In order to gain momentum in their businesses, companies operating in
the global influenza medication market mostly resort to research and
development and strategic collaborations. Besides this, a recent
study by Transparency Market Research (TMR) has revealed that market
players are keen on launching novel drugs and invest in product
development to gain competitive strength. While these strategies
unfold the companies’ aim of establishing a stronger hold in the
global influenza medication market, they are also indicative of
potential drug launches. This could enable the global influenza
market gain significant pace in the coming years.
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According to TMR, the global influenza medication market, which stood
at US$1,699.7 mn in 2016, is likely to reach US$2,012.6 mn by the end
of 2025, expanding at a moderate 1.4% CAGR during this time. Based on
distribution channel, the pharmacies segment held lead with a share
of 37.2% in the global influenza medication market in 2016. The spike
in the number of pharmacy stores worldwide, will enable the segment
clock a steady growth through the course of the report’s forecast
period. Regionally, North America held lead and within the region the
US has emerged as the most lucrative market for influenza medication.
The rising adoption of high-cost therapies has spiked prospects for
the influenza medication market in North America.
The global influenza medication market thrives on the rising
incidence of influenza and infections. If statistics are observed
closely, the market is stronger especially in regions that record a
higher incidence of flu and other diseases. For instance, CDC found
that nearly 5% to 20% of people living in the US are affected with
flu each year. Furthermore, nearly 200,000 people are hospitalized
every year, while nearly 36,000 die because of complications
triggered during flu. Besides such high incidence of illnesses,
favorable government policies relating to the prevention and
treatment of influenza also supports the market’s trajectory. In
emerging regions such as Asia Pacific, the influenza market is likely
to gain from the rising incidence of ailments and availability of
healthcare facilities at a low cost.
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As per recent studies, the global influenza medication market chiefly
gains momentum from the increased spending on various immunization
programs. Besides this, research and development activities conducted
by the market players aimed at launching novel therapeutics will
enable the market gain strength in the coming years. In addition,
government schemes spreading awareness regarding influenza virus, and
rising knowledge about the availability of influenza drugs will
enable the market maintain a steady pace through the forecast
period.
On the downside, patent expiry of blockbuster drugs pose threat to
the global influenza medication market. The looming patent expiries
have created an environment conducive to the growth of generic
counterparts. Given the scenario, the market is likely to witness the
entry of generic drugs in the coming years, which does not bear a
good news. Also the rising awareness regarding the side-effects of
anti-influenza therapies pose considerable threat to the global
influenza medication market.
To counter the impending threats, the market players are increasingly
focusing on research and development. However, lengthy clinical
trials and stringent approval processes in several countries are
acting as hindrances. In the coming years, these challenges can be
mitigated with focused research targets and investment in correct
sectors. Also government support will prove much favorable for the
global influenza medication market in the coming years.
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Transparency Market Research (TMR) is a market intelligence company,
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exclusive blend of quantitative forecasting and trends analysis
provides forward-looking insight for thousands of decision makers.
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Each TMR syndicated research report covers a different sector - such
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TMR’s syndicated reports strive to provide clients to serve their
overall research requirement.
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