The Hydroxychloroquine Market is projected to grow from USD 450.69 million in 2019 and to XXX.XX million by 2025 growing at a CAGR of 37.89% during the forecast period 2020-2025.
Market Overview
Hydroxychloroquine is an anti-malaria drug which is mainly used to prevent malaria from mosquito bites. It is used to treat different medical conditions, like lupus or atrophic arthritis. This medication is accessible as associate oral medication and will be smitten food or milk so as to minimize the probabilities of symptom. Some potential aspect effects of anti-inflammatory drug sulphate could embody visual disturbances, skin reactions, or a modification in blood cell counts. Patients with some medical conditions, particularly disease, might not be ready to safely use this medication.
Outbreak of COVID-19 and its effect on Hydroxychloroquine Market
Coronavirus has affected more than 190 countries. The World Health Organization (WHO) declared it as a global pandemic with its development. The coronavirus causes the respiratory illness and develops the symptoms such as cough, fever, and difficulty in breathing. Currently, there is no specific drug or vaccine available in the market for the treatment of Covid-19. However, hydroxychloroquine, an anti-malarial drug has seen some effectiveness against coronavirus in some studies. Therefore, there is huge demand for the hydroxychloroquine in all over the world. Globally, India is one largest manufacturer of hydroxychloroquine and produces more than 70% of world’s hydroxychloroquine production.
Market Segmentation
Global Hydroxychloroquine Market by Type:
The pharmaceutical standards grade segment is likely to grow at the highest CAGR in the global hydroxychloroquine market over the forecast period. The pharmaceutical grade refers to the manufacturing process used by pharmaceutical companies for the production of drugs and other medications.
Global Hydroxychloroquine Market by Application:
The Covid-19 segment is likely to register highest CAGR of approximately 39.36% over the forecast period. The recent outbreak of global pandemic Covid-19 has spread all over the world and there is no specific treatment available for the covid-19. However, hydroxychloroquine has the antiviral properties and has seen effective against the coronavirus.
APAC To Show the Highest Growth Potential
Asia Pacific region is projected to hold the largest market share in the global hydroxychloroquine market. The growth is mainly due to high prevalence of malaria in some of the Asian countries.
India is the world’s largest producer of hydroxychloroquine drug, as India has high prevalence of malaria. In addition to this, presence of many large local pharmaceutical companies that produces the hydroxychloroquine in India drives the growth of market. India has started global supply of hydroxychloroquine due to its availability in the country. Thus, many Indian companies have boosted the production of hydroxychloroquine to meet the global demand. North America is likely to hold the significant market share due to the increasing number of coronavirus cases, and thus, there will be huge demand for hydroxychloroquine to treat the patients affected with Covid-19.
Competitive Landscape
Some of the leading companies of global hydroxychloroquine market are Sanofi, H-QYN, Mylan, TAJ Pharma, MAAN Medex, Sun Pharmaceutical, Cinkate, IPCA, Shanghai Pharma, and Shenhua Pharm among others. Many companies have expanded the production of hydroxychloroquine amid the outbreak of Covid-19. In March 2020, Sun Pharmaceutical announced that it has donated the 2.5 million hydroxychloroquine sulphate tablets in the US for potential COVID-19 treatment.