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Hydroxychloroquine Global Market Report 2021: COVID-19 Implications And Growth To 2030

·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, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydroxychloroquine Global Market Report 2021: COVID-19 Implications And Growth To 2030" - https://www.reportlinker.com/p06151637/?utm_source=GNW
The global hydroxychloroquine market is expected to grow from $0.93 billion in 2020 to $1.02 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $1.51 billion in 2025 at a CAGR of 10%.

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.

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.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

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 countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151637/?utm_source=GNW

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