Hydroxychloroquine Market was valued at USD 540 Million in 2019 and is anticipated to reach USD 5,540.6 Million by 2027 registering a CAGR of 30.8%, according to a new report by Reports and Data.
Hydroxychloroquine Market was valued at USD 540 Million in 2019 and is anticipated to reach USD 5,540.6 Million by 2027 registering a CAGR of 30.8%, according to a new report by Reports and Data. Hydroxychloroquine is an anti-malarial drug, which is used primarily used to treat acute attacks of malaria. It is also widely used as disease-modifying anti-rheumatic drug (DMARD).
Though various supporting factors are fostering the growth of the industry, side effects associated with the use of the medication may hinder the growth of the market. The medication has been observed to have significant side-effects on the care user like drowsiness, headache, hypokalemia, rhythm and conduction disorders, cardiovascular collapse, among others.
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The COVID-19 Impact: Since the outbreak of COVID-19 increasing number of studies being conducted on identifying ways controlling the outbreak. In a few reports from China, it has been reported that chloroquine has the ability of inhibiting SARS-CoV-2 in vitro, and it has shown apparent efficiency in the treatment of coronavirus among humans, according to these reports. Another small non-randomized trial in France also claimed to have found promising potential treatment of the medication on the treatment of the condition. Based on these findings, on 21 March 2020, President Trump made a tweet claiming that this antimalarial in combination with chloroquine holds the potential to be the major game-changer in the medical history.
The medication has also shown in vitro activity against various viruses, including influenza. However, it has failed to translate into success in either humans or animals. In spite of the absence of strong evidence, certain nations like India, the U.S. is using it as a preventive measure. To be certain with the impact of the medication on COVID-19, as of 14 April, 142 trials have been registered across the globe. Such an increasing number of trials, is also positively impacting the growth of the market. The spur in the growth of the market would be particularly observed in the first three quarters of 2020.
However, one of the major adverse impact of the outbreak on the growth of the market and which may act as a hindrance in exploring the scope for expansion is the issue of supply chain being faced by a large number of market players. Major market players like IPCA, are also revealing about basic issues like lack of availability of food in long routes, which is also acting as a hindrance in long route deliveries. Concerns associated with the availability of the raw material for the medicine was also prevalent. However, China regaining its normalcy, from where most of the raw materials are sourced and backward integration of some industry players turned out to be effective in resolving the issue.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Key Participants:
Hikma Pharmaceuticals PLC, Cadila Healthcare Ltd, Ipca Laboratories Ltd, Novartis AG, Mylan N.V, Sanofi S.A., Taj Pharmaceuticals Ltd., Shanghai Pharmaceuticals Holding Co., Ltd, Torrent Pharmaceuticals Ltd, Teva Pharmaceutical Industries Ltd., and Zydus Cadila.
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Further key findings from the report suggest
- In context to Product Type, the Injection segment is projected to witness a considerable growth rate of 31.2% during the forecast period. The growth of the Injection segment is attributed to its quick action and high demand in a large number of trials.
- In regards to Distribution Channel, the Hospital pharmacy is projected to hold more than 35.0% of the market in 2019. The fact that a large number of patients with malaria and COVID-19 are admitted to hospitals for treatment results in high preference and dependence on this distribution channel for availing the medicine, contributing to the market share held by this segment.
- In context to Application, the COVID-19 segment is projected to witness the fastest growth rate of 36.0% during the forecast period. As this is a new condition and a large number of trials are conducted on the effectiveness of the medicine in treating the condition, it would contribute to the growth rate witnessed by this segment.
- In April 2019, Ipca Laboratories had signed a contract to acquire Maharashtra-based Ramdev Chemical. According to the contract, Ipca Laboratories is supposed to buy the company for Rs 108.5 crore. Ramdev Chemical is associated with the marketing and manufacturing of active pharmaceutical ingredients (APIs), advanced drug intermediates, custom synthesis molecules, and fine chemicals. Thus, this initiative by Ipca Laboratories would not only help the company in increasing the production capacity of the drug.
- Deals Landscape Intas Pharmaceuticals Ltd has announced about its collaboration with World Health Organization-endorsed study on March 2020. The focus of the study was to endorse the study on stopping COVID-19 using the medication. Under the collaboration, the company also plans to supply 2 million tablets.
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For the purpose of this report, Reports and Data have segmented the global Hydroxychloroquine market according to Product Type, Distribution Channel, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Tablets
- Injection
Distribution channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Hospital pharmacy
- Online pharmacy
- Speciality drug stores
- Retail pharmacy
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Malaria
- Rheumatoid arthritis
- Lupus Erythematosus
- COVID-19
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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