Favipiravir Market Overview and Introduction

Favipiravir is an oral anti-viral drug that was first discovered in a laboratory screening for potential anti-viral properties against the influenza virus by FUJIFILM Toyama Chemical Co., Ltd. It is an RNA-directed RNA polymerase (NS5B) inhibitor, which has been approved in Japan for the treatment of influenza A (including avian and H1N1 infections) and for the treatment of influenza B infection. Additionally, in trials conducted on animals, Favipiravir has shown activity against the West Nile virus, yellow fever virus, foot & mouth disease virus, and other viruses such as arenaviruses, bunyaviruses, and alphaviruses, among others. It is a pro-drug that is converted intracellularly into its active form (favipiravir-RTP) and thus perceived as a substrate by the virus, RNA polymerase, which inhibits RNA polymerase activity. In the current situation, it is speculated as a potential candidate for the treatment of mild to moderate symptoms in COVID-19 patients.

The favipiravir market is primarily driven by extensive validation of the drug in several clinical trials conducted worldwide. Owing to its positive results in clinical trials, several companies have been granted emergency approvals for its sales and marketing in different regions. Several countries are encouraging clinical trials on favipiravir for the treatment of COVID-19. For instance, King Abdullah International Medical Research Center (KAIMRC) is encouraging several hospitals in Saudi Arabia to help in the development of effective treatments against the coronavirus. Moreover, increasing manufacture on a commercial scale by several companies to cope up with the rising demand for the drug is further contributing to the growth of the favipiravir market. However, the extensive research for finding alternative treatment options for COVID-19 and purchase restrictions are inversely affecting the market growth.

The global favipiravir market is segmented by application, distribution channel, and region.

Favipiravir Market By Application

Based on application, the favipiravir market is segmented into influenza and COVID-19. The COVID-19 segment is anticipated to grow at the fastest CAGR during the forecast period owing to extensive clinical trials and increasing regulatory approvals for favipiravir as a treatment choice for COVID-19 patients in different regions, among others.

Favipiravir Market By Distribution Channel

Based on distribution channel, the market can be segmented into hospital pharmacies, retail pharmacies, and online. The hospital pharmacies segment accounted for the largest market share owing to the increasing supply and availability of favipiravir tablets at hospital pharmacies. Additionally, the increasing cases of COVID-19 patients that have been hospitalized will further propel the growth of the hospital pharmacies segment.

Favipiravir Market By Region

The global favipiravir market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). In 2019, Asia Pacific accounted for the largest market share owing to the presence of prominent players, favorable regulatory approvals, and improving healthcare facilities, among others. Moreover, companies in this region are collaborating and entering into partnerships for increasing the production of favipiravir. For instance, in July 2020, FUJIFILM Corporation entered into a partnership with India’s Dr. Reddy's Laboratories Ltd. and Dubai-based Global Response Aid for the development, manufacture, and sales of Avigan Tablets, a potential drug for the treatment of COVID-19.

Favipiravir Market Prominent 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.