Hydroxychloroquine Market Outlook - 2027
The global hydroxychloroquine market size was valued at $1.9 billion in 2019, and is anticipated to generate $4.6 billion by 2027. The market is projected to experience growth at a CAGR of 7.9% from 2020 to 2027.
Hydroxychloroquine is an anti-malarial drug, which is primarily used to treat acute attacks of malaria. In addition, it is widely used as disease-modifying anti-rheumatic drug (DMARD).
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.
The key players operating in the hydroxychloroquine industry are Cadila Healthcare Ltd., Hikma Pharmaceuticals PLC, Ipca Laboratories Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sanofi S.A., Taj Pharmaceuticals Ltd., Teva Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., and Zydus Cadila. The players are continuously focusing on R&D toward finding the impact of several coatings on coronavirus.
By Product Type
Tablets is projected as the most lucrative segment.
Hydroxychloroquine Market, by Product type
Depending on product type, the market is bifurcated in tablet and active pharmaceutical ingredients. The active pharmaceutical ingredients segment dominated the market in 2019. However, tablet segment is attributed to the easy availability of the product in tablet form thus, is expected to grow at higher CAGR. In addition, surge in high demand for tablet, owing to its cost-effectiveness and ease of consumption drives the hydroxychloroquine market growth.
By Distribution Channel
Online Pharmacy is projected as the most lucrative segment.
Hydroxychloroquine Market, by Distribution Channel
On the basis of distribution channel, the market is divided into hospital pharmacy, online pharmacy, specialty drug store, and retail pharmacy. The online pharmacy segment is projected to witness a considerable growth rate during the forecast period, due to continuous expansion the e-commerce sector. Increase in penetration of e-commerce sector in the pharmaceutical industry during the outbreak, lack of availability of the medicine in hospital pharmacy & retail pharmacy, time-saving feature, and the facility of home delivery provided by online platforms during the lockdown contribute toward the market growth.
Malaria is projected as the most lucrative segment.
Hydroxychloroquine Market, by Disease
By disease, the malaria segment is projected to hold largest hydroxychloroquine market share in 2019. This is attributed to alarming increase in prevalence of malaria and widespread use of hydroxychloroquine as an anti-malarial drug. Moreover, there are still countries in African region considered as malaria endemic, that still drives the demand for the drug. In-addition, HCQ is also listed under essential medicine by World Health organization.
Asia-Pacific is projected as the most lucrative market.
Hydroxychloroquine Market, by Region
Region wise, Asia-Pacific held the largest market share in 2019. The dominance of the Asia-Pacific region is attributed to the presence of major market players like India and China in this region and surge in demand for the medication due to high incidence rate of malaria in South-east Asian countries.
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.
Hydroxychloroquine Market Report Highlights
By Product Type
By DISTRIBUTION CHANNEL
Key Market Players
Mylan N.V, Novartis International AG, Pfizer Inc, Torrent Pharmaceuticals Limited, Taj Pharma Group, Hikma Pharmaceuticals PLC, Cadila Healthcare Limited, IPCA Laboratories Ltd, Sanofi S.A, Teva Pharmaceutical Industries Ltd
In recent times, with the COVID-19 outbreak, hydroxychloroquine demonstrated anti-viral activity against (SARS–CoV-2). Hydroxychloroquine, in combination with antibiotic azithromycin, holds the potential to treat COVID-19. In India, hydroxychloroquine is an over-the-counter drug, which can purchased without prescription, and is considered among the inexpensive medications. However, since the COVID-19 outbreak, purchasing the drug without prescription has been restricted. The growth of industry is majorly driven by such as rise in demand for the medication, globally. However, several side effects associated with the drug such as hypokalemia, drowsiness, headache, conduction disorders, rhythm, cardiovascular collapse restrain the growth of the hydroxychloroquine market. Intas Pharmaceuticals Ltd., an Indian company operating in Ahmedabad, announced its collaboration with World Health Organization-endorsed study in March 2020. Under the collaboration, the company is planning to supply around two million tablets. Zydus Cadila and IPCA Laboratories announced in April 2020 that they received an order of 10 crore tablets for the treatment of the condition from the Ministry of Health and Family Welfare, India.