PEDIATRIC PALLIATIVE CARE DRUGS MARKET ANALYSIS

Pediatric Palliative Care Drugs MarketSize and Trends

Global pediatric palliative care drugs market is estimated to be valued at US$ 83.1 billion in 2023 and is expected to exhibit a CAGR of 5.1% during the forecast period (2023-2030).

Global Pediatric Palliative Care Drugs Market - Drivers

Increasing launch of newer drugs in pediatric palliative care

Increasing launch of newer drugs in pediatric palliative care are expected to drive the global pediatric palliative care drugs market growth over the forecast period. For instance, on February 15, 2023, Ipilimumab [Yervoy] was approved by the U.S. Food and Drug Administration (FDA) as a single agent or in combination with nivolumab, for the treatment of unresectable or metastatic melanoma in adult and pediatric patients 12 years and older. The approval is assigned to Bristol-Myers Squibb Company, a U.S.-based manufacturer of prescription pharmaceuticals and biologics.

Market - Trends

Funding for better palliative care

Funding for better palliative care can drive the growth of the market. For instance, on December 10, 2021, the Minister for Health, Ireland funded US$ 10.6 million for palliative and end-of-life care through several national organizations, including the Irish Cancer Society. Hence, the new funding for palliative care in cancer is expected to boost the market growth over the forecast period.

Opening of new facilities for pediatric palliative care

Opening of new facilities for pediatric palliative care can drive the growth of the market over the forecast period. For instance, on October 9, 2022, Sparsh Hospice, an India-based hospital, opened a 10-bed pediatric palliative care ward on occasion of World Hospice and Palliative Care Day. These new palliative care facilities increase the widespread services that likely propel the market growth over the forecast period.