Newark, NJ, April 10, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global hydroxychloroquine market is expected to grow from USD 542.36 million in 2019 and to reach USD 5,549.65 million by 2027, growing at a CAGR of 33.47% during the forecast period 2020-2027.
Demand surged for the game changer hydroxychloroquine for the treatment of COVID-19
COVID-19, the disease caused by the newly discovered Coronavius at the end of November 2019, has rapidly spread in more than 200 countries in the world. The coronavirus is mainly transmitted via reparatory droplets from the infected people. Currently, there are no specific treatments or vaccine available for the COVID-19. However, many clinical trials and research and development activities are currently going on for the development of a vaccine to treat the disease. Meanwhile, hydroxychloroquine is set to be a game-changer and found to be effective for the treatment of COVID-19 in the in-vivo studies as well as laboratory testing. Thus, demand for hydroxychloroquine is rapidly increasing all over the world for the treatment of coronavirus. India is one of the biggest producers of this anti-malarial drug, and many Indian companies have ramped up the production of hydroxychloroquine to meet local and export demand. Though there are no large scale clinical trials conducted on the effectiveness of hydroxychloroquine for treatment of COVID-19, the drug is running out of stock in pharmacies. Currently, India produces 40 tonnes, or 20 crore tablets of 200 mg each, of hydroxychloroquine per month. The drug is not manufactured in the developed countries such as the U.S. and in the European countries, as malaria is virtually nonexistent there. Thus, many countries are demanding the hydroxychloroquine from India, amid the outbreak of global pandemic COVID-19.
Hydroxychloroquine (HCQ), is an anti-malarial drug, which is used to prevent the caused by the mosquito bite. Apart from malaria, the drug is also used for the treatment of lupus erythematosus, Q fever, rheumatoid arthritis, and newly discovered COVID-19 disease. Hydroxychloroquine, in combination with a common antibiotic azithromycin, can be used for the potential treatment of COVID-19. It can be brought over the counter in the countries such as India, and it is fairly inexpensive. However, its purchase is strictly restricted ever since it is considered for the treatment of newly discovered disease COVID-19.
Global hydroxychloroquine market is witnessing the tremendous demand, as the drug is considered as for the potential treatment of global pandemic disease COVID-19. In addition to this, the rising prevalence of autoimmune disease such as rheumatoid arthritis and lupus erythematosus across the globe fuelling the growth of the market. Furthermore, increasing cases of malaria in the developing and underdeveloped countries, including India and African countries, further boosted the production of the drug in the recent years. For instance, as per the study by the World Health Organization (WHO), 19 African countries and India carried almost 85% of the global malaria burden. However, the potential side effects of hydroxychloroquine may hamper the growth of the market over the forecast period.
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Key players operating in the global hydroxychloroquine market include Novartis International AG, Sanofi S.A., Amneal Pharmaceuticals, Inc., Laurus Labs Limited, Prasco Laboratories, Cardinal Health, Concordia Pharmaceuticals Inc., Dr. Reddy's Laboratories, Covis Pharmaceuticals, Inc., Aphena Pharma Solutions Tennessee, Inc., Mylan N.V., McKesson Corporation, Lupin Pharmaceutical, Sun Pharmaceutical Industries Ltd. Ipca Laboratories, Teva Pharmaceutical Industries Ltd, Zydus Cadila and Wallace Pharmaceuticals among others. Other leading Indian manufacturers are Intas Pharmaceuticals, McW Healthcare of Indore, Macleods Pharmaceuticals, and Cipla. The companies are mainly focusing on product innovation, merger and acquisition, and geographical expansion to gain a significant share in the market. As the drug is considered as a potential treatment for COVID-19, many pharmaceutical companies have ramped up the production of hydroxychloroquine drug.
400 mg dosage type segment accounted for the major market share in the hydroxychloroquine market
On the basis of dosage type, the global hydroxychloroquine market is classified into 200 mg, 400 mg, and 800 mg. 400 mg dosage type segment accounted for the major market share in the hydroxychloroquine market. 400 mg dosage is commonly used for the treatment of Malaria, Lupus Erythematosus, and Rheumatoid Arthritis once a week for the adults. In addition to this, the increasing usage of hydroxychloroquine for the COVID-19 treatment, driving the growth of the market.
Coronavirus disease (COVID 19) application segment is projected to grow at the highest CAGR 40% over the forecast period
Based on application, the global hydroxychloroquine market is segmented into Coronavirus disease (COVID 19), Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Porphyria cutanea tarda (PCT), Q fever, and others. Coronavirus disease (COVID 19) application segment is projected to grow at the highest CAGR of 40.3% over the forecast period. Hospitals worldwide have begun the use of hydroxychloroquine for the treating the patients suffering from COVID-19. Many pharmaceutical companies have boosted the production capacity of hydroxychloroquine drug to meet the tremendous demand amid the outbreak of global pandemic COVID-19.
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The hospital pharmacy segment accounted for the major market share of around 65.36% in the year 2019
The distribution channel segment is classified into online pharmacy, retail pharmacy, hospital pharmacy, and speciality drug stores. The hospital pharmacy segment accounted for the major market share of around 65.36% in the year 2019. The increasing prevalence of malaria in the developing and underdeveloped countries and the rising number of hospital admit cases of malaria, driving the growth of the market. In addition to this, with the recent outbreak of COVID-19, many governments have restricted the sales of hydroxychloroquine drug to the public without a prescription. Furthermore, the government of various countries are supplying the drug to the hospital pharmacies to treat the COVID-19 patients.
Regional Segment Analysis of the Hydroxychloroquine Market
On the basis of geography, the global hydroxychloroquine market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region expected to hold the largest market share in the global hydroxychloroquine market. The Asia Pacific region has the highest number of malaria cases every year in the world. Thus, to treat malaria, the pharmaceutical companies highly manufacture the hydroxychloroquine drug. China is one of the largest suppliers of active pharmaceutical ingredients (APIs), which is used for the manufacturing of hydroxychloroquine drug.
Indian Pharmaceutical companies boosted the production of hydroxychloroquine drug to meet the local and global demand
India is the largest producer of hydroxychloroquine drug in the world and has a capacity of 40 tonnes of hydroxychloroquine (HCQ) every month, implying 20 crore tablets of 200 mg each. According to Indian Pharmaceutical Alliance (IPA), India manufactures 70 per cent of the world's supply of hydroxychloroquine. The demand is increasing hydroxychloroquine drug for the potential treatment of COVID-19 in the world. Thus, on 25th March 2020, India puts the ban on the export of the anti-malaria drug hydroxychloroquine and pain reliever paracetamol to keep the stock for domestic demand. However, the government has decided to partially lift the ban on the export of two essential drugs, as around 30 countries including U.S., SAARC nations and key global partners globally including West Asia have asked India to lift the ban on the export of hydroxychloroquine, used for COVID-19. Zydus Cadila, Ipca Laboratories, and Wallace Pharmaceuticals are some of the leading manufacturers of hydroxychloroquine drug. Indian pharmaceutical companies are planning to boost the production by 5 to 6 times to over 70 metric tonnes (MT) by next month, i.e. May 2020.
On the other hand, North America region expected to grow at the prominent CAGR in the global hydroxychloroquine market over the forecast period. The U.S. has the highest number of coronavirus cases, and thus the demand is increased for the hydroxychloroquine drugs for the treatment of COVID-19.
About the report:
The global hydroxychloroquine market is analysed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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