Hyderabad, India -- (SBWire) -- 01/29/2018 --The report "Influenza Market by Product (Drugs and vaccines), Consumer(Adults and Children), - Forecast to 2022", The Influenza market is expected to reach USD 10.73 Billion by 2022 from an estimated USD 6.13 Billion in 2017, at a CAGR of 8.54%. The key factors such as growth in the number of R&D activities, rising public awareness and increase in healthcare expenditure are driving the market. Other prominent factors influencing the market growth are cost-effectiveness of immunization, introduction of new medicines and increasing government initiatives for vaccination against influenza viruses.
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By products vaccines accounts for the largest share of the market in 2017
On the basis of products Influenza market has been segmented Drugs and Vaccines. In 2017, the Vaccine segment is expected to account for the largest share of the global Influenza market.Growth in this segment is mainly driven by the increase in the antigenic shift of influenza virus, complex regulatory framework, lack of cold storage facility, side-effects of the product (soreness, swelling, and redness), lack of advanced technology for early detection of new influenza virus, and remote areas with limited accessibility.
By Consumers, the children accounted for the largest share of the market in 2017
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On the basis of consumer's front, the Influenza market has been segmented into Adults and Children. In 2017, Children section is expected to account for the largest share of the global Influenza market. Growth in this section of consumers attributes to low immunity to diseases specially children under age of 3 years. It is also seen prominent in elderly people been affected chronically.
North America, Asia Pacific and African nations dominated the market in 2017
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North America accounted for the larger share of 50% the Influenza market in 2017, followed by Asia Pacific and Africa. The large share of the North American Influenza market can be attributed to the growth in research grants and funds in the US, focus on precision medicine and promotion healthcare system in the country. The majors reasons attributed to Asia pacific and African countries as a large section of population, especially in Asian and African countries are not immunized against influenza virus, thereby fueling the demand for the product in developing and under developed economies.
The various players in the Influenza market include Sanofi-Pasteur (U.S.), AstraZeneca (United Kingdom), F. Hoffmann-La Roche (Switzerland), Novartis (Switzerland), GlaxoSmithKline (U.K.), Pfizer Inc. (U.S.), Merck & Co. (U.S.), Abbott Laboratories (U.S.), Mitsubishi Tanabe Pharma Corporation (Japan), CSL Limited (Australia) among others.
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