Favipiravir Market 2022-2028

Title:Global Favipiravir Market Size, Share and Trends Analysis Report, By Application (Influenza A&B, Ebola, COVID-19, and Others), By Distribution Channel (Hospitals & Clinics, Drug Stores/Pharmacies, and Online) Forecast Period (2022-2028).

The global favipiravir market is anticipated to grow at a substantial CAGR of 4.1% during the forecast period. The global favipiravir market growth is driven by the presence of major players that are contributing effectively to the growth of the market by continuous development of new drugs targeting Influenza A&B, Ebola, COVID-19, and other diseases. The rising regulatory approvals for the manufacturing and marketing of antiviral drug favipiravir is also the factor driving the market growth. For instance, in July 2020, Cipla Ltd. Received approval for the launch of the anti-viral drug favipiravir in India under the brand name 'Ciplenza' for the treatment of COVID-19 patients. The drug has been jointly developed by Cipla and CSIR-Indian Institute of Chemical Technology (IICT). Similarly, in June 2020, India-based Glenmark Pharmaceuticals got approval for the manufacturing and marketing of favipiravir under the brand name FabiFlu to treat mild to moderate COVID-19.

The global favipiravir market is segmented based on application and distribution channels. Based on application, the market is sub-segmented into Influenza A&B, Ebola, COVID-19, and others. Among these, the use of favipiravir in COVID-19 disease treatment is expected to increase more during the forecast period, thereby driving segment growth. Ongoing R&D and clinical trials for the efficacy of favipiravir in the treatment of COVID-19 will drive segment growth. Similarly, based on distribution channels, the market is sub-segmented into hospitals & clinics, drug stores/pharmacies, and online.

Geographically, the favipiravir market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is projected to witness notable growth in the market during the forecast period. The increasing prevalence of Ebola in Europe is increasing the demand for favipiravir. The increased approval of the favipiravir drug has positively affected regional market growth. In November 2019, the European Commission granted marketing authorization to Merck's vaccine, known as Ervebo for Ebola. The vaccine was designed at Canada's National Microbiology Laboratory with funding from the U.S. government's Biomedical Advanced Research and Development Authority, for the protection against the Zaire species of Ebola.

The major market players in the global favipiravir market include Fujifilm Toyoma Chemicals Co. Ltd., Cipla Ltd., Sun Pharmaceutical Industries Ltd, Glenmark Pharmaceuticals Ltd., and Dr. Reddy's Laboratories Ltd., among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in July 2020, Dr. Reddy's Laboratories Ltd. Collaborated with Fujifilm to launch the innovator brand of favipiravir "Avigan" in India. The partnership accelerated the company's development, manufacture, and sales of Avigan tablets.

Research Methodology

The market study of the global favipiravir market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

• Global Favipiravir Market Research and Analysis by Application
• Global Favipiravir Market Research and Analysis by Distribution Channel

The Report Covers:

• Comprehensive research methodology of the global favipiravir market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global favipiravir market.
• Insights about market determinants that are stimulating the global favipiravir market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.