North America flu diagnostic and treatment market is projected to grow at a CAGR of 8.76% throughout the forecast. The growing incidence of influenza in countries like the U.S., Canada, and Mexico is significantly bolstering the demand for flu diagnostic and treatment solutions in the North American region. The rising number of hospitalizations due to influenza-like illness (ILI) is driving the demand for flu treatment solutions which, in turn, is fuelling the market growth of flu diagnostic and treatment across this region. According to the CDC (Center for Disease Control and Prevention), in the U.S. and Canada, influenza, together with pneumonia, is the eight and seventh leading cause of death respectively while the leading cause of death amongst vaccine-preventable diseases in both countries. A fewer number of people in North American countries are taking flu shots which is also a driving factor behind the growing flu diagnostic and treatment market in North America.
The growing geriatric population in North American countries such as the U.S., Canada, and Mexico is also spurring the demand for flu diagnostic kits and treatment solutions across the region. According to the U.S. Population Reference Bureau Report 2016, the number of Americans aged 65 and above is projected to more than double from 46 million in 2016 to 98 million by 2060. Since old age people can catch flu easily due to a weak immune system, the number of hospitalizations will increase as more people reach 65 or above age and thus, will continue to propel the market growth of flu diagnostic and treatment in North America during the next five years. Moreover, the increasing number of people suffering from chronic diseases in these countries will also boost the demand for flu diagnostic and treatment market across the region.
The presence of modern healthcare infrastructure is also contributing to the market growth of flu diagnostic and treatment market in the region. This growth is further supported by the presence of major market players including Abbott, Thermo Fisher Scientific, Pfizer, and Quidel Corporation in the region. Continuous investments in R&D in order to develop new diagnostic kits or any flu treatment medication will also spur the overall market growth of flu diagnostic and treatment market in North America during the forecast period. For example, in October 2018, Abbott got clearance from the U.S. Food and Drug Administration (FDA) for its next-generation Influenza A & B2 and Strep A2 molecular assays for point-of-care testing.
Growing demand for OTC (over-the-counter) medicines to treat symptoms of flu is also leading to the market growth of flu diagnostic and treatment market across North American countries. Rising awareness among people to treat common flu symptoms by self-medication is boosting the demand for OTC drugs. Moreover, these medicines are cheaper than branded/patented flu medications which is also a contributing factor to the increasing demand for OTC flu medicines, thereby driving the flu diagnostic and treatment market growth in the region.
North America flu diagnostic and treatment market has been segmented on the basis of the type of flu, offering, age group, end-user, and country. On the basis of the type of flu, the North American flu diagnostic and treatment market has been classified on the basis of type A and type B. By offering, the market has been segmented into diagnostics and therapeutics. The North American flu diagnostic and treatment market has also been segmented by the age group as 0-14 years, 15-64 years and >=65 years. By the end-user, the segmentation of the North American flu diagnostic and treatment market has been done on the basis of hospital laboratory, outpatient clinic, and reference laboratory. By country, the market segmentation has been done as the U.S., Canada, and Mexico. U.S. accounted for the major market share in 2019 and will maintain its dominance till the end of 2025 by growing at the highest CAGR during the forecast period.
Prominent key market players in North America flu diagnostic and treatment market include Thermo Fisher Scientific Inc., Abbott, Quidel Corporation, Pfizer Inc., F. Hoffmann-La Roche Ltd, BD, and 3M. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in North America 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.