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The global influenza medication market size is slated to reach USD 993.7 million by 2026 owing to increasing demand for effective drugs to contain the spread of the disease. This information is shared by Fortune Business Insights™ in its new report, titled “Influenza Medication Market Size, Share & Industry Analysis, By Treatment (Baloxavir marboxil, Oseltamivir phosphate, Others), By Influenza Type (Influenza A, Influenza B), By Route of Administration (Oral, Others), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies, Others) and Regional Forecast, 2019-2026”. The report additionally states that the market value stood at USD 889.2 million in 2018 and it is expected to grow at a CAGR of 2.2% from 2019 to 2026.
FDA Green Lights Genentech’s Single-dose Xofluza
California-based Genentech, Inc., the biotechnology subsidiary of Roche, declared in October 2019 that the US Food and Drug Administration (FDA) had cleared its breakthrough sing-dose influenza drug, Xofluza (Baloxavir Marboxil). Serving as the first and the only oral antiviral medicine, the offering is specifically aimed at treating patients facing an elevated risk of developing complications from influenza infection. According to the Centers for Disease Control and Prevention (CDC), people with chronic conditions such as asthma, morbid obesity, diabetes, and cancer and pregnant women and adults over the age of 65 are at high risk of flu complications. The development of advanced therapies such as these is one of the leading influenza medication market trends as the prevalence of the flu infection is steadily spreading around the world, especially in the developing nations. A leading cause for this spread is the growing prevalence of chronic conditions which providing the breeding ground for the virus to multiply.
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Launch of Awareness Campaigns by International Bodies to Favor Market Growth
One of the main factors fuelling the influenza treatment market growth is the awareness campaigns launched by global organizations. For example, the WHO/Europe’s Flu Awareness Initiative took off in 2013 as an attempt to spread awareness about the influenza vaccine. The campaign is held every year in the last week of October to promote the uptake of influenza shot among the population. Regional healthcare authorities are also launching their own awareness campaigns. For instance, the CDC holds a National Influenza Vaccination Week (NIVW) to highlight the importance of the influenza vaccine among the American public. These campaigns have upped the influenza drugs market demand.
Dominance of a Few Big Players to Monopolize Competition
“Presence of a limited number of companies has monopolized competition in this market, making it difficult for new players to enter the arena”, says one of our lead analysts. The dominance of these players is founded on their diversified product portfolio and strong financial base for sustained R&D activities. Moreover, innovative offerings are expected to receive timely regulatory approvals, given the threats posed by the flu on public health, according to the influenza medication market forecast.
Top Companies Profiled in the Influenza Medication Market Report:
Further Report Findings:
Global Influenza Medication Market Scope Table of Segmentation:
Value (USD million)
By Influenza Type
By Route of Administration
By Distribution Channel