Global Influenza Market is Expected to exceed USD 6.87 Billion in 2021
Deerfield Beach, FL -- (SBWIRE) -- 11/30/2017 -- According to the report, the global influenza market is expected to reach USD 6.87 billion by 2020, growing at a CAGR of 8.33% till 2020.
Influenza is an infectious disease caused by the influenza viruses namely influenza A, influenza B, influenza C. It's a contagious disease commonly known as flu. Usually influenza virus spread through the air from sneezes and coughs. Influenza A virus furthers sub-segmented into neuraminidase and hemagglutinin.
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Influenza can be classified into seasonal, pandemic and zoonotic or variant. The flu pandemic occurs when new influenza virus A emerged into the body. This virus quickly spread disease from one person to another. Currently, H1N1 Influenza is affecting many people in more than 180 countries across the globe in 2009. A vaccine made for one year may not be useful in the following year since the virus evolves rapidly. Antiviral drugs such as the neuraminidase inhibitors oseltamivir among others have been used to treat influenza.
Increasing awareness regarding influenza is one of the major driving factors for global influenza market. Chances of getting influenza infection are rising across the world owing to lack of awareness about flu and its consequences. Thus, increase in awareness is expected to increase the targeted population for vaccination. Increase in industry-academia collaboration is also expected to boost the global influenza market.
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Increasing industry support to academic institutes is expected to create a synergy of the research expertise of academic institutions with the marketing intelligence of pharmaceutical companies, as well as providing funds to conduct trial studies. Moreover, world health organization (WHO) has also come up with a global action plan for influenza vaccination across the globe.
However, influenza market is expected to face a major challenge from the antigenic drift of influenza viruses. Influenza virus continuously evolves at a rapid pace. Additionally, lack of cold storage facilities presents a major challenge for the growth of influenza market.
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H1N1 vaccines account for a major chunk of influenza market with around 79% share of the total market in 2014. Influenza market is also segmented based on drugs and vaccines. Vaccines dominated the influenza market with over 80% share of the market in 2014. It is also expected to be the fastest growing market segment during the forecast period. On the basis of regions, global influenza market has been segmented as Americas, EMEA (Europe, Middle East, and Africa) and Asia Pacific. Americas dominated the global market with around 60% share of the global market in 2014. Americas was followed by EMEA and Asia Pacific respectively.
Some of the key industry participants in global influenza market include AstraZeneca, F. Hoffmann-La Roche, GlaxoSmithKline, Novartis, Sanofi-Pasteur and others. Global influenza market is led by top five companies including AstraZeneca, F. Hoffmann-La Roche, GlaxoSmithKline, Novartis, Sanofi-Pasteur. This five companies accounts for over two third shares of the global market.