The European flu diagnostic and treatment market is expected to surge at a CAGR of 12.19% throughout the forecast period. The market is expected to reach a value of US$27,492.135 million by 2027, from US$12,290.191 million in 2020.
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 increasing 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 on reducing the burden of the out-of-pocket healthcare expenditure of its citizens by funding almost 80% of the healthcare expenditure of the country, especially for those who do not have any good complimentary insurance. All these factors collectively contribute to supplementing 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 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 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 market growth across the region, as the increasing healthcare spending 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, healthcare expenditure in Germany reached 387.7 billion euros with an increase of 3.1% from the previous year. Similarly, in the United Kingdom, 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, the European flu diagnostic and treatment market has been classified into Type A and Type B. The Type A segment is expected to dominate the European market due to the fact that during flu season, the Type A virus dominates all other types of influenza viruses, particularly in the North-Western part of the European region. Furthermore, according to the European 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 of the Type A segment in the European 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, the UK, Spain, Italy, the Russian Federation, Lithuania, Norway, and Sweden, among others. Due to the high prevalence of influenza in the country and the presence of a well-established healthcare sector, Germany is projected to hold a noteworthy share of the market throughout the forecast period. 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.
Key Developments in the Market
COVID-19 Insights
COVID-19 had a positive impact on the Europe Flu diagnostic and treatment market. Due to the similarity of the two diseases' symptoms and the speed with which they spread, medical professionals had to do both diagnostic tests for each virus in order to provide effective treatment, which increased demand for the influenza diagnostic and treatment market. Several pharmaceutical behemoths created a single diagnostic test for both viruses to streamline the detection procedure in response to the increased demand for efficient diagnostic testing for the virus. These elements fueled the market expansion.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2020 | US$12,290.191 million |
| Market Size Value in 2027 | US$27,492.135 million |
| Growth Rate | CAGR of 12.19% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Type of Flu, Offering, Age Group, End-User, And Country |
| Regions Covered | Germany, France, United Kingdom, Spain, Italy, Norway, Sweden, Others |
| Companies Covered | Abbott, Quidel Corporation, F. Hoffmann-La Roche Ltd, BD, Thermo Fisher Scientific Inc., 3M, Sekisui Diagnostics, Meridian Bioscience™ |
| Customization Scope | Free report customization with purchase |
Key Market Segmentation