The global influenza medication market size is projected to reach USD 993.7 million by 2026, exhibiting a CAGR of 2.2% during the forecast period. Increasing global burden of influenza will be one of the central forces driving the growth of this market. Influenza, or the flu, is a virus that infects the human respiratory system, that is, the throat, lungs, and nose. Usually, the infection subsides on its own, but sometimes it can turn severe and even prove to be fatal. According to the World Health Organization (WHO), every year influenza epidemics around the globe affect around 3 million to 5 million people and cause respiratory deaths between 290,000 and 650,000. The developed nations are also bearing the impact of this deadly virus. For instance, the US Centers for Disease Control and Prevention (CDC) states that since 2010, the occurrence of influenza-related illnesses in the US have been between 9 million and 45 million. In 2016-17, the CDC estimates that hospitalizations resulting from influenza alone will be around 500,000. Thus, such exponential rise in the prevalence of this infection will raise the influenza treatment market demand in the coming years.
In its new report, titled “Influenza Medication Market Size, Share & Industry Analysis, By Treatment (Baloxavir marboxil, Oseltamivir phosphate, Others), By Influenza Type (Influenza A, Influenza B),By Route of Administration (Oral, Others), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies,Others) and Regional Forecast, 2019-2026”, Fortune Business Insights™ states that the value of this market stood at USD 889.2 million in 2018.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Rising Threat from Risk Factors for Influenza to Propel the Market
Prominent among the influenza medication market trends is the threats posed by the risk factors inducing or worsening the effects of influenza infection in humans. According to the CDC, the people most at risk for flu complications include pregnant women, diabetics, asthmatics, adults aged 65 or older, young children, HIV/AIDS patients, cancer patients, and people suffering from chronic lung or heart condition. For example, congestive heart condition in a person can worsen if she contracts the flu infection. The influenza drugs market growth is further bolstered by the rising prevalence of these risk factors. For instance, the WHO estimates that approximately 235 million people worldwide are living with asthma currently, while 18.1 million new cancer cases were reported worldwide in 2018, the WHO states.
Strong Support to R&D Activities to Fuel the Market in North America
North America is anticipated to dominate the influenza medication market share in the forecast period as the region generated a revenue of USD 527.3 million in 2018. Financial and regulatory support to academic institutions and private companies for R&D for studying influenza virus mutations will be the primary growth factor for the market in the region. Other than this, high incidence of different types of influenza along with rising awareness about the disease will also expand the regional market.
Government initiatives, increasing disposable income, and growing awareness about the dangers of the infection will accelerate the influenza medication market revenue in Asia-Pacific. In Europe, influenza research is gathering momentum which is driving the market in the region, while in the Middle East and Africa, availability of subsidized drugs will augment the market.
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