Category : Healthcare and Pharmaceuticals | Published at : September-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for favipiravir is expected to grow at a CAGR of around 4.4% from 2020 to 2027 and expected to reach the market value of around US$ 213.5 Mn by 2027.
Favipiravir is an antiviral drug that was initially approved for the treatment of influenza in Japan and was resistant to oseltamivir and zanamivir therapies. It’s a pyrazinecarboxamide derivative with Molecular Formula C5H4FN3O2. It can be administered orally or intravenously and inhibits viral replication of RNA viruses by interfering with viral RNA polymerase function. These are used in the treatment of Influenza A and B viruses, ebola virus, yellow fever, Nipah virus, and COVID-19 (on trial) and are available in packaging type of 20 tablets/box, and 40 tablets/box among others.
Market Dynamics
The rising prevalence of RNA viral infections such as influenza, ebola, among others is driving the market growth. The promising clinical trial studies pertaining to the therapeutic efficacy and safety of favipiravir in the treatment of coronavirus infection is propelling the market growth. Favipiravir now in 2020 approved by some of the countries as a drug for prevention and treatment of COVID-19 as Covid-19 shares the common symptoms with influenza virus. Furthermore, the increasing investment in R&D activities across the healthcare sector is projected to provide potential growth over the estimated period.
On the other side, high capital investment and restrictions are projected to limit the growth over the forecast period from 2020 to 2027.
Hospital segment has registered a major revenue share in the global market
By the end-user, the hospital segment is leading the market with major revenue share (%). The use of favipiravir is intended for chronic diseases whose patients require hospitalization and serious treatment, which are the factors supporting the segmental market value. The rapid development of hospitals in developing and underdeveloped economies is propelling the segmental market value.
Asia Pacific accounted for the dominating share in the Favipiravir market
In 2019, Asia Pacific is leading the market with maximum share (%) in terms of revenue (US$ Mn) and also projected to maintain its dominance over the estimated period from 2020 to 2027. The presence of major players in the region such as Cipla Limited, Fujifilm Toyama Chemical Co., Ltd, Glenmark Pharmaceuticals, and Lasa Supergenerics Limited are particularly supporting the regional market value. The major economies of the region including Japan, China, and India are major contributors to regional market growth. The increasing disposable income and rapid advancement in the healthcare sector in terms of infrastructure, research proposals, and medicines is bolstering the regional market value. The increasing investment in R&D activities especially for COVID-19 by major players is further contributing to the regional market growth. Moreover, the region is also anticipated to exhibit the fastest growth with major CAGR (%) throughout the estimated timeframe from 2020 to 2027.
The players profiled in the report include Beacon Pharmaceuticals (Bangladesh), Beximco Pharmaceuticals Limited (Bangladesh), ChemRar Group, Cipla Limited (India), Fujifilm Toyama Chemical Co., Ltd (Japan), Glenmark Pharmaceuticals (India), Hisun Pharm (China), Lasa Supergenerics Limited (India), Medivector, Inc (US), Sihuan Pharmaceuticals, and Zhejiang Hisun Pharmaceutical Co., Ltd (China). The major favipiravir players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer need for the favipiravir. The rapidly increasing number of COVID-19 disease cases across the globe is pushing global players to develop and supply vaccines to restrict the increasing number of coronavirus cases.
Market Segmentation
Market By Disease
Influenza Viruses
Coronavirus (COVID-19)
Severe Acute Respiratory Syndrome (SARS)
Ebola
Others
Market By End-User
Hospital
Clinics
Drug Store
Others
Market By Geography
North America
- U.S
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The rising prevalence of RNA viral infection such as influenza, ebola, among others, promising clinical trial studies pertaining to the therapeutic efficacy and safety of favipiravir in the treatment of coronavirus infection, rapid advancement in the healthcare sector in terms of infrastructure, research proposals, and medicines, and approval by some of the countries as a drug for prevention and treatment of COVID-19 are some of the factors driving the market growth.
The market for favipiravir is expected to reach a market value of around US$ 213.5 Mn by 2027.
The favipiravir market is expected to grow at a CAGR of around 4.4% from 2020 to 2027.
Beacon Pharmaceuticals (Bangladesh), Beximco Pharmaceuticals Limited (Bangladesh), ChemRar Group, Cipla Limited (India), Fujifilm Toyama Chemical Co., Ltd (Japan), Glenmark Pharmaceuticals (India), Hisun Pharm (China), Lasa Supergenerics Limited (India), Medivector, Inc (US), Sihuan Pharmaceuticals, and Zhejiang Hisun Pharmaceutical Co., Ltd (China) are the prominent players in the market.
Asia Pacific region held the highest market share in the favipiravir market.
The hospital is the leading segment by end-user in the favipiravir market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
