Favipiravir Market is expected to witness a substantial CAGR from 2020 to 2030
Market Industry Reports (MIR) has published a new report titled “Favipiravir Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global favipiravir market is expected to witness a substantial CAGR from 2020 to 2030.
To deal with the current situation of COVID-19 pandemic, there are increasing Emergency Use Authorizations (EUAs) granted for drugs, which have shown promising results against COVID- 19. In February 2020, favipiravir was first studied in China for experimental treatment of the emergent COVID-19 pandemic. Owing to the positive results shown by favipiravir, several countries are granting emergency approvals for the treatment of COVID-19 patients showing mild to moderate symptoms. For instance, in June 2020, Glenmark Pharmaceuticals received manufacturing & marketing approval for antiviral drug Favipiravir (brand name FabiFlu) for such treatment in India. It has shown clinical improvements of up to 88% in COVID-19, with a rapid reduction in the viral load in around four days.
Another factor contributing to the growth of the favipiravir market is the accelerated production of the drug to meet the growing demand for the treatment of COVID-19. For instance, in April 2020, FUJIFILM Corporation expanded its manufacturing capacity at FUJIFILM Toyama Chemical Co., Ltd. to boost the production of its influenza antiviral drug, Avigan Tablet. In the future, the company is planning to accelerate production up to 300,000 treatment courses by September 2020. Additionally, it is establishing strategic partnerships with domestic and overseas companies to source raw materials and pharmaceutical substances for various manufacturing processes.
Despite, the positive results of favipiravir in the treatment of mild to moderate symptoms of COVID-19, the current lack of regulatory approvals in several regions as well as purchase restrictions are likely to restraint the market growth. Moreover, the extensive research conducted to find better alternatives for favipiravir may also have a negative impact on the favipiravir market.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Favipiravir Market By Application (Influenza and COVID-19), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/favipiravir-market/377
The market growth is likely to accelerate in North America and Europe during the forecast period owing to the increasing cases of COVID- 19 and extensive clinical trials being conducted in these regions. There are extensive clinical trials being conducted in several countries, such as the U.S., Canada, Italy, France, the UK, and others, to evaluate the effectiveness of favipiravir in the treatment of COVID-19. For instance, in May 2020, Appili Therapeutics Inc. announced Health Canada’s regulatory clearance for Appili’s Phase 2 study evaluating FUJIFILM Toyama Chemical’s (FFTC) favipiravir as a preventative measure against COVID-19 outbreaks. The partially-blinded, cluster-randomized placebo-controlled trial was to be conducted on approximately 760 subjects at long-term care facilities in Ontario, Canada.
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.
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