APAC Favipiravir Market to Grow at an Impressive Rate until 2025
Increasing number of COVID-19 cases in
the region to drive the growth of Asia Pacific favipiravir market
According
to TechSci Research report, “Asia
Pacific Favipiravir Market By Route of Administration (Oral v/s
Intravenous), By Dosage Form (Tablet v/s Capsule), By Distribution Channel
(Hospitals, Clinics, Drug Stores/Pharmacies, Online, Others), By Application
(Influenza A&B, Ebola, COVID-19), By Country, Forecast & Opportunities,
2025”, the Asia Pacific favipiravir
market is expected to grow at an impressive rate during the forecast period on
account of the growing use of the drug in treating various diseases such as influenza,
ebola, among others. Additionally, growing use of the drug in treatment of
COVID-19, which at present has no approved drug or treatment, is expected to
positively influence the market growth. Furthermore, the drug is already in the
phase 3 of clinical trials and might emerge out as a potential coronavirus treatment
drug. This is expected to create lucrative opportunities for the market growth.
Also, it has been observed that the drug is helpful in reducing the recovery
duration from 11 days to 4 days among mild & regular COVID-19 positive tested
cases. However, this is an antiviral drug, which is approved for the treatment
of influenza and has no approval or clinical evidence for treating COVID-19
disease. It is just being used as no harmful effects have been observed so far.
Besides, availability of other drugs and generics might hinder the market
growth across the globe. Furthermore, this drug should not be given to pregnant
women as it can affect the fetal development process. This in turn is expected
to negatively impact the market growth through 2025.
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The Asia Pacific favipiravir market is segmented based on route of
administration, dosage form, distribution channel, application, company and
region. Based on dosage form, the market can be divided into tablet and
capsule. The tablets segment is expected to dominate the market since they are
inexpensive, safe and effective in delivering oral medication. On the other
hand, the capsules segment is expected to hold a significant market share on
account of quick relief they offer. They breakdown quickly as compared to the
tablets. Additionally, they have higher bioavailability, as a result of which,
more of a drug is likely to enter the bloodstream. Also, they are tasteless,
hence do not leave any unpleasant taste or odor. Based on application, the
market can be fragmented into influenza A&B, ebola and COVID-19. The influenza
segment is expected to dominate the market since the drug is primarily used for
the treatment of influenza and has the approval for that from the FDA. On the other
hand, COVID-19 segment is expected to register significant growth until 2025 on
account of the increasing use of this drug for treating COVID-19 struck
patients.
Fujifilm Toyoma Chemicals Co. Ltd., Zhejiang Hisun Pharmaceuticals,
Cipla, Shouyuan Chemical, Hunan Huateng Pharmaceuticals Co. Ltd., Lasa
Supergenerics Ltd., Beximco, Beacon Pharmaceuticals, Sihuan Pharmaceuticals and
others are some of the leading players operating in Asia Pacific favipiravir market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. For instance, Fujifilm Toyoma Chemicals Co. Ltd., has already started
the production of favipiravir and is planning to ramp up the production process
by collaborating with domestic and international partners, so that they can
supply the drug to various countries for combating COVID-19. Also, Beximco and
Beacon Pharmaceuticals have started working on the generic forms of favipiravir.
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“Asia Pacific favipiravir market is
expected to witness significant growth during the forecast period on account of
the increasing prevalence of COVID-19 in the region, which at present, is
incurable. Additionally, the drug has entered phase 3 clinical trials and Fujifilm
Toyoma is quite confident that the drug will get approval for the treatment of
COVID-19. Furthermore, use of this drug by various countries such as Italy,
U.S., among others, is anticipated to create lucrative opportunities for the
market growth over next few years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Asia
Pacific Favipiravir Market By Route of Administration (Oral v/s Intravenous),
By Dosage Form (Tablet v/s Capsule), By Distribution Channel (Hospitals,
Clinics, Drug Stores/Pharmacies, Online, Others), By Application (Influenza
A&B, Ebola, COVID-19), By Country, Forecast & Opportunities, 2025”, has evaluated the future growth potential of Asia
Pacific favipiravir market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in Asia Pacific favipiravir
market.
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