ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, from 2016 to 2020, the global market for hydroxychloroquine exhibited a CAGR of around 3%. Applications to treat diseases such as rheumatoid arthritis, discoid arthritis, systemic lupus erythematosus (SLE), Juvenile idiopathic arthritis (JIA), and more.
The hydroxychloroquine market will witness soaring growth in 2021, with revenues poised to reach US$ 3.6 Bn, expected to register a CAGR of nearly 4%, according to a new forecast by Fact.MR. Sales are being primarily driven by an unceasing quest to reduce burden of such infectious and chronic ailments as lupus and malaria.
“Consistent with the global endeavor to reduce incidences of infectious diseases such as malaria and other viral diseases, manufacturers are investing heavily in R&D of effective medicines, pushing up prospects for hydroxychloroquine formulations,” says the Fact.MR analyst.
India is one of the largest producers of hydroxychloroquine. The potential of this drug in treating COVID-19 enforced India to impose a ban on the export of the drug, which led to tension in U.S.–India diplomatic relations. At present, around 80 nations across the globe are dependent on the medication on India.
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Competitive Landscape Covered in Hydroxychloroquine Market
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- In April 2021, Apotex, Canada's largest pharmaceutical company, received a contract from the Government of Canada to supply the Critical Drug Reserve of Dexamethasone tablets in response to the COVID-19 pandemic.
- In April 2020, Novartis announced its plans to donate 130 million doses of generic hydroxychloroquine, a drug that may be used in COVID-19. As part of its commitment, Novartis established a US$ 20 million fund to support impacted communities, collaborative drug discovery efforts, and support for clinical trials for its existing medicines.
Hydroxychloroquine is being used in treatment of COVID-19 patients since the initial stage during the wake of the pandemic. The demand for the drug has multiplied ten folds, however, the drug has been in the controversy for its efficacy in the treatment.
Key Market Segments
BY DISTRIBUTION CHANNEL
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Specialty Drug Store
BY PRODUCT TYPE
- Tablet
- Active pharmaceutical ingredients
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Key Takeaways from the Market Study
- Global hydroxychloroquine market generated value opportunity worth US$ 2.3 Bn in 2020
- By drug type, anti-malarials to expand the fastest, registering a CAGR of 5% by 2031
- Lupus suppressant hydroxychloroquine to expand at a CAGR of 4.5%
- Hydroxychloroquine for anti-rheumatic purposes to capture nearly 50% of demand
- U.S accounted for over 33% sales of hydroxychloroquine tablets as of 2019, capturing a higher share by 2031
- India to be the leading market for hydroxychloroquine, accounting for 3 out of 5 sales
Fact.MR, in its new offering, presents an unbiased analysis of the global hydroxychloroquine market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2020-2031.
The study divulges essential insights on the hydroxychloroquine market on the basis of drug type (anti-malarial drug, anti-rheumatic drug, lupus suppressant drug, anti-COVID 19 drug and others) across seven major regions of the world (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Benefits For Stakeholders
- The report provides an in-depth analysis and hydroxychloroquine market forecast along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the hydroxychloroquine market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the hydroxychloroquine industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the hydroxychloroquine market growth is provided.
- The qualitative data about the hydroxychloroquine market trends, dynamics, and developments is provided in the report.
- The hydroxychloroquine market size is provided in terms of revenue.
- The report provides extensive qualitative insights on the segments and regions exhibiting favorable market share.
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Historically, from 2016 to 2020, hydroxychloroquine sales experienced an incline of 3% in value CAGR terms. Supply of these drugs skyrocketed amidst the initial months of COVID-19, as clinical studies established a certain degree of effectiveness amongst patients. For instance, the U.S was supplied with 50 million tablets by India in an attempt to tame the spread of COVID-19. Eventually, trials were suspended as minimal impacts were observed.
Future demand is expected to be bolstered by the global initiative to reduce the burden of malaria across both developing and developed nations. As of 2019, the W.H.O estimated that total funding for malaria elimination and control reached US$ 3 Bn, which provided stimulus to hydroxychloroquine production. That same year, 229 million active cases of malaria were detected, prompting countries to speed up eradication campaigns.
To get to know more about the short-term and long-term impact of COVID-19 on this Hydroxychloroquine Market,
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