The global favipiravir market is anticipated to grow at a CAGR of 4.1% during the forecast period. Favipiravir is a broad-spectrum antiviral that has shown promise in the treatment of influenza virus infections, Ebola, COVID-19, and others. With the surging prevalence of such diseases, the demand for favipiravir is also growing at an alarming rate, thereby driving the market growth. As per the Centers for Disease Control and Prevention estimates, there were 9 million – 41 million illnesses, 140,000 – 710,000 hospitalizations, and 12,000 – 52,000 mortality reported in 2020 due to influenza virus infections. Furthermore, the usage of favipiravir drugs in the treatment of COVID-19 is also expected to create new growth opportunities. However, clinical trials are going on in the US, Italy, and Japan and as of now, it is believed that the drug could come out as a potential treatment for COVID-19. As favipiravir possesses high utility for treating patients with COVID-19. For instance, in May 2020, the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and the ChemRar Group announced the start of the final stage of the multicenter randomized open comparative clinical trial of the drug Favipiravir on patients hospitalized with a COVID-19. 

Apart from these, favipiravir is also considered an effective drug for Ebola. This anti-viral medication works by inhibiting the viral RNA polymerase in the replication of virus infection within infected cells. The use of favipiravir has resulted in fewer deaths due to this disease when compared with earlier times. In addition, the other factors that are also contributing effectively to the growth of the market include the growing demand for biological drugs and increasing R&D investments for novel drug development. 

Segmental Outlook  

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 Influenza A&B segment is expected to hold a considerable share in the market. Favipiravir is primarily used in the treatment of Influenza A&B as it is active against influenza A and B viruses including strains that are resistant to other classes of antiviral drugs. The high prevalence of Influenza is the foremost factor boosting the demand for favipiravir, hence driving the segment growth. Similarly, based on distribution channels, the market is sub-segmented into hospitals & clinics, drug stores/pharmacies, and online. Among these, the hospitals & clinics segment is expected to hold the highest share in the market during the forecast period due to the increasing number of hospitals & clinics globally and significant investment in healthcare by the population, and supportive government initiatives toward healthcare infrastructure development. 

Regional Outlook 

Geographically, the global favipiravir market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America will contribute a significant share of overall market growth. The region has a high presence of patients affected with Ebola and SARS and due to this, the demand for favipiravir drugs is also high. In addition, the growing geriatric population with numerous viral outbreaks, and increasing demand for influenza treatment are the supportive factors for the market growth. 

Global Favipiravir Market Growth By Region, 2022-2028

Asia-Pacific is Expected to Witness Fastest Growth in Favipiravir Market

Geographically, Asia-Pacific emerged as the fastest-growing region in the market during the forecast period. The regional growth is attributed to the factors such as extensive use of this drug in the treatment of COVID-19 disease in China and Japan in the Asia Pacific region and rapid development in healthcare infrastructure due to supportive government initiatives. Apart from these, pharmaceutical companies operating in the market are developing advanced technologies and launching new services to fulfill the growing market needs by adopting competitive strategies including mergers & acquisitions, and new service and drug developments. For instance, in April 2021, FUJIFILM Toyama Chemical Co., Ltd initiated a new phase III clinical trial in Japan concerning its anti-influenza drug Avigan Tablet (Avigan; generic name: favipiravir) for treating COVID-19 patients. 

Market Players Outlook

The major market players in the global Favipiravir mask market include Beacon Pharmaceuticals Ltd., 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 April 2020, Generics drugmaker Beximco developed favipiravir, an antiviral drug that is being used by China to treat COVID-19 patients in partnership with Beacon Pharmaceuticals. 

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global favipiravir market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.