The global “Hydroxychloroquine ” Market 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.
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.
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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
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.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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Leading Players operating in the Hydroxychloroquine Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Zydus Cadia
- Ipca Laboratories Ltd
- Sandoz International GmbH (part of Novartis AG)
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd
- Bayer AG
- Others in the report