Increasing prevalence of viral infections is driving the growth of India Favipiravir Market, FY2017-FY2027F.
According to TechSci Research report, “India 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 Source (Contract Manufacturing Organizations, In-House), By Region, Competition Forecast & Opportunities, FY2027F”, India Favipiravir market is anticipated to show a robust growth in the forecast years, FY2023 – FY2027, on the backbone of rising demand for the effective and efficient treatment for viral infections. India is currently suffering the impact of Coronavirus. The virus spread has been claiming more than hundreds of thousands of lives in the country since March FY2021. The market is experiencing demand for the treatment of the COVID viral infection at a rapid rate. The pandemic spread has created enough chaos among the general population regarding the lack of drugs and therapeutics required for its treatment. But the research institutes and pharmaceutical companies have actively worked in the last 10 months and provided with latest batch of coronavirus treatment drugs like Favipiravir, and Remdesivir, etc. The market is experiencing the surge in the demand of the drugs due to the rising number of deaths being encountered in the last 14 months. Also, research and technological advancements and private and government funding is supporting the growth of the India Favipiravir market in the next five years.
After the approval to new market players like Lupin, and Vivimed Ltd. the market growth is anticipated to boost in the next five years. The Favipiravir drug is widely available in the tablet form in the Indian market. Major market players like Vivimed Ltd. have received authority from the director general of health services in India to manufacture and market the Favipiravir tablets with the name, ‘Favulous’ of 200mg and 400mg strength. With the unexpected jump in the number of patients suffering from COVID-19, the market is experiencing a surge in the demand for more and effective treatment options.
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The India Favipiravir market is segmented on the basis of route of administration, dosage form, distribution channel, application, source, regional distribution, and competitional landscape. Based on dosage form, the market is further bifurcated into tablet, and capsules. Tablet form of the dosage is anticipated to register the fastest growth in the CAGR in the upcoming five years, on the account of recent flooding of the product form the tablet form of the dosage is marketed rapidly. Market player, Lupin Limited, announced the launch of Favipiravir drug under the brand name of ‘Covihalt.’ The company has promised on a sale of per tablet for Rs 49, which is affordable for the urban population of the country. Similar domestic brands of Favipiravir are anticipated to cross its recent business of about USD1.4 billion. The tablet form of the dosage is more popular among the population and thus is anticipated to have rapid growth in upcoming five years too.
Based on application, the market is further bifurcated into influenza A&B, Ebola, and COVID-19. Influenza A & B virus had dominated the market in the historical years, due to the widespread infections and lack of awareness among the population to be cautious and preventive towards the viral infection. COVID-19 is anticipated to hold the fastest growing revenue shares of the market segment on the backbone of rising number of the COVID patients in the country. With the new strain of the virus and prevalence of multiple different viral infections like Black Fungus, White Fungus, and Yellow Fungus, the situation is the country is worsening. Drugs like Favipiravir is like a boon for the patients suffering from the diseases. Thus, the surge in the demand of the drug and therapeutics is anticipated to drive the market growth in the upcoming five years.
Holding the largest shares of the India Favipiravir market, a partial list of the established market players includes Cipla Ltd., Glenmark Pharmaceuticals Ltd., Sun Pharmaceuticals Industries Ltd., Zendara Pharma Ltd., Indoco Remedies Ltd., Curequest Lifescience India Pvt. Ltd., Gonane Pharma Ltd., Lee Pharma Ltd., Hetero Labs Pvt. Ltd., Dr. Reddy’s Laboratories Ltd, among others. The pharmaceutical companies are in close contact with the research and development institutes that are consistently developing the better and efficient therapeutics and drugs to overcome the impact of the pandemic. Technological advancement and advanced research techniques are being implemented and pharmaceutical companies are making sure that they have the approval from the governmental authorities to manufacture and market the drugs like Favipiravir on a larger scale.
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“Pharmaceutical companies in lieu of research and development institutes, are rapidly growing for the provision of COVID-19 treatment drugs like Favipiravir and therapeutics. Keeping the laws and regulations in mind, the government support may impact parties involved in the manufacturing and supply of the drugs like Favipiravir. Indian Council for Medical Research (ICMR) announced that it would partner with the World Health Organization (WHO) on the Global Solidarity Trial for Treatment of the COVID-19 disease and fast-track trials to help in finding an effective treatment. India is the third largest pharmaceutical market in the world by volume. New market players, and established market players may grow with the rapidly changing pharmaceutical industry in the country and gain profit,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India 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 Source (Contract Manufacturing Organizations, In-House), By Region, Competition Forecast & Opportunities, FY2027F” has evaluated the future growth potential of India 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 India Favipiravir market.
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