Pune, May 04, 2020 (GLOBE NEWSWIRE) -- The global hydroxychloroquine market size is projected to reach USD 2,339.1 million by the end of 2027. The increasing incidence of COVID-19 infection will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Hydroxychloroquine Market Size, Share & Industry Analysis, By Disease Indication (Malaria, COVID-19, Rheumatoid Arthritis, Others), By Distribution Channel (Hospital Pharmacy Retail Pharmacy, and Online Stores), and Regional Forecast, 2020-2027,” the market was worth USD 894.0 million in 2019 and will exhibit a CAGR of 5.5% during the forecast period, 2020-2027.
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Hydroxychloroquine is a drug that is used for treatment of patients suffering from malaria. The drug was initially prescribed for use by leading authorities such as the EU and the Food and Drug Administration for treatment of patients suffering from arthritis as well as autoimmune diseases such as lupus. The ongoing coronavirus outbreak has led to a huge emphasis on the research and development of several drugs associated with its treatment. It was observed that hydroxychloroquine showed positive signs in recovery phase of patients suffering from the coronavirus.
As a result, there is a sudden surge in demand for the product across the world. Countries such as the United States are putting in several efforts to development an efficient treatment option with the help of hydroxychloroquine. The increasing cases of malaria will create several growth opportunities for the companies operating in the market. The growing demand for the product across the world will have a positive impact on the growth of the overall market in the coming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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To get the short-term and long-term impact of COVID-19 on this Market.
Increasing Efforts Taken to Maximize the Production Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The ability of hydroxychloroquine to speed up recovery processes in treatment of patients suffering from diseases such as malaria and rheumatoid arthritis has contributed to the growing demand for the product. The increasing product demand has encouraged several companies to enhance their production methods as well as capabilities associated with the product.
The report labels several companies that have taken several steps to increase the production of hydroxychloroquine during the coronavirus pandemic. In April 2020, Zydus Caadila announced that it has scaled up the production of hydroxychloroquine. The company was encouraged by the sudden rise in the demand for the product; a factor that was consequential to the constantly rising Covid-19 cases across the world. Zydus’ latest step will have a huge impact on the growth of the overall market in the coming years.
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Asia Pacific Likely to Emerge Dominant; Increasing Production of Hydroxychloroquine Will Aid Market Growth
The report analyzes the ongoing market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is likely to emerge leading. The high production of the product in several countries across this region will aid the growth of the regional market. India is currently the largest producer of hydroxychloroquine, with over 70% of the global production occurring in the country. As of 2019, the market in Asia Pacific was worth USD 346.9 million and this value is projected to increase further in the coming years. Besides Asia Pacific, the market in North America will also witness considerable growth due to the increasing incidences of coronavirus in the United States.
List of Key Companies Operating in the Hydroxychloroquine Market are:
• Zydus Cadia
• Ipca Laboratories Ltd
• Sandoz International GmbH (part of Novartis AG)
• Mylan N.V.
• Teva Pharmaceutical Industries Ltd
• Bayer AG
March 2020: Mylan N.V announced that it will be increasing its production capacity of hydroxychloroquine to in its West Virginia facility to control the progression of COVID-19 in U.S
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Malaria, Key Regions
- Key development in Hydroxychloroquine Market
- Impact of COVID-19 Outbreak
- Pipeline Analysis
- Global Hydroxychloroquine Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Disease Indication
- Rheumatoid Arthritis
- Market Analysis, Insights and Forecast – By Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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