As a global push for developing pediatric medicine continues, more research and clinical trials are being given the opportunity to advance. While an imperative body of medicine, pediatric drugs have historically been underserved. In China, this unsaturated market is expected to expand rapidly, and as such, the demand for pediatric drugs will grow in tandem. Fortunately, China is home to the world’s second-largest pediatric drug market, with rich opportunities for research and medical advancement.
A Look at the Pediatric Drug Market
On a global scale, the pediatric drug market is expected to reach a value of approximately $116.6 billion by 2024. The growth of this medical market can be attributed to the rise of birth rates across various geographical locations compared to years prior, along with increased rates of fatal pediatric cases stemming from various diseases, infections, cancers, and malnutrition. Children often suffer from a wide range of diseases due to lower immunity, and as cases continue around the world, so too does medical research and the development of pediatric drugs. In the last few decades, there has been strong pressure placed on pharmaceutical companies to develop pediatric drugs with particular emphasis on drugs for rare and ultra-rare diseases.
Competition in the Market
Like any global market, the pediatric drug market is no stranger to competition. Currently, North American pharmaceutical companies are dominant players in the pediatric drug market, but as technologies advance and demands change around the world, more key players are entering the pediatric medicine scene.
China’s Growing Need for Pediatric Drugs
Since China implemented the “Two-child” policy back in 2016, population estimates for the future have risen steadily. By 2024, China’s child population is expected to reach 269 million. While China’s young population is on track to climb, the children’s drug market only accounts for roughly 5 percent of the entire pharmaceutical industry in China. With an unsaturated market prospected to see increased demand in the next few years, the prospects are broad and the rate of industry expansion is high.
Opportunity for Pediatric Drug Research in China
With an unsaturated market positioned well for new advancements, China presents an incredible opportunity for the development of pediatric medicine. Policies are in place to encourage research and development, to strengthen hospital equipment, and to support those invested in pediatric medicine. While China boasts rich opportunity for the pediatric market, tapping into the Chinese market is not always so simple when coming from an outsider position. The best option for those looking to engage the Chinese pediatric market is to find an already established connection with international frameworks in place.
Enter the Chinese Pediatric Market with MyBioGate
MyBioGate is an acceleration program that connects healthcare companies around the world to the Chinese market. Based in Texas, USA, MyBioGate is a revolutionary program providing medical researchers with the resources, funding, consultation services, and support they need to push the boundaries of medical exploration. Innovation is given the chance to flourish, and with a diligent screening process, medical pioneers are assured an ideal fit with dedicated investors. Click here to learn more.