Source: Business Wire
DUBLIN–(BUSINESS WIRE)–The “Hydroxychloroquine Market by Product type, Distribution Channel, and Disease: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.
The global hydroxychloroquine market size 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, an anti-malarial drug, when combined with chloroquine has the potential to be the major game-changer in medical history.
In certain small and vitro, uncontrolled or poorly controlled clinical studies, it demonstrated antiviral activity against (SARS-CoV-2) severe acute respiratory syndrome-coronavirus-2. Such researches are considered as hypothesis. However, followed by the tweet of President Trump, it completely changed the scenario of the market, with reports of shortages of the medicine in pharmacies within 24 hours. Amidst the outbreak, certain nations such as the U.S. and India are endorsing its use as preventive measures for COVID-19.
The growth of the global hydroxychloroquine market is driven by a surge in demand for the medication, which led to a hike in the production of the drug by the Indian Government. IPCA Laboratories, which has approximately 70% of the market share in this sector in India, has increased its production tenfold.
However, the nationwide lockdown acted as a hindrance to the growth of the global market. In addition, disruption in logistic chains and less availability of raw materials, which are mostly scoured from China have restrained the market growth. With the initiation of normal operation in China after the lockdown and backward integration of some industry players have helped the market to cope up to a certain extent.
In April 2019, IPCA Laboratories signed a contract to acquire Maharashtra-based Ramdev Chemical Pvt. Ltd. According to the contract, IPCA Laboratories is supposed to buy the company, which is associated with the marketing and manufacturing of advanced drug intermediates, active pharmaceutical ingredients (APIs), custom synthesis molecules, and fine chemicals. Thus, this initiative by IPCA Laboratories will help the company in increasing the production capacity of the drug and contribute in meeting the present demand.
On March 25 2020, the Indian Government imposed a ban on export of the drug to ensure that the nation had adequate stock of the medication to meet domestic needs. However, later the government decided to lift the ban partially. The SAARC nations along with other 30 nations and the U.S. and West Asia proposed India to lift the ban on export. Considering the high demand for the medication, pharmaceutical companies in the nation have planned to increase the production by 5 to 6 times to over 70 metric tons by May 2020.
Apart from IPCA Laboratories Ltd., Zydus Cadila and Wallace Pharmaceuticals are some of the other leading manufacturers of hydroxychloroquine.
The global hydroxychloroquine market is segmented into product type, distribution channel, disease, and region. On the basis of product type, the market is bifurcated into tablet and active pharmaceutical ingredients. Depending on distribution channel, the market is fragmented into hospital pharmacy, online pharmacy, specialty drug store, and retail pharmacy.
The diseases covered in the study include malaria, rheumatoid arthritis, lupus erythematosus, coronavirus, and others. Region wise, the hydroxychloroquine market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
- The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the hydroxychloroquine market from 2019 to 2027 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict hydroxychloroquine market growth is provided.
- The hydroxychloroquine market forecast and estimations are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the hydroxychloroquine market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market share.
- Increase in Demand for Hcq as Potential Treatment Source Amidst Pandemic
- Increase in Cases of Malaria
- Several Side-Effects of the Medicine
- Ban from Several Countries Owing to Lacking Study Data
- Ongoing Research and Positive Results of Other Drugs for Potential Cure
- Repurposing Hydroxychloroquine as Anti-Cancer Drug
- Cadila Healthcare Ltd
- Hikma Pharmaceuticals PLC
- Ipca Laboratories Ltd
- Mylan N.V
- Novartis AG
- Pfizer Inc.
- Sanofi S.A.
- Taj Pharmaceuticals Ltd.
- Teva Pharmaceutical Industries Ltd.
- Torrent Pharmaceuticals Ltd
- Zydus Cadila
For more information about this report visit https://www.researchandmarkets.com/r/lzla2v