Global Pediatric Palliative Care Drugs Market, By Drug Class (Analgesics, Anti‐emetics, Laxatives, Adjuvant Medications, Steroids, Sedatives, Neuroleptic Medications, and Others), By Route of Administration (Oral, Topical, and Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The strategies adopted by key market players like acquisitions is expected to drive the global pediatric palliative care drugs market growth over the forecast period. For instance, on September 13, 2022, Eton Pharmaceuticals, Inc., a U.S. based pharmaceutical company, announced the acquisition of the product betaine anhydrous for oral solution. This acquisition allowed Eton Pharmaceuticals, Inc. to further advance its mission of commercializing products for small, underserved orphan populations, and it will continue to seek out attractive late-stage rare disease such as Stoneman Syndrome, Alkaptonuria products to expand its portfolio.
Global Pediatric Palliative Care Drugs Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global pediatric palliative care drugs market due to restrictions such as lockdowns imposed worldwide. For instance, according to an article published by Journal of Pain and Symptom Management in July 2022, the impact of COVID-19 pandemic and lockdowns was studied in the U.K. 106 children and young people were studied having life-limiting or life-threatening conditions. As per the study, disruption within treatment, reduction in support and coordination from the services providers resulted in delay of treatment. This impacted negatively on treatment and hence on global pediatric palliative care drugs market.
Global Pediatric Palliative Care Drugs Market: Key Developments
Increasing launch of newer services that can improve palliative care are expected to drive the market growth.
For instance, on October 7, 2021, 11 palliative care organizations such as CanSupport, Delhi; Romila Palliative care, Mumbai; Tata Memorial Hospital, Mumbai; PalCare, Mumbai; Sukoon Nilaya, Mumbai; Cipla Palliative Care & Training Centre and others launched ‘Saath Saath’ helpline in India for people and their families who need palliative care. The helpline is a national free-of-cost service where patients, caregivers and healthcare providers can be connected to the nearest palliative care center when required. By offering pan-India coverage in multiple languages, this service aims that no person with a serious illness feels alone and can be connected to options such as pain relief, physiotherapy, diet advice, and family counselling to assist them and their caregiver, with the help of qualified healthcare professionals and trained volunteers.
Browse 39 Market Data Tables and 36 Figures spread through 160 Pages and in-depth TOC on Global Pediatric Palliative Care Drugs Market, By Drug Class (Analgesics, Anti‐emetics, Laxatives, Adjuvant Medications, Steroids, Sedatives, Neuroleptic Medications, and Others), By Route of Administration (Oral, Topical, and Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pediatric-palliative-care-drugs-market-4251
Key Takeaways of the Global Pediatric Palliative Care Drugs Market:
- The global pediatric palliative care drugs market is expected to exhibit a CAGR of 5.1% during the forecast period. Funding by the government is expected to accelerate research and development activities. For instance, on August 10, 2022, Massachusetts legislators allocated more than US$ 8.7 million for the U.S. 2023 fiscal year budget to support pediatric palliative care access. The funding is intended to support seriously and terminally ill children and expand the palliative care services to them. Services provided through the program include consultation for pain and symptom management, nursing services, mental health counseling, family support, and bereavement care.
- Among distributive channel, the hospital pharmacies segment is expected to dominate the global pediatric palliative care drugs market over the forecast period, owing to the launch of new palliative care services in hospitals. For instance, on October 14, 2022, Wadia Children Hospital, an India-based specialized pediatrics hospital started home-based palliative care services. The hospital authorities partnered with Cipla Foundation, an organization providing comprehensive care to patients living with Thalassemia to set up this pediatric palliative home care service named Titli. This facility will cater to children with chronic conditions or serious illness, helping alleviate suffering and improve the overall quality of live.
- Among region, North America is expected to be the dominant region in the global pediatric palliative care drugs market, owing to the increasing approvals of newer drug products in the region. For instance, on April 16, 2023, the U.S. Food and Drug Administration (FDA) approved Dabrafenib (Tafinlar) in combination with trametinib, for the treatment of pediatric patients 1 year of age and older with low-grade glioma (LGG) with a BRAF V600E mutation who require systemic therapy. The approval is assigned to Novartis AG, a Switzerland-based global healthcare company.
- The major players operating in the global pediatric palliative care drugs market include Novartis International AG, Mylan NV, Teva Pharmaceutical Industries Ltd., Amneal Pharmaceuticals, Inc., Mallinckrodt Pharmaceuticals, Anqiu Lu'an Pharmaceutical Co., Ltd., Granules India Limited, Zhejiang Kangle Pharmaceutical Co., Ltd., Farmson Pharmaceutical Gujarat Pvt. Ltd., Atabay Pharmaceutical Factory, Anhui Fubore Pharmaceutical & Chemical Co., Ltd, Huzhou Konch Pharmaceutical Co., Ltd., Alnylam Pharmaceuticals Inc., Eton Pharmaceuticals, Inc, and Eisai Inc.
