PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555474
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555474
Influenza Medications Market size was valued at USD 932.43 million in 2023, expanding at a CAGR of 7.2% from 2024 to 2032.
Medications for influenza are utilized to either treat or prevent infections caused by the flu. Antiviral drugs that target influenza viruses serve as a crucial complement to the influenza vaccine in managing the disease. These antiviral agents function by hindering the replication of the influenza virus, which in turn alleviates the severity and shortens the duration of symptoms. Their efficacy is maximized when administered promptly, preferably within 48 hours of the onset of symptoms. Thus, influenza medications play a vital role in alleviating flu symptoms and mitigating the overall effects of the infection.
Influenza Medications Market- Market Dynamics
The increasing incidence of influenza is expected to drive the growth of the market
Influenza is a recurring illness that manifests seasonally, resulting in annual outbreaks across various regions globally. The heightened occurrence during the flu season leads to an increased demand for pharmaceutical interventions. Additionally, sporadic flu pandemics or epidemics can considerably elevate the incidence of influenza, resulting in surges in the need for antiviral therapies and preventive strategies. The Centers for Disease Control and Prevention (CDC) estimates that this season has witnessed at least 35 million cases, 400,000 hospitalizations, and 25,000 fatalities attributed to the flu. Moreover, advancements in the development of antiviral medications and integrated treatment methodologies present significant growth opportunities for the market. Nonetheless, the high costs associated with novel medications may pose challenges to market expansion.
Influenza Medications Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.2% over the forecast period (2024-2032)
Based on Drug Type segmentation, Antiviral drugs were predicted to show maximum market share in the year 2023
Based on Influenza Type segmentation, Influenza A was the leading type in 2023
Based on Age Group segmentation, Adults were the leading type in 2023
Based on Route of Administration segmentation, Oral was the leading type in 2023
Based on Distribution Channel segmentation, Hospital pharmacies were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Influenza Medications Market is segmented based on Drug Type, Influenza Type, Age Group, Route of Administration, Distribution Channel, and Region.
The market is segmented into three classifications according to Drug Type: Antiviral drugs, Antihistamines, and Analgesics and Antipyretics. Antiviral drugs hold a dominant position in the market. These drugs are formulated to alleviate the intensity and length of flu symptoms, and in certain instances, they may also avert complications.
The market is classified into two segments according to the influenza type: Influenza A and Influenza B. Influenza A holds a predominant position in the market. It is recognized for its role in triggering yearly flu epidemics and possesses the capacity to result in pandemics owing to its rapid mutation capabilities.
The market is classified into three segments according to age groups: Adults, Pediatric, and Geriatric. The Adult segment dominates the market. The Influenza Medications Market focused on adults represents a crucial segment, given that adults frequently experience seasonal influenza, with the severity of the illness influenced by factors such as age, underlying health conditions, and vaccination history.
The market is segmented into three categories according to the route of administration: Oral, Inhaled, and Intravenous. The Oral category holds a dominant position in the market. Oral antiviral medications are frequently the primary option for combating influenza, especially in the treatment of mild to moderate cases.
The market is segmented into three distinct categories according to the Distribution Channel: Hospital pharmacies, Retail pharmacies, and online pharmacies. Hospital pharmacies dominate the market. Hospitals necessitate efficient antiviral treatments to care for patients who are at an increased risk of severe outcomes, including the elderly, individuals with pre-existing health conditions, and those with compromised immune systems.
Influenza Medications Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads the market, driven by an increase in the adoption of advanced drug therapies and a rise in healthcare spending. The regulatory framework in North America, especially in the United States, facilitates the expedited approval and implementation of new influenza treatments. This includes access to innovative therapies that may not yet be accessible in other regions. In 2022, a total of 37 new drugs, referred to as novel drugs, were approved for the first time in the U.S. Additionally, previously approved drugs were authorized for new applications, including new indications and patient demographics, as reported by the National Center for Health Statistics. Europe positions as the second largest region for market expansion, attributed to increasing awareness and early diagnosis.
The Influenza Medications Market exhibits a high level of competitiveness, characterized by numerous pharmaceutical firms striving to secure a larger share, especially within the antiviral sector. A significant focus of this competition lies in the innovation of new antiviral medications that employ unique mechanisms of action. Firms that allocate resources towards research and development to formulate advanced influenza therapies capable of overcoming resistance and providing enhanced efficacy or convenience are strategically positioning themselves to seize future market opportunities. Additionally, these companies are working to establish a robust presence in emerging markets, where a substantial population and a rising incidence of influenza present considerable sales potential. There is also a concerted effort among companies to promote awareness regarding the advantages of early antiviral intervention, particularly during the flu season.
In May 2024, AstraZeneca is set to present new clinical and real-world findings from its prominent inhaled, biologic, and early-stage respiratory portfolio at the American Thoracic Society (ATS) International Conference, taking place in San Diego, CA, from May 17 to May 22, 2024. The company will unveil 59 abstracts, which include 12 late-breaking posters, concentrating on the unmet needs associated with chronic obstructive pulmonary disease (COPD), severe asthma, and eosinophilic granulomatosis with polyangiitis (EGPA), along with other chronic respiratory conditions.
In October 2023, Sanofi and Teva Pharmaceuticals, a U.S. subsidiary of Teva Pharmaceutical Industries Ltd. announced a partnership aimed at the co-development and co-commercialization of the asset TEV'574. This asset is presently undergoing Phase 2b clinical trials for the treatment of Ulcerative Colitis and Crohn's Disease, both of which are forms of inflammatory bowel disease.