Portland, OR, Oct. 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global hydroxychloroquine market was pegged at $1.9 billion by 2019, and is projected to reach $4.6 billion by 2027, growing at a CAGR of 7.9% from 2020 to 2027.
Surge in cases of malaria and rise in demand for HCQ as a potential treatment source during the Covid-19 pandemic drive the growth of the global hydroxychloroquine market. However, side-effects of the medicine, ban imposed by several countries due to lack of supportive study data, and ongoing research and positive results of other drugs for potential cure hamper the market growth. On the contrary, repurposing HCQ as an anti-cancer drug is expected to present new opportunities for the market players in the coming years.
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Covid-19 scenario:
- India is the largest producer of hydroxychloroquine and its potential use in treating Covid-19 patients led to increase in demand. As India declared a ban on the export of HQC, it raised tension between the U.S.-India diplomatic relations.
- The demand for HQC has increased during the pandemic. However, the drug is still in controversy for its effects in the treatment of Covid-19.
The global hydroxychloroquine market is segmented on the basis of product type, distribution channel, disease, and region. Based on product type, the market is divided into tablet and active pharmaceutical ingredients (API). The API segment dominated the market in 2019, accounting for more than half of the market. However, the tablet segment is expected to manifest the highest CAGR of 8.4% during the forecast period.
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On the basis of distribution channel, the market is classified into hospital pharmacy, online pharmacy, specialty drug store, and retail pharmacy. The online pharmacy segment is expected to portray the highest CAGR of 11.8% during the forecast period. However, the hospital pharmacy segment held the largest share in 2019, accounting for more than two-fifths of the market.
Based on disease, the market is divided into malaria, rheumatoid arthritis, lupus erythematosus, coronavirus, and others. The global hydroxychloroquine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2019, accounting for around four-fifths of the market.
The global hydroxychloroquine market report includes an in-depth analysis of the major market players including Cadila Healthcare Ltd., Ipca Laboratories Ltd., Hikma Pharmaceuticals PLC, Novartis AG, Mylan N.V., Sanofi S.A., Pfizer Inc., Teva Pharmaceutical Industries Ltd., Taj Pharmaceuticals Ltd., Zydus Cadila, and Torrent Pharmaceuticals Ltd.
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