According to a new report published by Allied Market Research titled, “Hydroxychloroquine Market by Product Type, Distribution Channel, and Disease: Opportunity Analysis and Industry Forecast, 2020–2027,” the global hydroxychloroquine market 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 a derivative of chloroquine that is used to treat and cure acute attacks of malaria. Eventually, hydroxychloroquine emerged as an ideal medicine for treating rheumatoid arthritis and systemic lupus erythematosus. Rheumatoid arthritis is a highly prevalent disease, which requires high-cost treatment in countries such as the U.S., France, and Germany. Hydroxychloroquine has become a widely used drug in treatment of several diseases, owing to low risk of developing side effects. The current COVID-19 pandemic has fostered the demand for hydroxychloroquine drug, which is used for treating the patients with COVID-19 symptoms and infection. However, negative side effects of the drugs, bans from many nations and ongoing research in developing the COVID vaccine for cure are expected to restrain hydroxychloroquine market growth.
COVID-19 has infected over 31.1 million people, and has resulted in over 961,000 deaths. The demand for the drug has skyrocketed, owing to the claim from the American Government that hydroxychloroquine can act against the novel coronavirus. Currently, accounting for over one-third of the global confirmed cases, the U.S. is the most affected country in the world. The U.S. Government has sought assistance from the Indian Government, wherein it got 20 million pills by the end of June. Hydroxychloroquine market share of India is expected to grow at CAGR 8.3% in near term. Similarly, other affected countries such as Nepal, Sri Lanka, Bangladesh, Germany, France, and Bhutan have created considerable demand for the drug.
In response to high demand for the drug, market players have ramped-up the production of hydroxychloroquine. For instance, Zydus Cadila increased its production capacity by 10 times. It claims that it can further increase the production of the drug as per the situation if needed. In addition, Laurus Labs has increased its production capacity by 5 tons per month. Similarly, IPCA Laboratories Ltd. increased its production per month to double. Furthermore, many companies such as Laurus Labs, Bayer, and Sun Pharma have donated hydroxychloroquine tablets for treatment of COVID-19. However, owing to boosted demand, the price for hydroxychloroquine has doubled in the recent weeks.
Key findings of the study
- Online pharmacy is projected to grow at the highest CAGR of approximately 11.8%, in terms of revenue, during the forecast period
- By Disease, the malaria segment is anticipated to grow with CAGR 29.8%, in terms of revenue, during the forecast period
- The India and China country dominated the market with a revenue share of over 57.8% and 9.2% in 2019
- A comprehensive analysis of the factors that drive and restrain the hydroxychloroquine market growth is provided
- The qualitative data in this report aims at the hydroxychloroquine market trends, dynamics, and developments in the hydroxychloroquine industry
- The hydroxychloroquine market forecast and estimations are based on factors impacting the market growth