Global Favipiravir Market Size By Type (Original Drug, Generic Drug), By Application (Influenza Viruses, HIV, SARS, Ebola), By Geographic Scope And Forecast
Published on: 2024-08-08 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Global Favipiravir Market Size By Type (Original Drug, Generic Drug), By Application (Influenza Viruses, HIV, SARS, Ebola), By Geographic Scope And Forecast
Favipiravir Market Size And Forecast
Favipiravir Market size was valued at USD 2.13 Billion in 2022 and is projected to reach USD 3.04 Billion by 2030 growing at a CAGR of 4.56% from 2023 to 2030.
The Global Favipiravir Market is primarily driven by the increasing incidence of infectious diseases, such as COVID-19, and the growing demand for effective antiviral drugs. Favipiravir, also known as Avigan, is an antiviral drug that has shown promising results in the treatment of COVID-19. The drug has received emergency use authorization in several countries, leading to an increase in demand for Favipiravir. Additionally, the drug’s low cost and ease of production have made it an attractive option for countries facing shortages of other antiviral drugs. These factors are expected to drive the growth of the Global Favipiravir Market in the coming years.
Global Favipiravir Market Definition
Favipiravir is an antiviral drug that has gained widespread attention as a potential treatment for COVID-19. The drug was developed by Fujifilm Toyama Chemical and is also known by the brand name Avigan. Favipiravir works by inhibiting the replication of RNA viruses, including influenza and other respiratory viruses.
Favipiravir has shown promising results in clinical trials for the treatment of COVID-19, particularly in patients with mild to moderate symptoms. The drug has been approved for emergency use in several countries, including Japan, India, and Russia. Favipiravir is currently being studied in clinical trials to evaluate its efficacy in treating other viral diseases, including Ebola and Lassa fever.
Favipiravir is an oral medication that is typically administered twice daily for 5-10 days, depending on the severity of the infection. The drug is generally well-tolerated, with few reported side effects. However, it is not recommended for use in pregnant women or those with severe renal impairment.
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Global Favipiravir Market Overview
The Global Favipiravir Market is primarily driven by the increasing incidence of viral infections and the growing demand for effective antiviral drugs. The COVID-19 pandemic has had a significant impact on the market, with Favipiravir emerging as a potential treatment option for patients with mild to moderate symptoms. The drug’s low cost and ease of production have made it an attractive option for countries facing shortages of other antiviral drugs.
However, the market may face challenges due to the availability of other antiviral drugs, such as remdesivir, and the potential emergence of new strains of viruses that may be resistant to Favipiravir. Additionally, the drug has not been approved for use in some countries, including the United States, which may limit the drug’s market potential.
In conclusion, the Global Favipiravir Market has experienced significant growth due to the COVID-19 pandemic. The drug has shown promising results in clinical trials for the treatment of COVID-19, leading to increased demand for Favipiravir. The market is expected to continue to grow in the coming years, driven by the increasing incidence of viral infections and the growing demand for effective antiviral drugs. However, the market may face challenges due to the availability of other antiviral drugs and the potential emergence of new strains of viruses that may be resistant to Favipiravir.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Favipiravir Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Favipiravir Market, gauge the attractiveness of a certain sector, and assess investment possibilities.