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Hydroxychloroquine Global Market Report 2020-30: Covid 19 Implications and Growth

·4-min read

Major players in the hydroxychloroquine market are Bayer AG, Dr. Reddy’s Laboratories, Zydus Cadila, Ipca Laboratories Ltd. , Wallace Pharma, Teva, Mylan, Novartis, and Intas Pharmaceuticals.

New York, July 16, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "Hydroxychloroquine Global Market Report 2020-30: Covid 19 Implications and Growth" -
The global hydroxychloroquine market is expected to grow from $718 million in 2019 to $980.1 million in 2020 at a compound annual growth rate (CAGR) of 36.5%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to treat the growing number of cases. With no effective therapeutics discovered so far, some of the existing drugs including hydroxychloroquine have been repurposed for COVID-19 infection treatment. Hydroxychloroquine is found to be effective against coronavirus in laboratory studies and in-vivo studies. The market is then expected to stabilize and reach $1,281.3 million in 2023 at a CAGR of 9.3%.

The hydroxychloroquine market consists of revenue generated by establishments through the sales of hydroxychloroquine drugs. It is an antimalarial drug used for the treatment of malaria, systemic lupus erythematosus (SLE), and rheumatoid arthritis. Hydroxychloroquine is used in combination with antibiotic azithromycin as a potential treatment for COVID-19.

North America is anticipated to be the largest region in the global hydroxychloroquine market by the end of 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period.

Major players operating in the market are undertaking various strategic initiatives such as increasing production capacity and the expansion of manufacturing plants to meet the augmented global demand. For instance, in April 2020, Zydus Cadila announced that the company has ramped up its production capacity by 10 times for the production of hydroxychloroquine post the COVID 19 outbreak. Moreover, other manufacturers including IPCA Laboratories increased their monthly hydroxychloroquine production capacity five to six times during May 2020. Thus, the ramp-up of production capacities by major companies is a major trend shaping the hydroxychloroquine market.

The hydroxychloroquine market covered in this report is segmented by drug activity into anti-malarial; anti-rheumatic; lupus suppressant; anti Covid 19; others. It is also segmented by formulation into tablets; injection, by application into malaria; rheumatoid arthritis; lupus erythematosus; Covid-19; others and by distribution channel into hospital pharmacy; online pharmacy; specialty drug stores; retail pharmacy.

Side effects associated with the use of hydroxychloroquine drugs is predicted to limit market growth. The side effects associated with the use of hydroxychloroquine for the treatment of COVID patients include serious and potentially life-threatening heart rhythm problems. In April 2020, the US Food and Drug Administration warned against the side-effects of hydroxychloroquine and issued a safety communication regarding the side-effects of using the drug for COVID 19 outside of the hospital settings or clinical trials. Moreover, the World Health Organization (WHO) had suspended the clinical trials of hydroxychloroquine over safety concerns on the 25th of May 2020. However, the trials have been resumed by WHO on the 3rd of June 2020 after reviewing safety concerns. Nonetheless, the potential side effects restrict the use of hydroxychloroquine outside the hospital and clinical settings, thereby hindering the growth of the hydroxychloroquine market going forward.

In July 2019, Mylan N.V. and Pfizer Inc. announced a definitive agreement to combine Mylan with Upjohn, off-patent branded and generic establishment medicines business of Pfizer for an undisclosed amount to creating a new global pharmaceutical company. The new company is expected to transform and accelerate both companies’ ability to serve patients and expand their capabilities across more than 165 markets. Mylan N.V. was founded in 1961 and is a global generic and specialty pharmaceuticals company.

The increasing number of coronavirus cases has increased the demand for hydroxychloroquine in 2020. The demand for hydroxychloroquine is growing attributing to its use in the treatment of COVID-19 patients and in the ongoing clinical trials. The US Food and Drug Administration has authorized emergency use of hydroxychloroquine for the treatment of COVID-19 patients in the hospital or enrolled by clinical trials. According to the World Health Organization (WHO), there were more than 10 million confirmed cases of COVID-19, including more than 500,000 deaths reported as of 3rd July 2020, globally. USA, Brazil, Russia, UK, India and Spain are the countries most affected by the virus. Therefore, the continuous increase in coronavirus cases across the globe is surging the demand for hydroxychloroquine, generating higher revenues for the market during the period.

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