Hydroxychloroquine Market Size Worth Around US$ 6 Bn by 2027
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Hydroxychloroquine Market (By Type: 200mg, 100mg, Other; By Sales Channel: COVID-19, Rheumatoid Arthritis, Lupus Erythematosus, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027"
LOS ANGELES, May 13, 2020 /PRNewswire/ -- The global hydroxychloroquine market size is expected to be worth around US$ 6 Bn by 2027 with CAGR of around 32%.
The commercial market for hydroxychloroquin is witnessing growth owing to the rising demand for the medication as a possible cure of the COVID-19 pandemic disease. However, the growing incidence of autoimmune disorders, including rheumatoid arthritis and lupus erythematosus, is fuelling demand worldwide. However, increased malaria cases have further improved drug development in developing and underdeveloped nations, such as India and the African economies. For example, 19 African countries and India bore approximately 85 percent of the total burden of malaria, as per the World Health Organization (WHO). The probable side effects of hydroxychloroquine can hinder market development during the prediction period.
Increasing Coronavirus Disease (COVID-19) Cases Impacts on the Market
The recently discovered Coronavius disease, COVID-19, erupted quickly in over 200 nations across the world in late November 2020. Coronavirus is primarily spread from infected individuals by reparatory goutlets. No different COVID-19 therapies or vaccines are currently available. However, a number of clinical trials and R&D studies are being performed to create a infectious prevention vaccine. While, in live experiments as well as experimental research, hydroxychloroquine has proved to be a game-changer that is effective in treating COVID-19. As a result, the worldwide market for hydroxychloroquine is increasing exponentially. India is a leading producer of this antimalarial drug, and many Indian companies have expanded their hydroxychloroquine production to satisfy local and export demand. Although the efficacy of hydroxychloroquine for COVID-19 therapy is not tested in a wide scale clinical study, the medication is still missing in pharmacies. India reportedly produces 40 tons of hydroxychloroquine per month or 20 crore tablets of 200 mg each. For developed countries such as the United States and Western nations, the medication is not made, as malaria is practically non-existent. Therefore, hydroxychloroquine from India is being requested by several countries by the global COVID-19 pandemic.
Asia Pacific Govern the Global Market
Asia Pacific accounted for the world's largest market share, while North America is estimated to rise at substantial CAGR during the forecast period. In Asia Pacific, India was the largest hydroxychloroquine manufacturer and accounted for over 70% of the overall global drug capacities. High prevalence of malaria in India is the principal factor promoting hydroxychloroquine development in the country. In addition, the current scenario is boosting the demand for medicines from the world and enhancing their development in India because of the positive effects of hydroxychloroquine in the manufacturing of COVID-19. Moreover, China is the largest source of active pharmaceutical ingredients (APIs) used as the primary raw material in the manufacture of hydroxychloroquine, making a substantial contribution to global advancement in the hydroxychloroquine industry.
Hydroxychloroquine is a antimalarial treatment. In addition to malaria, lupus erythematosus, rheumatoid arthritis, Q fever, and the newly diagnosed COVID-19 disease can also be treated with this drug. The potential treatment of COVID-19 can include hydroxychloroquine, combined with a can antibiotic azithromycin. In countries like India, it can be put over the counter and it is very cheap. However, its procurement is narrowly limited because recently discovered COVID-19 is being considered for therapy.
Participants include major global players such Novartis, Actavis (TEVA ), Apotex Corporation, Sanofi, Hikma Pharmaceuticals, Mylan, Covis Pharmaceutical, Aphena Pharma, Concordia Healthcare, Cardinal Health, Cinkate Corporation, Zydus Cadila, Others.
The firms concentrate primarily on technological growth, acquisition and merger as well as global development to achieve a large market share. Given that the prescription substance is viewed as a possible treatment for COVID-19, the production of the hydrochloroquine medication has risen in significant numbers.
2020, Intas Pharmaceuticals Ltd announced a collaboration project on the prevention of COVID-19 with hydroxychloroquine approved by the World Health Organisation and aims to provide the project with the two million hydroxychloroquin tablets.
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