age-group. In good news, the percentage of children without insurance remains significantly low with the CDC reporting 5.1% of children under 18 do not have access to health insurance.
Injuries Related Surgical Treatments to Witness Highest Growth
According to a 3-year study published by the CDC between 2011-2014, every year, children undergo 8.6 million injuries related to sports. The incidences account for 34.1 per 1,000 members of the population and make up more than half of injury-related episodes. The injury rates among males remains extremely high, with 61.3% accounted for injuries. Furthermore, the CDC also reports that injuries remain the leading cause of fatalities among children, with 50% being treated at the doctor’s office. Furthermore, as countries like the US emphasize more physical activity for students, due to the growing obesity pandemic, the injuries are likely to increase in the near future. This relates to both sports-related, and non-sports related injuries. Furthermore, the rising surgical options for treating injuries like minimal-invasive surgeries, growing advancements in technology like 3D printing for plastic casks, and medicine catering to non-toxicity intake of drugs will promise new opportunities for growth in the United States. The growing demand for injury-related treatments and technological advancements in surgeries will likely drive major growth for the global paediatric healthcare market.
Growing Demand for Treatment of Allergies Remains a Promising Driver
According to the CDC, conventional fever-related healthcare visits in the United States are increasingly being replaced with allergies. In 2018, 5.2 million children under the age of 18 made health visits, amounting to over 7.2% of total visits. On the other hand, children with respiratory allergies amounted to 7.1 million, accounting for 9.6%, while food allergies made 4.8 million children visit the doctor’s office in 2018. This accounted for another 6.8% of the total visits. Additionally, over 9.2 million visits to the doctor included skin allergies, another growing concern in healthcare, accounting for the highest percentage with 12.6% of total visits. Moreover, long-term allergic conditions like allergic rhinitis are estimated to affect nearly 20% of all US citizens, and new treatment options like allergen immunotherapy and sublingual immunotherapy or SLIT remain an effective way to address the illness. The growing efficacy of treatment, rising non-invasive options, and rising awareness about treatment options will promise robust growth for the global paediatric healthcare market.
Demand for Psychological Treatments Continues to Rising
It is estimated that around 27.5 million American kids are in regular need of healthcare. This is caused due to the fact that 37% of all children exhibit at least one medical condition today, with 40% of kids reporting that their health condition impacts their daily routine. This includes concerns like allergies, anxiety, asthma, genetic disorders, autism, and depression. While allergies remain the elephant in the room, conditions like neurological are often swept under the rug due to limited medical support available. Furthermore, due to a sedentary lifestyle among children, and the rising use of technology for entertainment including cell phones, computers, and other handheld devices, 76% of children do not receive the recommended daily activity they need. Furthermore, due to the large intake of fast-foods, and limited availability of nutrition, 40% of all calories consumed by children between 2-18-year-olds are empty calories, leading to a mass obesity pandemic in the US. Additionally, nearly 14.1% of children live with major issues like poverty, food insecurity, among others. This has led to a worsening of psychological conditions like depression, anxiety, among others. According to a national CDC survey, psychological conditions like ADHD affect nearly 6.1 million children across the United States, with 3,88,000 affected children between 2-5-year-olds, and 2.4 million children between 6-11 years. The growing awareness about psychological conditions, and rising efficacy of treatments, due to the growing availability of skilled professionals remains a promising driver of growth for the global paediatric healthcare market.
Rising Immigration to Drive Robust Demand for Healthcare
According to the US census 2020, the US population is expected to add another 78 million people to the total tally by 2060. The US population growth rate is expected to slow due to slowing natural births. However, due to increasing immigration in the country, and rising regulatory push for migration of young, and skilled workers, the population of children will likely rise significantly in the near future. The US Census estimates that the United States will become far more diverse in the near future, thanks to a growing impetus of migration. The US population in line with robust growth in population across the world will drive tremendous growth for the global paediatric healthcare market in the near future.
Despite slowing population growth, particularly after 2030, the U.S. population is still expected to grow by 79 million people by 2060, crossing the 400-million threshold in 2058. This continued growth sets the United States apart from other developed countries, whose populations are expected to barely increase or actually contract in the coming decades.
GLOBAL MARKET, BY THERAPEUTICS
- Asthma and allergies
- Cerebral palsy
- Chronic illness
GLOBAL MARKET, BY TREATMENTS
- Dietary Restrictions
- Surgical Procedures
GLOBAL MARKET, BY GEOGRAPHY
- North America
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