Europe flu diagnostic and treatment market is expected to surge at a CAGR of 4.71% throughout the forecast period. The flu diagnostic and treatment market in the European region is primarily driven by the increasing healthcare expenditure in various countries such as Germany, France, and Italy among others coupled with the growing incidence of intense flu across the numerous countries of the European region. The rising support from the governments of various countries in order to boost the healthcare sector and improve the healthcare infrastructure is also supporting the market growth in the European region throughout the forecast period. For instance, the Government of France is increasing its focus to reduce the burden of the out-of-pocket healthcare expenditure of the citizens by funding almost 80% of the healthcare expenditure of the country, and especially for those people who do not have any good complimentary insurance. All these factors collectively contribute to supplement the demand for costly treatments and healthcare services which, in turn, is anticipated to propel the flu diagnostic and treatment market growth in the European region during the next five years. Furthermore, the growing adoption of private healthcare in some of the countries coupled with the presence of well-established private healthcare is also bolstering the market growth during the coming years.
Increasing healthcare spending is spurring the market growth during the next five years
The healthcare sector of the European region is one of the most prominent sectors around the globe. The presence of major key players across the region is also supporting the market growth in the region throughout the forecast period. The rising healthcare expenditure in the various countries of the European region further shows the potential for the market growth across the region as the increasing healthcare spending further leads to an increase in the demand for costly medical services and treatments, thereby positively impacting the flu diagnostic and treatment market growth in Europe. For instance, according to data from the Federal Statistical Office (Destatis), in 2018 the healthcare expenditure in Germany reached 387.7 billion euros with an increase of 3.1% from the previous year. Similarly in the United Kingdom, the health expenditure increased from 171.6 £billion in 2016 to 177.4 £billion in 2017(Source: National Statistics-UK). Furthermore, in Spain, it increased from €78,170 million in 2006 to €100,056 million in 2016(Source: Organization for Economic Co-operation and Development).
Type A Flu to rule the market
On the basis of the type of flu, Europe flu diagnostic and treatment market has been classified into Type A and Type B. The Type A segment is anticipated to hold a major share in the market in Europe due to the fact that during the flu seasons the type A virus dominates all the other types of influenza viruses especially in the North-Western part of the European region. Furthermore, according to Europe Centre for Disease Prevention and Control, during the first detections of the flu season 2019-2020, the Type A virus accounted for 71% of the total cases across the WHO European region. All these factors collectively support the growth for Type A segment in Europe flu diagnostic and treatment market during the coming years.
The United Kingdom is expected to show robust growth over the forecast period
On the basis of country, the European flu diagnostic and treatment market has been segmented on the basis of Germany, France, UK, Spain, Italy, Russian Federation, Lithuania, Norway and Sweden among others. Germany is projected to hold a noteworthy share in the market throughout the forecast period owing to the fact that there is a high prevalence of influenza in the country and the presence of a well-established healthcare sector. The United Kingdom is projected to show robust growth opportunities for the market to surge during the coming years due to the continuous outbreaks of flu throughout the country over the past years and is expected to grow during the next five years.
Prominent key market players in Europe flu diagnostic and treatment market include Abbott, F. Hoffmann-La Roche Ltd, Meridian Bioscience, and 3M among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in Europe flu diagnostic and treatment market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.