The Latin America Influenza Market size is expected to reach USD 0.66 billion by 2027 from USD 0.45 billion in 2022, growing at a CAGR of 7.87% during the forecast period.
The influenza virus is infectious and spreads by respiratory droplets. It can also be passed from one person to another through conversation or physical touch. The influenza virus is constantly spreading, resulting in regional epidemics and outbreaks that kill thousands of people. The changing nature of the virus necessitates an annual vaccination strain modification to match the influenza virus strain.
One of the key factors driving the influenza market expansion in the Latin American region is increased government assistance and surveillance surrounding influenza vaccination to monitor the availability, distribution, and delivery of flu vaccines. In addition, rising government support and increased investment by key market participants have enabled the development of therapeutically effective vaccines, moving the influenza vaccine market forward.
Developing a new vaccination is a lengthy process that takes about 10-15 years from start to finish, including testing for safety and efficacy. In addition, regulatory restrictions for clinical trials differ by country, potentially delaying vaccine development and limiting market expansion.
The main factors that influence the results of influenza diagnostic tests are sensitivity and specificity. The antigenic diversity of influenza viruses is the primary cause of the complexity of the tests. As a result, the sensitivity and specificity of influenza diagnostic tests vary, affecting the final test results. False-negative results are more common than false-positive results due to this aspect, especially during peak influenza season, which is a primary factor limiting the growth of the influenza diagnostics market. Furthermore, the high cost of access to cost-effective vaccines stifles market expansion in Latin America during the forecast period.
This research report on the Latin American influenza market has been segmented and sub-segmented into the following categories:
By Product Type:
By Disease Indications:
Geographically, during the forecast period, the Latin American market is expected to project a healthy growth rate. Factors such as the strong presence of leading market players, high prevalence of seasonal influenza in this region, development of newer vaccines, increased government focus on immunization programs, and advancements in vaccine administration are expected to favor this regional market during the forecast period.
In this regional market, countries such as Mexico and Brazil are predicted to occupy the most significant share during the forecast period due to the growing focus of governments in countries such as Mexico and Brazil on improving healthcare facilities, increased incidence of seasonal influenza, government initiatives, rising disposable income, and rapid economic development all contribute to the growth of the influenza vaccine market in the area.
KEY MARKET PLAYERS:
Companies playing an influential role in the Latin American influenza market profiled in this report are Sanofi-Pasteur (U.S.), AstraZeneca (United Kingdom), F. Hoffmann-La Roche (Switzerland), Novartis (Switzerland), GlaxoSmithKline (U.K.), Pfizer Inc. (U.S.), Merck & Co. (U.S.), Abbott Laboratories (U.S.), Mitsubishi Tanabe Pharma Corporation (Japan) and CSL Limited (Australia).
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