The rising geriatric population and the high demand for the drug from third world nations for dealing with malaria are boosting the Hydroxychloroquine market.
The Global Hydroxychloroquine market is forecasted to reach USD 5.54 Billion by 2027, according to a new report by Reports and Data. The medication is widely used in the treatment of acute attacks of malaria, and rheumatoid arthritis, among other conditions. The fact that the medicine is a chemotherapeutic agent, which acts against erythrocytic forms of malarial parasites, is one of the major reasons for its extensive use in malaria treatment, which is in high demand in third world countries due to high incidence rate of malaria. However, with COVID-19 pandemic, the scenario in terms of demand for the medication has changed drastically, which sudden interest of nations like the U.S. on getting the medication. This sudden elevation in demand of the mediation is attributed to its demonstrated antiviral activity against (SARS–CoV-2), severe acute respiratory syndrome–coronavirus 2 in certain clinical studies.
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The global Hydroxychloroquine market is expected to reach. This can be attributed to factors such as rising prevalence of chronic diseases, infections, rapidly growing healthcare and medical sectors, improving healthcare infrastructure and research centers, and increasing adoption of latest equipment and medical devices in medium to large scale hospitals, clinics and ambulatory care centers. In addition, high adoption of latest treatment facilities across several healthcare sectors, government initiatives to create awareness about diseases, increasing funds by public and private sectors, and growing demand for home care devices and point of care diagnosis are expected to fuel global market revenue growth going ahead.
Competitive Landscape:
The report also covers the competitive landscape with extensive profiling of the key competitors. It covers recent product developments, joint ventures, product launches, technological advancements, mergers and acquisitions, collaborations, and partnerships. Some of the key players operating in the global market are 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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Market segment analysis:
By Region:
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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
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.
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