The global hydroxychloroquine drugs market is projected to grow at a CAGR of 3.08% to reach US$1,174.129 million by 2025, from US$978.745 million in 2019.
Rising prevalence of chronic rheumatoid conditions, malaria, and lupus among the individuals is pushing the demand for hydroxychloroquine drugs.
According to the World Health Organization (WHO), there are approximately 150 diseases or more that come under Rheumatic or musculoskeletal condition that are associated with different degrees of pain and is 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 and shows a prevalence of about 0.1% to 0.3% and is more common in women and is found majorly in the 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 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, out of which there are an estimated 1.5 million American individuals. Lupus is an increasingly common disease among the women that of childbearing age. But, the children, men, and teenagers are also likely to develop thus diseases. The symptoms that are associated with these diseases include pain, high fatigue levels, cognitive loss, physical impairment among other symptoms. Thus, these diseases are increasing there is a surging demand for hydroxychloroquine drugs and is bolstering the market growth over the forecast period.
However, as the hydroxychloroquine drugs are not so effective on all types of malaria, it hampers the market 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 Hydroxycholroquine 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, rising number of deaths reported cases 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 Hyrdoxychloroquine, which is a primarily used for other purposes and diseases and belongs to a class of anti-malarial, but has shown potential of its use in the current covid-19 scenario.
Partnership agreements, donations, and supply expansions by major market players in the hydroxychloroquine drugs market space
The partnership agreements, donations of hydroxychloroquine drugs with the objective to cater to the growing demand for use in research purposes or as possible care for coronavirus by existing and new players in different markets is 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 North American region to hold a considerable share over the forecast period and the Asia Pacific region is expected to witness a significant market growth over the forecast period
The Asia Pacific region is expected to observe a significant market growth over the forecast period owing to the fact that counties 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 a load of the number of efforts being made the government, and healthcare bodies in order to acquire the drugs and start the testing activities as the number of cases of COVID-19 are piling up in countries such as the US.