Global Favipiravir Market is expected to grow at a CAGR of 4.8% from 2020 to 2027
Favipiravir functions as a prodrug which undergoes ribosylation and phosphorylation to get converted into the active favipiravir-RTP which inhibits RNA dependent RNA polymerase to prevent the transcription and replication of the viral genome.
Influenza is currently representing the largest market share in the treatment segment for favipiravir market. As per the latest statistics provided by the World Health Organization (WHO), approximately 650,000 deaths are reported with influenza infection and it is estimated to cause severe illness in 3 to 5 million people worldwide. Countries having cool temperate climates are teeming grounds for influenza B viral infection whereas, tropical climate supports the spread of influenza A viral infection. Lack of self-hygiene and poor vaccination programs are the primary factors for the spread of influenza infection in developing countries. Ebola is a deadly viral infection affecting humans and non-human primates, the four species which are known for its infections in humans are Sudan, Zaire, Bundibugyo, and Taï of which the Zaire species is the most lethal. The mortality rate associated with Ebola is ranging from 22% to 88% and the onset of the disease is sudden and intense, transmitted rapidly in human beings by contact with bodily fluids. Currently, the entire globe is under the threat of COVID-19 infection, China being the epicenter, huge mortality rate and lack of vaccine increases the demand for favipiravir as a promising drug for the treatment of COVID-19 infection in the near future.
Browse the full report Favipiravir Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027 at https://www.atlanticmarketresearch.com/favipiravir-market
Hospital pharmacy is leading the distribution channel segment for the favipiravir market. It is imperative to take antiviral drugs under medical supervision as non-adherence to prescription might result in toxicity and severe drug-related side effects. Hospital pharmacist is critical in adjusting the dose regimen in accordance with a doctor’s prescription. Retail pharmacy gaining huge market traction in the developing regions on account of a significant increase in viral infections in slum areas and the ability to cater to medicinal requirements of patients residing in far-flung remote areas.
The Asia Pacific is presently dominating the geography segment for the favipiravir market. The chief attribute responsible for its market dominance is the significant rise in the incidence rate of influenza A. viral infection in the South East Asian region. The recurrent occurrence of seasonal influenza is due to factors such as the tropical climate, high humidity, and monsoon climate. Additionally, the domicile of major players such as Fujifilm Toyama Chemical Co., Ltd, Zhejiang Hisun Pharmaceutical Co., Ltd., Cipla Limited, Beximco Pharmaceuticals Limited, etc further propels the market growth in the region. Europe is in the Northern Hemisphere with a cool temperate climate which is teeming grounds for the rampant spread of influenza B. viral infection during the winter season. Central Africa has the most reported cases of Ebola infection in the world which increases the demand for the favipiravir market in the region. North America is anticipated to register magnificent market growth in the near future owing to the proactive role adopted by the healthcare agencies in conducting clinical trials to study the therapeutic efficacy and safety for the treatment of people suffering from COVID-19 infection.
Biopharmaceutical companies actively engaged in the manufacturing of favipiravir are Fujifilm Toyama Chemical Co., Ltd., Zhejiang Hisun Pharmaceutical Co., Ltd., Cipla Limited., Lasa Supergenerics Limited., ChemRar Group., Beximco Pharmaceuticals Limited., Beacon Pharmaceuticals., Clinigen Group and Medivector, Inc.
Market Key Takeaways:
- Significant increase in the number of RNA virus infection such as influenza, ebola, etc. throughout the globe
- Positive results obtained from clinical trial studies pertaining to the therapeutic efficacy and safety of favipiravir for the treatment of COVID-19
- The supportive regulatory environment provided by the global healthcare agencies for adopting favipiravir in the treatment of COVID-19
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