Hydroxychloroquine Market is expected to witness substantial CAGR from 2020 to 2030.
Latest research findings from Market Industry Reports (MIR) report titled “Hydroxychloroquine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” Suggests that the global hydroxychloroquine market is expected to witness substantial CAGR from 2020 to 2030.
The market growth can be attributed to several factors, which has led toits wide-scale adoption. Growing prevalence of malaria and increasing demand of hydroxychloroquine drug worldwide for the treatment of COVID-19are anticipated to fuel its demand. However, restrictions on its purchase ever since it has been considered for the treatment of newly discovered disease COVID-19 is likely to restrain the market growth to a certain extent.
Citing the promising prospects of the market, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, in March 2020, Intas Pharmaceuticals Ltd announced its collaboration with World Health Organization-endorsed study into the prevention of COVID-19 using hydroxychloroquine and plans to supply 2 million hydroxychloroquine tablets free of charge for the study.
According to WHO, in 2018, nearly half of the world's population was at risk of malaria and there were 228 million cases of malaria in 2018 as compared to 231 million cases in 2017. The estimated number of malaria deaths was 405,000 in 2018, as compared to 416 000 deaths in 2017.Incessantly rising prevalence of malaria is expected to boost the market growth.
Hydroxychloroquine has been identified by the US Food and Drug Administration as a possible treatment for the COVID-19(though not proven clinically yet). This has led to precipitous demand of hydroxychloroquine as a preventive measure against COVID-19. For instance, in April 2020, The President of the United States of America endorsed the use of this drug as preventive measure and requested India, a major manufacturer of hydroxychloroquine to partially lift the ban on the export of the drug.
However, restrictions have been imposed on its purchase ever since it has been considered for the treatment of newly discovered disease COVID-19. Increase in off-label prescribing of hydroxychloroquine has raised concerns related to its potential shortage. Furthermore, due to limited evidence related to its effectiveness against COVID-19and citing the risk of its adverse effects (cardiac toxicity, irreversible eye damage, etc.), regulatory authorities of different countries have discouraged the use of hydroxychloroquine outside its current indications at this time.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Hydroxychloroquine Market by Type (200mg and 400mg), Application (Rheumatoid Arthritis, Malaria, COVID-19 and Lupus)-Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/hydroxychloroquine-market/306
Asia Pacific(APAC) dominates the hydroxychloroquine market. The growth of the Asia Pacific market can be attributed to the presence of prominent players, which produce about 70% of overall world capacity of hydroxychloroquine. Countries in the APAC region such as India and China are anticipated to provide significant growth opportunities to the stakeholders owing to the presence of manufacturers of active pharmaceutical ingredients (APIs) and hydroxychloroquine formulation.
Some of the prominent players operating in the hydroxychloroquine market are Sanofi, Novartis AG, Ipca Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Zydus Cadila, Lupin Pharmaceuticals, Inc., DR. REDDY'S LABORATORIES LTD., Bristol Laboratories Ltd, Mylan N.V., Teva Pharmaceuticals USA, Inc., among others.
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