The Global Favipiravir Market is a potential high growth market with high estimated rise in market value between 2020 and 2026. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Favipiravir Market is primarily driven by its extensive utilization in the treatment of influenza infection, SARS, etc. Moreover, it is now 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 and Favipiravir works in the same mechanism for COVID-19 as in influenza viruses. Successful clinical trials related to the therapeutic efficiency and safety of Favipiravir drug in the treatment of COVID-19 is projected to further accelerate the market growth during the forecast timeline.
Source: SAI Research
The global Favipiravir Market has been segmented into component packaging type, disease, and end-user. By packaging type, the global Favipiravir Market is divided into 20 Tablets/Box, and 40 Tablets/Box. By disease, the global Favipiravir Market is divided into Influenza Viruses, Coronavirus (COVID-19), Severe Acute Respiratory Syndrome (SARS), Ebola, and Others. By end-users, the global Favipiravir Market is divided into Hospital, Clinics, Drug Store, and others. The Coronavirus (COVID-19) segment is anticipated to witness remarkable growth during the forecast period due to significant benefits of Favipiravir in the treatment of current pandemic COVID-19 coupled with rapid clinical trials and quick approvals as a safe drug for COVID-19 across the world.
The global Favipiravir Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Asia Pacific Favipiravir Market is holding the largest market share currently and is estimated to show the steady compound annual growth rate in the upcoming forecast period due to factors such as rising infection of influenza A viral infection due to environmental conditions, and the increasing number of COVID-19 cases across the region. Further, the presence of major market players such as Fujifilm Toyama Chemical, Cipla Limited, and Zhejiang Hisun Pharmaceutical is expected to accelerate the market growth in the region. The North America region is projected to witness the fastest growth rate due to the growing prevalence of seasonal influenza contamination and the high rise in the number of COVID-19 infection cases. The rapid clinical trial of this drug across the united states is expected to boost the regional Favipiravir market. The European region is also anticipated to register a significant growth rate due to cold environmental conditions that are favorable for the spreading of many viral infections including COVID-19. Moreover, one of the COVID-19 affected country Italy has started to use this drug for the treatment of novel coronavirus disease which is expected to create heavy demand across the region. LAMEA region is also expected to grow at a decent growth rate due to high cases of Ebola in the central Africa region. These reasons are expected to positively influence the market growth during the forecasted period from 2020 to 2026
Some of the key players in the global Favipiravir Market include Fujifilm Toyama Chemical Co., Ltd, Zhejiang Hisun Pharmaceutical Co., Ltd., Cipla Limited, Lasa Supergenerics Limited, Hisun Pharm, ChemRar Group., Beximco Pharmaceutcials Limited, Beacon Pharmaceuticals, Glenmark Pharmaceuticals, Medivector, Inc, and Sihuan Pharmaceuticals.
Global Favipiravir Market: By Packaging Type
Global Favipiravir Market: By Disease
Global Favipiravir Market: By End-User
Global Favipiravir Market: By Region