– Increase in demand for HCQ as a potential treatment option amidst the Covid-19 pandemic and surge in cases of malaria drive the growth of the global hydroxychloroquine market.
PORTLAND, Ore., Sept. 28, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Hydroxychloroquine Market by Product Type (Tablet and Active Pharmaceutical Ingredients), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Specialty Drug Store, and Retail Pharmacy), and Disease (Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Coronavirus, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global hydroxychloroquine industry generated $1.9 billion in 2019, and is expected to generate $4.6 billion by 2027, witnessing a CAGR of 7.9% from 2020 to 2027.
Prime determinants of growth
Increase in demand for HCQ as a potential treatment option amidst the Covid-19 pandemic and surge in cases of malaria drive the growth of the global hydroxychloroquine market. However, ban in several countries due to lack of study data and fatal side-effects of the medicine hinder the market growth. On the other hand, repurposing of HCQ as an anti-cancer drug creates new opportunities in the coming years.
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The demand for hydroxychloroquine increased ten times due to its potential in the treatment of Covid-19 infected patients. However, there are conflicts about its effectiveness.
India, being the largest producer of this drug, imparted ban on export activities to fulfill the increasing demand across the countries as the Covid-19 cases rise. The Indian Council of Medical Research released guidelines to use HCQ in the prophylaxis of Covid-19.
A huge number of clinical trials have been started across the world to determine the efficacy and safety of HCQ in the treatment and prevention of the coronavirus infection. Researchers are waiting the final results.
The API segment to maintain its leadership status during the forecast period
Based on product type, the API segment accounted for the highest market share in 2019, contributing to more than half of the global hydroxychloroquine market, and is estimated to maintain its leadership status during the forecast period. This is due to its efficacy in diagnosis, prevention, cure, treatment, and mitigation purposes. However, the tablet segment is projected to manifest the fastest CAGR of 8.4% from 2020 to 2027, owing to ease in availability and cost-effectiveness.
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The malaria segment to maintain its highest contribution throughout the forecast period
Based on disease, the malaria segment held more than two-fifths of the total market share of the global hydroxychloroquine market in 2019, and is estimated to maintain its highest contribution throughout the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 29.8% from 2020 to 2027. This is attributed to rise in prevalence of malaria in the African region and widespread usage as an anti-malarial drug. The report also analyzes segments including rheumatoid arthritis, lupus erythematosus, coronavirus, and others.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific held the largest market share of more than four-fifths of the global hydroxychloroquine market in 2019, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to register the highest CAGR of 8.2% from 2020 to 2027. This is due to presence of major market players in countries such as India and China and increase in demand for the medication with high incidence of malaria in South-east Asian countries. However, North America would grow at a CAGR of 4.4% during the forecast period.
Market players grabbing the largest pie
Cadila Healthcare Ltd.
Hikma Pharmaceuticals PLC
Ipca Laboratories Ltd.
Taj Pharmaceuticals Ltd.
Teva Pharmaceutical Industries Ltd.
Torrent Pharmaceuticals Ltd.
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SOURCE Allied Market Research