Market Industry Reports (MIR) has published a new report titled “Favipiravir Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global favipiravir market is expected to witness a substantial CAGR from 2020 to 2030.
To deal with the current situation of COVID-19 pandemic, there are increasing Emergency Use Authorizations (EUAs) granted for drugs, which have shown promising results against COVID- 19. In February 2020, favipiravir was first studied in China for experimental treatment of the emergent COVID-19 pandemic. Owing to the positive results shown by favipiravir, several countries are granting emergency approvals for the treatment of COVID-19 patients showing mild to moderate symptoms. For instance, in June 2020, Glenmark Pharmaceuticals received manufacturing & marketing approval for antiviral drug Favipiravir (brand name FabiFlu) for such treatment in India. It has shown clinical improvements of up to 88% in COVID-19, with a rapid reduction in the viral load in around four days.
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Top Players:
Some of the prominent players in the global favipiravir market are FUJIFILM Toyama Chemical Co., Ltd., Zhejiang Hisun Pharmaceutical Co., Ltd., HTC “Chemrar”, Beximco Pharmaceuticals Ltd., Beacon Pharmaceuticals Limited, Glenmark Pharmaceuticals Ltd., Rameda, Dr. Reddy’s Laboratories Ltd., and Strides Pharma Science Limited, among others.
Another factor contributing to the growth of the favipiravir market is the accelerated production of the drug to meet the growing demand for the treatment of COVID-19. For instance, in April 2020, FUJIFILM Corporation expanded its manufacturing capacity at FUJIFILM Toyama Chemical Co., Ltd. to boost the production of its influenza antiviral drug, Avigan Tablet. In the future, the company is planning to accelerate production up to 300,000 treatment courses by September 2020. Additionally, it is establishing strategic partnerships with domestic and overseas companies to source raw materials and pharmaceutical substances for various manufacturing processes.
Despite, the positive results of favipiravir in the treatment of mild to moderate symptoms of COVID-19, the current lack of regulatory approvals in several regions as well as purchase restrictions are likely to restraint the market growth. Moreover, the extensive research conducted to find better alternatives for favipiravir may also have a negative impact on the favipiravir market.
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Favipiravir Market Segmentation:
Major Applications of Covered are:
- Influenza
- COVID-19
Major Applications of Covered are:
- Hospital Pharmacies,
- Retail Pharmacies,
- and Online
The market growth is likely to accelerate in North America and Europe during the forecast period owing to the increasing cases of COVID- 19 and extensive clinical trials being conducted in these regions. There are extensive clinical trials being conducted in several countries, such as the U.S., Canada, Italy, France, the UK, and others, to evaluate the effectiveness of favipiravir in the treatment of COVID-19. For instance, in May 2020, Appili Therapeutics Inc. announced Health Canada’s regulatory clearance for Appili’s Phase 2 study evaluating FUJIFILM Toyama Chemical’s (FFTC) favipiravir as a preventative measure against COVID-19 outbreaks. The partially–blinded, cluster–randomized placebo-controlled trial was to be conducted on approximately 760 subjects at long-term care facilities in Ontario, Canada.
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The Favipiravir Market Report Holds Answers to Some Important Questions like:
- What is the size of occupied by the prominent leaders for the forecast period, 2019 to 2030? What will be the share and the growth rate of the Favipiravir Market during the forecast period?
- What are the future prospects for the Favipiravir Market industry in the coming years?
- Which trends are likely to contribute to the development rate of the industry during the forecast period, 2019 to 2030?
- What are the future prospects of the Favipiravir Market industry for the forecast period, 2019 to 2030?
- Which countries are expected to grow at the fastest rate?
- Which factors have attributed to an increased sale worldwide?
- What is the present status of competitive development?
Table of Contents
- INTRODUCTION
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottom Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecasting Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
- Overview
- Drivers
- Barriers/Challenges
- Opportunities
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