Published On: Jan 15, 2018
In order to gain momentum in their businesses, companies operating in the global influenza medication market mostly resort to research and development and strategic collaborations. Besides this, a recent study by Transparency Market Research (TMR) has revealed that market players are keen on launching novel drugs and invest in product development to gain competitive strength. While these strategies unfold the companies’ aim of establishing a stronger hold in the global influenza medication market, they are also indicative of potential drug launches. This could enable the global influenza market gain significant pace in the coming years.
According to TMR, the global influenza medication market, which stood at US$1,699.7 mn in 2016, is likely to reach US$2,012.6 mn by the end of 2025, expanding at a moderate 1.4% CAGR during this time. Based on distribution channel, the pharmacies segment held lead with a share of 37.2% in the global influenza medication market in 2016. The spike in the number of pharmacy stores worldwide, will enable the segment clock a steady growth through the course of the report’s forecast period. Regionally, North America held lead and within the region the US has emerged as the most lucrative market for influenza medication. The rising adoption of high-cost therapies has spiked prospects for the influenza medication market in North America.
Demand for Influenza Medication to Rise in Response to Increasing Incidence of Flu
The global influenza medication market thrives on the rising incidence of influenza and infections. If statistics are observed closely, the market is stronger especially in regions that record a higher incidence of flu and other diseases. For instance, CDC found that nearly 5% to 20% of people living in the US are affected with flu each year. Furthermore, nearly 200,000 people are hospitalized every year, while nearly 36,000 die because of complications triggered during flu. Besides such high incidence of illnesses, favorable government policies relating to the prevention and treatment of influenza also supports the market’s trajectory. In emerging regions such as Asia Pacific, the influenza market is likely to gain from the rising incidence of ailments and availability of healthcare facilities at a low cost.
As per recent studies, the global influenza medication market chiefly gains momentum from the increased spending on various immunization programs. Besides this, research and development activities conducted by the market players aimed at launching novel therapeutics will enable the market gain strength in the coming years. In addition, government schemes spreading awareness regarding influenza virus, and rising knowledge about the availability of influenza drugs will enable the market maintain a steady pace through the forecast period.
Market Witnesses Threat from Looming Patent Expiries
On the downside, patent expiry of blockbuster drugs pose threat to the global influenza medication market. The looming patent expiries have created an environment conducive to the growth of generic counterparts. Given the scenario, the market is likely to witness the entry of generic drugs in the coming years, which does not bear a good news. Also the rising awareness regarding the side-effects of anti-influenza therapies pose considerable threat to the global influenza medication market.
To counter the impending threats, the market players are increasingly focusing on research and development. However, lengthy clinical trials and stringent approval processes in several countries are acting as hindrances. In the coming years, these challenges can be mitigated with focused research targets and investment in correct sectors. Also government support will prove much favorable for the global influenza medication market in the coming years.
This review is based on a TMR report, titled “Influenza Medication Market (Product - Zanamivir, Oseltamivir, Peramivir, Amantadine, Rimantadine, Inosine, and Laninamivir Octanoate; Distribution Channel - Hospitals, Clinics, and Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast, 2017-2025.”
The report segments the global influenza medication market as:
Global Influenza Medication Market, by Product
- Other (Laninamivir Octanoate, etc.)
Global Influenza Medication Market, by Distribution channel
Global Influenza Medication Market, by Geography
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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