The global flu diagnostic and treatment market was valued at US$ 13,844.403 million for the year 2019, growing at a CAGR of 8% to reach the market size of US$ 21,968.931 million by 2025. The global flu diagnostic and treatment market is poised to surge at a notable rate throughout the forecast period majorly on the account of the high prevalence of flu throughout the globe. The rising investments in the R&D by key market players in the expansion of product lines and especially for improving the quality of products for the betterment of health is also expected to propel the growth opportunities for the market to surge during the forecast period and beyond. In addition, the rising geriatric population throughout the globe in especially in countries like Japan, Italy and Germany among others along with the presence of well-established healthcare systems in these countries is also bolstering the flu diagnostic and treatment market growth during the next five years. The old age people need more care and better health facilities as they are more prone to flu due to a weak immune system. The need for quality flu diagnostic and treatment is required more for old people; this has further increased the demand for flu diagnostic and treatment kits. According to the World Bank Data, the population ages 65 and above of the total population have increased from 7.49% of the total population in the world in the year 2009 to 8.87% of the total world population in the year 2018. Influenza is considered as a communicable and highly contagious disease. However, the disease is characterized by a sudden onset of sore throat, muscle and joint pain, dry cough along with fever. However, the recovery without intense medical attention is possible, but, in some cases, this may lead to severe illness and sometimes leads to death, especially the high-risk population which primarily includes pregnant women, aged people, infants and people with immunosuppressive conditions.
Rising prevalence of influenza across the globe is significantly driving the market growth
The high prevalence of influenza around the globe coupled with the rising prevalence of influenza in numerous countries due to the non-availability of proper health care services and facilities is one of the prime factors which is driving the market growth for the coming five years. According to the U.S Department of Health and Human Services, the number of cases with influenza-like illness increased remarkably during the 2011-2012 season to 2017-2018 season, the number of influenza-like illness cases reached around 45,000,000 by the 2017-2018 season from 9,30,000 in 2011-2012 season. Furthermore, according to the World Health Organisation (WHO), North America saw the rise in influenza activity with majority people infected with influenza A viruses with at least 80% of adult influenza-associated hospitalizations were associated with influenza A viruses. The rise in influenza cases around the world is increasing the use of flu diagnostics and treatment for improving the health of people.
The growing prevalence of flu in many countries across the European and the Asia Pacific region is also propelling the market growth during the next five years.
Type A flu to rule the market
On the basis of the type of flu, the global flu diagnostic and treatment market has been classified into Type A and Type B viruses. The flu diagnostic and treatment market for type A virus is anticipated to hold a major market share throughout the forecast period as the type A virus is the most common flu virus that is diagnosed in many countries across the world. Similarly, the number of clinically diagnosed cases along with the number of hospitalizations with type A flu is also considerably higher than the type B segment. For instance, according to the report from the Europe Center for Disease Prevention and Control, during the last weeks of 2018-2019 flu season, there were a total of 16,472 positive sentinel specimens tested. Out of these around 99% were tested for Type A and only 1% were Type B.
The type B flu segment is projected to hold a low share in the market as its incidence is comparatively low than type A flu. However, the incidence of type B flu is growing, especially throughout the APAC region which is considered as one of the prime factors bolstering the growth of this segment over the forecast period.
Outpatient clinic expected to show notable growth during the next five years
On the basis of end-user, the global flu diagnostic and treatment market has been classified into hospital laboratories, outpatient clinics, and reference laboratory. The outpatient clinics' segment is anticipated to show decent growth during the next five years as these healthcare settings offer a point of care treatments at comparatively low costs. The hospital laboratory segment is projected to hold a significant share in the global flu diagnostic and treatment market during the next five years as hospitals offer long term care facilities and are considered as more reliable than other end-users.
Asia Pacific region to show robust growth
Geographically, the flu diagnostic and treatment market has been segmented into North America, South America, Europe, Middle East and Africa, Asia Pacific. The Asia Pacific region is anticipated to show a robust growth throughout the forecast period owing to the fact that there is an increasing prevalence of influenza in major countries of the region such as India, China, and Indonesia among others coupled with the rising healthcare expenditure, especially in the developing countries. The North American region is projected to hold a noteworthy market share on account of the availability of a well-established healthcare sector in countries like the U.S and Canada along with high healthcare spending. All these factors are collectively supporting the noteworthy share of North America in the global flu diagnostic and treatment market throughout the forecast period.
Competitive Insights
Prominent key market players in the global flu diagnostic and treatment market include Abbott, Thermo Fisher Scientific Inc., Quidel Corporation, Pfizer Inc., F. Hoffmann-La Roche Ltd, BD, 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’ global 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.
Segmentation
Frequently Asked Questions (FAQs)
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