Market Analysis - Pediatric Medicine 2018
The global market for pediatric medicine was around $83.6 billion in 2014, potentially rising by about 4% annually until 2019 reaching $100.7 billion. Among the booming market rise categories Vaccines, inflammatory diseases, respiratory conditions and viral infections are key therapy areas, in addition to central nervous system (CNS) treatments and oncology. Obesity, conjointly with diabetes in later life, is a special concern (as well as for Type I diabetes itself, generally a childhood condition). Moreover, the growth of specialty drugs under the Orphan Drug Act has been an added boon for pediatric medicine with children being the most preys to rare diseases. Orphan drug diseases have also provided new opportunities for the industry to target pediatric drugs to treat childhood cancers, metabolic diseases and immune-related diseases. Pediatric medicine market’s significant rise through 2019 can be attributed to the industry becoming more familiar with designing and implementing trials in the pediatric population. In addition, the focus on commercially viable targets of high unmet clinical needs such as diseases designated under the Orphan Drug Act (ODA), those for pediatric oncology and the treatment of metabolic disorders.
However, surveys say that when assessing for clinicians prescribing a medicine which is off-label to a pediatric patient, 20% of physicians don’t inform the parent or guardian that they are doing so, and only 24% of physicians require legal consent. Thus it is evident that there is an increased risk of malpractice lawsuits without informed consent.
Reports say that researchers who have studied the impact of hospital medicine in 12 U.S. cities have found a “stunning” level of variation. The researchers were surprised at different models hospitalist programs carried out around the country. To their surprise different types of hospitalist programs function side by side in single markets. Nevertheless, when it comes to utilizing hospitalists, the American Hospital Association reported that 60 percent of hospitals staff these specialists today, up from only 30 percent 10 years ago. Physician/provider staffing, recruitment, and training are the major cost components for PHM programs. Overhead is generally low and includes such items as office space, office supplies, and telecommunication/internet expenses. Clinical supplies are provided by the hospital; all the hospitalist needs is a stethoscope, otoscope, and ophthalmoscope. Many hospitals and health systems have made a substantial investment in the acquisition and employment of physicians, even though many still lose $100,000 to $175,000 a year per physician. The hospital market in US is almost around $1tr with a steady growth of 3% every year from 2012-2017.