South America flu diagnostic and treatment market is projected to grow at a CAGR of 5.25% throughout the forecast. Rising cases of influenza in countries like Brazil, Argentina, and Chile is augmenting the demand for flu diagnostic and treatment solutions in the region. The growing prevalence of chronic diseases in South American countries is also leading to a rising incidence of influenza-like illness (ILI) which, in turn, is spurring the market growth of flu diagnostic and treatment across the South American region. According to the World Health Organization (WHO), the prevalence of diabetes has increased steadily in Brazil since 1980, with 7.4% of males and 8.8% of females suffering from diabetes. The increasing number of hospitalizations due to influenza is driving the demand for flu diagnostic and treatment solutions in South America. The rising aging population is another factor behind the growing incidence of flu in the region, thus driving the overall regional market growth.
Despite increasing efforts taken by governments by focusing on vaccination campaigns so as to make people receive regular flu shots, people are refusing to take vaccines against influenza. As such, the number of people with flu is augmenting in the region, thus positively impacting the market growth of flu diagnostic and treatment market in South America. Moreover, vaccination deficits at pharmacies is also responsible for the ever-growing number of flu patients in South America, thus positively impacting the regional market growth. For example, in Chile, more than 4,500 refusals of influenza vaccinations of minors were reported in 2019 in the framework of the nationwide campaign. The rising number of outbreaks of new flu viruses will continue to drive the South American flu diagnostic and treatment market as people who get their flu shots regularly are still not immune to these new strains. The rising influx of international tourists in South American countries is also a leading cause of the spread of new virus strains which, in turn, is further bolstering the market growth of flu diagnostic and treatment in this region.
Increasing demand, as well as easy availability for OTC (over-the-counter) medicines for treating influenza, is also a driving factor for the market growth of flu diagnostic and treatment across the region. According to the Chilean Ministry of Economy, flu drugs represent around 6 percent of total over-the-counter product sales in the country. Supportive government initiatives and investments to boost healthcare infrastructure in South American countries are further contributing to the growth of the flu diagnostic and treatment market. Increasing demand for private medical diagnosis and treatment is also supporting the market growth of flu diagnostic and treatment in South America.
South 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 South American flu diagnostic and treatment market has been classified on the basis of type A and type B. Type A accounted for the significant market share in 2019 and will continue to maintain its dominance till the end of 2025. By offering, the market has been segmented into diagnostics and therapeutics. The South 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 South 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 Brazil, Argentina, and Others. Brazil holds the major market share throughout the forecast period.
Prominent key market players in South America flu diagnostic and treatment market include Thermo Fisher Scientific Inc., Abbott, Quidel Corporation, Pfizer Inc., Multilab- Takeda Company, and altona Diagnostics GmbH. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in South 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.