The U.S. flu diagnostic and treatment market is projected to grow at a CAGR of 14.01% throughout the forecast period to reach a market value of US$32,324.419 million by 2027. The market was valued at US$12,906.707 million in 2020.
According to the CDC (Center for Disease Control and Prevention), influenza is the leading cause of death by a vaccine-preventable disease and the eighth leading cause of death in the United States, together with pneumonia. Seasonal influenza results in more than US$10 billion of total economic burden to the country’s healthcare system and society per year.
Rising flu cases in the country are driving this notable growth
The increasing number of flu cases in the country is significantly fuelling the market growth of the United States flu diagnostic and treatment market. There is a high intensity of seasonal flu outbreaks in the country. For the 2018-19 flu season (October 1, 2018-May 4, 2019), the CDC estimated up to 42.9 million cases of flu, up to 647,000 hospitalizations, and up to 61,200 flu deaths. This high intensity is attributed to the rising number of people suffering from chronic diseases and a growing geriatric population in the country.
According to the United States Census Bureau, all baby boomers will be older than age 65 by 2030, expanding the size of the older population such that 1 in every 5 residents will be at retirement age. Also, 6 in 10 adults in the U.S. suffer from a chronic disease. As a result, the rise in the number of hospitalizations due to influenza-like illness (ILI) is spurring the demand for flu diagnostic kits and treatment solutions in the country.
Declining flu vaccination rates in the country are also a driving factor for the growing flu diagnostic and treatment market in the United States. According to a survey by the National Foundation for Infectious Diseases (NFID) in 2018, although 60 percent of the American population thinks of the flu vaccine as the best preventive measure against flu-related deaths and hospitalizations, only 52 percent planned to get one in 2019. The well-established healthcare sector in the country is also driving the market growth of the flu diagnostic and treatment market.
The United States flu diagnostic and treatment market has been segmented based on the type of flu, offering, age group, and end-user. Based on the type of flu, the market has been classified into type A and type B. By offering, the market has been segmented into diagnostics and therapeutics. The U.S. flu diagnostic and treatment market has been segmented by age group into 0-14 years, 15-64 years, and >=65 years. By the end-user, the market segmentation has been done based on the hospital laboratory, outpatient clinic, and reference laboratory.
Key Developments:
COVID-19 Impact:
The pandemic outbreak had a negative impact on the overall market growth in the U.S. Precautions taken to fight the Covid-19 pandemic which include wearing masks and surgical gloves, use of hand sanitizers, and social distancing have declined the occurrence of flu cases in the U.S. The Centers for Disease Control and Prevention has logged only 1,316 positive flu cases in its surveillance network between September 2020 and the end of January 2021. However, as covid-19 cases drop in 2021 the flu cases have started increasing in most of the province lies in the U.S. In 2022, the number of reported flu-related hospital admissions has increased each week for the past seven weeks. (Source: CDC) which is projected to have a positive impact on market growth.
Segmentation