The global hydroxychloroquine drug market is projected to grow at a CAGR of 2.93% to reach US$1,238.981 million by 2027, from US$1,011.999 million in 2020.
The rising prevalence of chronic rheumatoid conditions, malaria, and lupus among individuals is pushing the demand for hydroxychloroquine drugs.
According to the World Health Organization (WHO), there are approximately 150 diseases or more that fall under the category of rheumatic or musculoskeletal conditions that are associated with different degrees of pain and are progressive in nature. They are also referred to as joint diseases, physical disability, spinal disorders, and some other conditions; they may be a result of trauma. Rheumatoid Arthritis, which is among one of the conditions under this category is a type of systemic disease that affects the joints, connective tissues, and muscles. It shows a prevalence of about 0.1% to 0.3%, is more common in women and is found majorly in developed countries. It mainly affects individuals between the ages of 20 and 40.
In addition, malaria, which is another disease that is cured by dosing the affected patients, with hydroxychloroquine, is also among the most prevalent diseases in many regions in the world. According to the World Health Organization, malaria is a disease that is caused by the transmission of Plasmodium parasites to humans by the Anopheles mosquito. There are approximately 200 million cases of malaria that are reported every year. In the year 2017, the number of reported cases was around 219 million.
Furthermore, according to the statistics presented by the Lupus Foundation of America, about 5 million individuals globally are suffering from some sort of lupus, of which there are an estimated 1.5 million American individuals. Lupus is an increasingly common disease among women of childbearing age. But, children, men, and teenagers are also likely to develop these diseases. The symptoms that are associated with these diseases include pain, high fatigue levels, cognitive loss, physical impairment, and other symptoms. Thus, since these diseases are increasing, there is a surging demand for hydroxychloroquine drugs which is bolstering the market growth over the forecast period.
However, as hydroxychloroquine drugs are not effective against all types of malaria, it hampers the market’s growth to some extent.
An increasing number of cases of people infected with the coronavirus owing to the COVID-19 pandemic and the use of hydroxychloroquine as a possible cure to control the rate of spread is boosting the market growth.
The coronavirus pandemic has gripped the world economies and caused significant damage to the resources and medical supplies of the country, with huge financial deficits, a rising number of deaths reported every day, and economic slowdowns. Thus, there is a growing requirement by the healthcare sector to invest money and carry out research and development of new and effective drugs that can be used as a possible cure against the coronavirus. Therefore, there are a lot of clinical trials going on and a lot of investment has been put into the research of the use of hydroxychloroquine, which is primarily used for other purposes and diseases and belongs to a class of anti-malarial, but has shown the potential of its use in the current COVID-19 scenario.
Partnership agreements, donations, and supply expansions by major hydroxychloroquine drug market players
The partnership agreements and donations of hydroxychloroquine drugs with the objective of catering to the growing demand for use in research purposes or as possible care for coronavirus by existing and new players in different markets are estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The COVID-19 disease epidemic has been a major factor in the growth of the hydroxychloroquine market. This is so that COVID-19 can be effectively treated with the drug hydroxychloroquine. The efficacy of hydroxychloroquine in reducing the negative consequences of the pandemic was the subject of multiple clinical trials. The Food and Drug Administration revoked the emergency use authorization to utilise HCQ in a few hospitalised patients, so the trials were put on hold starting in June 2020. Chloroquine has been demonstrated to inhibit SARS-CoV-2 in vitro, according to Chinese sources. When used to treat COVID-19 patients, the medication was shown to be quite successful. One potentially effective treatment for coronavirus is the medication hydroxychloroquine (COVID 19). Hydroxychloroquine has been given the green light by the US Food and Drug Administration (FDA) for use as an urgent remedy for coronavirus infection. As a result, there was a considerable rise in demand for this medication globally. The market experienced an exponential expansion in the forecast year.
The North American region is expected to hold a considerable share over the forecast period, and the Asia Pacific region is expected to witness significant market growth over the forecast period
The Asia Pacific region is expected to observe significant market growth over the forecast period owing to the fact that countries such as India and China are increasingly involved in the provision of the hydroxychloroquine drug. In addition, the North American region is estimated to hold a considerable share over the forecast period, due to the number of efforts being made by the government, and healthcare bodies, in order to acquire the drugs and start the testing activities as the number of cases of COVID-19 is piling up in countries such as the US.
|Market size value in 2020||US$1,011.999 million|
|Market size value in 2027||US$1,238.981 million|
|Growth Rate||CAGR of 2.93% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Novartis AG, Sanofi, Amneal Pharmaceuticals LLC., Prasco Laboratories, Dr Reddy’s Laboratories Ltd, McKesson Medical-Surgical Inc., Laurus Labs Ltd., Intas Pharmaceuticals Ltd., Lupin Pharmaceuticals, Inc., Mylan N.V.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global hydroxychloroquine drugs market?
A1. Hydroxychloroquine Drugs Market was valued at US$1,011.999 million in 2020.
Q2. What are the growth prospects for the hydroxychloroquine drugs market?
A2. The global hydroxychloroquine drugs market is projected to grow at a CAGR of 2.93% over the forecast period.
Q3. What factors are anticipated to drive the hydroxychloroquine drugs market growth?
A3. The rising prevalence of chronic rheumatoid conditions, malaria, and lupus among individuals is pushing the demand for hydroxychloroquine drugs.
Q4. What will be the hydroxychloroquine drugs market size by 2027?
A4. The hydroxychloroquine drugs market is projected to reach a market size of US$1,238.981 million by 2027.
Q5. Which region holds the largest market share in the hydroxychloroquine drugs market?
A5. The North American region holds a considerable share in the hydroxychloroquine drugs market.
Amneal Pharmaceuticals LLC.
Dr. Reddy’s Laboratories Ltd
McKesson Medical-Surgical Inc.
Laurus Labs Ltd.
Intas Pharmaceuticals Ltd.
Lupin Pharmaceuticals, Inc.
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