|Status : Published||Published On : Aug, 2021||Report Code : VRHC1232||Industry : Healthcare||Available Format :||Page : 191|
From USD 988.5 million in 2020, the global flu treatment market is predicted to grow to USD 1,425.0 million by 2027, registering a CAGR of 5.3% during the forecast period (2021–2027). The growth of this market is attributed towards due to rapid explosion of COVID-19 disease globally that is causing deaths massively across the globe, increasing technological upgradation and increasing research funding availed by government authorities towards treatment of such epidemic for flu is further bolstering the growth of global flu treatment market.
Flu that is also termed as influenza is considered to be a common viral infection. The common symptoms of flu are muscle aches, fever, headaches, chills, cough, runny nose and fever. It is observed that in case of flu respiratory tract is affected. Furthermore, it is observed that in case of COVID-19 it causes severe damage to the lungs and respiratory tracts and development of drugs under pipeline could further accelerate the growth of global flu treatment market.
Insight by Type
On the basis of type, the global flu treatment market is categorized into type A, type B and type C. Amongst these segments, type A segment is observed to generate significant revenue gains as the global epidemic that is COVID-19 comes in type A. Type A mutations are considered to be major flu epidemics that occur after every few years.
Insight by Route of Administration
On the basis of route of administration, the global flu treatment market is categorized into oral, parenteral and others. Amongst these segments, parenteral segment is expected to witness highest CAGR during the forecast period as the epidemic is causing lot of respiratory damage amongst the patients and is very dangerous and in order to tackle situation immediately the medicines are required to be injected in the intestine to gain rapid result.
Insight by Medication
Based upon medication, the global flu treatment market is segmented into analgesics, antiviral drugs, antihistamines and others. Of all medication, antiviral drugs are anticipated to generate largest revenue by 2025 as and when the vaccine would be developed it would cause rapid increase in demand and due to coronavirus cases globally antiviral drugs would be gaining massive demand.
Insight by End User
On the basis of end user, the global flu treatment market is segmented into hospitals, specialty clinics and others. Amongst these segments, hospitals segment is expected to witness highest CAGR during the forecast period as the number of patients suffering from COVID-19 are under isolation wards in the hospitals or are being taken care by hospital workers thus to treat patients or anyone the global flu treatment market would grow at massive rate.
Insight by Distribution Channel
On the basis of distribution channel, the global flu treatment market is classified into hospital pharmacy, retail pharmacy, and others. Amongst these segments, hospital pharmacy is expected to witness highest CAGR during the forecast period as the large numbers of patients across the globe are suffering from COVID-19 crisis that is further accentuating the global flu treatment market.
Increasing demand for medical needs at the time of epidemic, excessive number of coronavirus cases globally and increasing funding and grants provided by government authorities towards research and innovation of COVID-19 vaccine are the key factors that are driving the growth of global flu treatment market. COVID-19 came into notice from Dec 2019 in China and after that the number of cases and count of COVID-19 patients are increasing massively globally. This virus infection has no treatment, no vaccine till date and the only way to come out of this epidemic is to prevent its occurrence.
According to a report by WHO in March 2020, the number of coronavirus patients exceeded to 200000 and in almost after twelve days the number would exceed by 100000. Furthermore, this would not provide assurance or time to make things back to normal or right on track as all human activities whether economic or social has been hampered by this virus. Moreover, in order to combat the situation WHO (World Health Organization) has urged all developed and developing countries to invent a drug or vaccine that could treat the disease as a result to which global flu treatment market is anticipated to observe rapid growth.
However, increasing challenges prevailing due to patent expiration of branded drugs, research and development and launch of generic version to fight certain flus are few factors expected to hamper the growth of the global flu treatment market.
Geographically, Europe was the largest revenue contributor in the global flu treatment market in 2019 & 2020, due to massive growth of COVID-19 in the region. According to a report published by European Union, approximately 1,563,857 cases of COVID-19 has been discovered in Europe till first week of April and total deaths registered in the region were 95,044. As a result to this the demand for developing vaccines is out most important in order to reduce the death counts and those affected by the virus.
Countries such as Spain, Italy, Germany, France and U.K. registered largest number of patients affected with COVID-19 as a result to which government has allocated significant funds to innovation of vaccine that is expected to bolster the growth of the global flu treatment market.
Moreover, flu treatment market in Asia-Pacific is expected to witness highest CAGR during the forecast period owing to outbreak of COVID-19 in countries such as India that has recently exploded in the country, and also in China where the origin of COVID-19 patients occurred. Although China is observing improvement in death rates due to COVID-19, the patients recovering completely from the flu are still at huge numbers that are required to be treated as soon as possible as this disease is very contagious and could lead to severe health hazards.
Key players in the global flu treatment market are rapidly accentuating efforts such as investment in research and development, new product development and strengthening company strategic decisions in order to make the world recover from epidemic as soon as possible.
Some of the major players operating in the global flu treatment market are GlaxoSmithKline plc, AstraZeneca, Bristol-Myers Squibb Company, Sun Pharmaceutical Industries Ltd., Eli Lilly and Company, Novartis AG, NATCO Pharma Limited, Merck & Co., F. Hoffmann-La Roche Ltd, Inc., Bayer AG, Mylan N.V., Pfizer Inc., and Sanofi.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research