Pune, Oct. 27, 2020 (GLOBE NEWSWIRE) -- 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.
Fortune Business Insights™ states that the value of this market stood at USD 889.2 million in 2018. The report also contains:
- Exhaustive research into the different market segments;
- Comprehensive assessment of the various drivers and challenges influencing the market;
- 360-degree analysis of the competitive landscape (company profiles, strategies, and product offerings); and
- Careful study of the regional dynamics shaping the market.
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INDUSTRY DEVELOPMENT:
- October 2019: Genentech, Inc. announced the FDA approval of Xofluza (Baloxavir Marboxil) for individuals at an elevated risk of developing influenza-related complications.
- October 2019: Shionogi & Co., Ltd. announced the filing of a supplemental New Drug Application (sNDA) for Xofluza (baloxavir marboxil) in Japan for the postexposure prophylaxis of influenza virus infection.
- August 2019: Shionogi & Co., Ltd. announced the approval of Xofluza (Baloxavir Marboxil) 20mg tablets for the treatment of influenza types A and B in patients over the age of 12 in Taiwan.
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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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Regulatory Support to Novel Therapies to Fire up Competition
Major players in this market are intensely engaged in developing new and unique therapies for influenza and regulatory authorities are providing the necessary support to the efforts, according to one of our leading analysts. Not only is this widening consumer choice, but it is also enhancing the market potential, as per the influenza medication market analysis.
Key Players Covered in the Influenza Medication Market Report:
• Alvogen
• Amneal Pharmaceuticals LLC
• Teva Pharmaceutical Industries Ltd.
• GlaxoSmithKline plc
• Seqirus (CSL)
• Genentech, Inc.
• Macleods Pharmaceuticals Ltd.
• Zydus Pharmaceuticals, Inc. (Zydus Cadila)
• Lupin Limited
• BIOCRYST PHARMACEUTICALS, INC.
• Shionogi & Co., Ltd.
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Influenza Medication Market Segmentations:
By Treatment
• Baloxavir marboxil
• Oseltamivir phosphate
• Others
By Influenza Type
• Influenza A
• Influenza B
By Route of Administration
• Oral
• Others
By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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