Global Favipiravir Market Size By Type (Original Drug, Generic Drug), By Application (Influenza Viruses, HIV, SARS, Ebola), By Geographic Scope And Forecast
Report ID: 116615|No. of Pages: 202
Global Favipiravir Market Size By Type (Original Drug, Generic Drug), By Application (Influenza Viruses, HIV, SARS, Ebola), By Geographic Scope And Forecast
Favipiravir Market Size And Forecast
Favipiravir Market size was valued at USD 2.13 Billion in 2022 and is projected to reach USD 3.04 Billion by 2030 growing at a CAGR of 4.56% from 2023 to 2030.
The Global Favipiravir Market is primarily driven by the increasing incidence of infectious diseases, such as COVID-19, and the growing demand for effective antiviral drugs. Favipiravir, also known as Avigan, is an antiviral drug that has shown promising results in the treatment of COVID-19. The drug has received emergency use authorization in several countries, leading to an increase in demand for Favipiravir. Additionally, the drug’s low cost and ease of production have made it an attractive option for countries facing shortages of other antiviral drugs. These factors are expected to drive the growth of the Global Favipiravir Market in the coming years.
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Global Favipiravir Market Definition
Favipiravir is an antiviral drug that has gained widespread attention as a potential treatment for COVID-19. The drug was developed by Fujifilm Toyama Chemical and is also known by the brand name Avigan. Favipiravir works by inhibiting the replication of RNA viruses, including influenza and other respiratory viruses.
Favipiravir has shown promising results in clinical trials for the treatment of COVID-19, particularly in patients with mild to moderate symptoms. The drug has been approved for emergency use in several countries, including Japan, India, and Russia. Favipiravir is currently being studied in clinical trials to evaluate its efficacy in treating other viral diseases, including Ebola and Lassa fever.
Favipiravir is an oral medication that is typically administered twice daily for 5-10 days, depending on the severity of the infection. The drug is generally well-tolerated, with few reported side effects. However, it is not recommended for use in pregnant women or those with severe renal impairment.
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Global Favipiravir Market Overview
The Global Favipiravir Market is primarily driven by the increasing incidence of viral infections and the growing demand for effective antiviral drugs. The COVID-19 pandemic has had a significant impact on the market, with Favipiravir emerging as a potential treatment option for patients with mild to moderate symptoms. The drug’s low cost and ease of production have made it an attractive option for countries facing shortages of other antiviral drugs.
However, the market may face challenges due to the availability of other antiviral drugs, such as remdesivir, and the potential emergence of new strains of viruses that may be resistant to Favipiravir. Additionally, the drug has not been approved for use in some countries, including the United States, which may limit the drug’s market potential.
In conclusion, the Global Favipiravir Market has experienced significant growth due to the COVID-19 pandemic. The drug has shown promising results in clinical trials for the treatment of COVID-19, leading to increased demand for Favipiravir. The market is expected to continue to grow in the coming years, driven by the increasing incidence of viral infections and the growing demand for effective antiviral drugs. However, the market may face challenges due to the availability of other antiviral drugs and the potential emergence of new strains of viruses that may be resistant to Favipiravir.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Favipiravir Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Favipiravir Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Global Favipiravir Market Segmentation Analysis
The Global Favipiravir Market is segmented on the basis of Type, Application, and Geography.
Favipiravir Market, By Type
- Original Drug
- Generic Drug
Based on Type, the market is bifurcated into Original Drug and Generic Drug. Original drug refers to the brand-name version of the medication developed and marketed by the original manufacturer who holds the patent rights. These drugs are generally more expensive than their generic counterparts, and their manufacturers have exclusive rights to market and sell them. On the other hand, generic drugs are bioequivalent versions of the original drugs that are developed and marketed by other manufacturers after the patent rights of the original manufacturer expire. These drugs are generally cheaper than their brand-name counterparts and offer a cost-effective alternative to patients.
Favipiravir Market, By Application
- Influenza Viruses
- HIV
- SARS
- Ebola
- Others
Based on Application, the market is bifurcated into Influenza Viruses, HIV, SARS, Ebola, and Others. Favipiravir is primarily used as an antiviral medication and has shown promising results in the treatment of various viral infections. Influenza viruses, including avian and swine flu, are among the major applications of Favipiravir. The drug has been shown to be effective in reducing the duration of symptoms and the severity of the illness in patients with these viruses.
Apart from influenza viruses, Favipiravir has also shown potential in the treatment of other viral infections such as HIV, SARS, Ebola, and others. These viruses are known to cause severe illnesses, and the development of effective treatments for them is a crucial area of research.
Favipiravir Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of Geography, the Global Favipiravir Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is expected to dominate the market, owing to the high prevalence of viral infections in the region and the significant investments made in the healthcare sector. Moreover, the availability of low-cost generic drugs in countries like India and China is also expected to contribute to the growth of the market in the region.
North America and Europe are also expected to witness significant growth, driven by the increasing adoption of Favipiravir as a potential treatment for COVID-19 and other viral infections. Overall, the Global Favipiravir Market is expected to grow significantly in the coming years, driven by the increasing demand for antiviral medications and the growing focus on developing effective treatments for viral infections.
Key Players
The “Global Favipiravir Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Fujifilm Toyama Chemical, CSPC Pharmaceutical Group, Reyoung Pharmaceutical, Sihuan Pharmaceutical, Hisun Pharm, Dr. Reddy’s Laboratories Ltd., Glenmark Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., and Cipla Limited.
Our market analysis includes a section specifically devoted to such major players, where our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. Key development strategies, market share analysis, and market positioning analysis of the aforementioned players globally are also included in the competitive landscape section.
Key Developments
- In June 2022, Wockhardt sold four OTC drugs to Glenmark Pharma’s US arm.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Fujifilm Toyama Chemical, CSPC Pharmaceutical Group, Reyoung Pharmaceutical, Sihuan Pharmaceutical, Hisun Pharm, Dr. Reddy’s Laboratories Ltd., Glenmark Pharmaceuticals Ltd. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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Data Collection Matrix
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Industry Analysis Matrix
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