India Favipiravir Market to Establish Significant Growth Due to Rapid Technological Advancements Until FY2027
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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