According to Precision Business Insights, the Europe Influenza Market research report provides industry size and growth.
According to Precision Business Insights (PBI), the latest report the europe influenza market is expected to be worth USD 1.39 billion in 2022 and projected to grow at 9.5% CAGR from 2023 to 2029. Influenza is an upper respiratory tract disease and is caused by the influenza virus. Influenza virus is mainly three types namely Influenza A, Influenza B, and Influenza C. Influenza is a communicable disease, spread through a flu cough, droplets from the infected people, sneeze or talks. Influenza commonly occurs in geriatric population and children less than five years of age. The infection may be confirmed by testing the sputum, nose, or throat for the virus. A number of rapid tests are available however polymerase chain reaction that detects the virus'™s RNA is more accurate. The Europe Influenza market is growing at a significant rate owing to increase in geriatric population. Increase in vaccination awareness, rising investment by companies in research and development activities, and increasing number of immunization programs organized by the government are the major factors leading to the growth of Europe influenza market. The major market players have great pipeline products, initiatives by government bodies such as WHO and ECDC to control and prevent influenza, technological advancements in diagnostic tests also fuel the growth of influenza vaccine market. However, lack of required funding, limited opportunities for the production of vaccines, and stringent regulatory policies for new product approvals might hamper the growth of Europe Influenza drug market. Due to limitations in current technologies, the lengthy production times (approximately seven months), increasing prices of Influenza diagnostic kits, and difficulties in the storage of inventory also hinder the Europe influenza antiviral market. The Europe influenza drug market is segmented on the following basis-
Route of administration
Hospital pharmacies, retail pharmacies and others. Europe holds a dominant share in the global Influenza vaccine market after the U.S. The largest share is attributed to rising awareness regarding the influenza virus and disease, raising investment by companies in R & D, and increasing number of immunization programs organized by the government are some of the factors driving the Europe Influenza drug market. The increase in the prevalence of influenza in the European region is a major driving factor for the growth of European Influenza antiviral market. Change in lifestyle, food habituations, and climatic conditions in European countries such as Austria, Germany, U.K., Spain, and Switzerland, among others also increase the growth of Influenza vaccine market.
Some of the players in Europe influenza antiviral market are AstraZeneca (U.K.), F. Hoffmann-La Roche (Switzerland), GlaxoSmithKline Plc. (U.K.), Novartis AG (Switzerland), Sanofi (France), Protein Sciences Corporation (U.S.), Emergent Biosolutions (U.S.), BioCryst Pharmaceuticals.Inc. (U.S.), and Abbott Laboratories Inc. (U.S.)
In 2016, new four-strain influenza vaccine, Vaxigriptetra, regulatory dossier from Sanofi Pasteur approved in Europe. Vaccines are majorly preferred for the influenza treatment which is key revenue contributor for the growth of Europe Influenza drug market share. Launching of new products, technological innovations, and approvals from European Medical Agency for various drugs might fuel the growth of Europe Influenza market. Similarly, two vaccines Humenza and Arepanrix were authorized using the emergency procedure and contributed renewed interest in the Europe influenza market.