New York, USA, Nov. 02, 2020 (GLOBE NEWSWIRE) -- According to a Research Dive published report, the global hydroxychloroquine market is predicted to grow at a significant rate and generate strong revenue during the forecast period from 2020 to 2027. The global market is segmented based on product type, distribution channel, disease, and region. The report offers comprehensive insights on drivers, challenges, restraints, opportunities, and key players of the market. Our analysts have stated that the increasing prevalence of rheumatoid arthritis and the rising number of systemic lupus erythematosus patients across the globe are the major factors expected to boost the global market growth by 2027. Moreover, the repurposing of hydroxychloroquine as an anti-cancer drug is likely to create huge growth opportunities for the global market in the near future. Conversely, the harmful side-effects associated with hydroxychloroquine and its low penetration is expected to hamper the market growth.
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has hugely impacted the global hydroxychloroquine market in a positive way. The positive growth of this market is mainly because hydroxychloroquine and a related drugs are under evaluation in clinical trials for recent several months for the coronavirus (COVID-19) disease treatment. For instance, the National Institutes of Health (NIH) is sponsoring the trial to evaluate whether the hydroxychloroquine when given together with the azithromycin, can provide COVID-19 treatment.
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Tablet Product Type Segment to Grow at Fastest Pace
By product type, the tablet segment is estimated to be the fastest-growing throughout the forecast period. This is majorly due to easy availability of tablet and its rising demand owing to its cost-effectiveness.
Online Pharmacy Segment to Grow at a Healthy Rate
By distribution channel, the online pharmacy segment is expected to witness rapid grow and grow at a notable CAGR during the period of forecast, owing to the huge expansion of the e-commerce sector across the globe.
Malaria Disease Segment to Witness Significant Growth
By disease, the malaria sub-segment is expected to witness exponential significant growth and account for considerable revenue over the forecast period, owing to the increasing cases of malaria across the globe.
Asia Pacific Region to Hold the Largest Market Share
Geographically, the Asia Pacific hydroxychloroquine market is estimated to dominate in terms of market share by 2027. This dominance is majorly due to the increasing prevalence of malaria in the region.
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Global Hydroxychloroquine Market Major Key Players
The key players operating in the global hydroxychloroquine market include-
- Hikma Pharmaceuticals PLC
- Zydus Cadila
- Mylan N.V
- Novartis AG
- Ipca Laboratories Ltd.
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
- Sanofi
- Torrent Pharmaceuticals Ltd.
- Taj Pharmaceuticals Limited.
Further, the report outlines and presents several aspects of these key players such as recent strategic moves & developments, product portfolio, SWOT analysis, and financial performance.
Collaborative agreements, R&D activities, joint ventures, and mergers & acquisitions are some of the growth strategies adopted by key industry players. For instance, in March 2020, Laurus Labs and Rising Pharma Holdings Inc. entered into a collaborative agreement for exploring clinical trial of hydroxychloroquine as preventive treatment for COVID-19 disease. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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