Covina, CA, June 15, 2020 (GLOBE NEWSWIRE) — The global hydroxychloroquine market accounted for US$ 1.6 billion in 2019 and is estimated to be US$ 2.7 billion by 2029 and is anticipated to register a CAGR of 5.3%
Global hydroxychloroquine market size is expected to register growth over the forecast period to its applications in the pharmaceutical sector. The drug is used for treating and preventing malaria which is caused by mosquito bite. It is also used in the treatment of autoimmune diseases including lupus and rheumatoid arthritis. Recently, hydroxychloroquine is being studied for the treatment of coronavirus spread which will boost the overall market growth.
The report “Global Hydroxychloroquine Market, By Disease Type (Coronavirus Disease (COVID-19), Malaria, Q Fever, Rheumatoid Arthritis, Lupus Erythematosus, Porphyria Cutanea Tarda (PCT), and Other Disease Types), By Distribution Channel (Specialty Drug Store, Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
- In March 2020, Novartis announced its commitment to donate up to 130 million doses of generic hydroxychloroquine to support the global COVID-19 pandemic response. Hydroxychloroquine and a related drug, chloroquine, are currently under evaluation in clinical trials for the treatment of COVID-19. Novartis is supporting ongoing clinical trial efforts and will evaluate the needs for additional clinical trials.
- In March 2020, Mylan N.V. has ramped up its U.S. manufacturing of hydroxychloroquine sulfate tablets to meet potential COVID-19 patient needs. Mylan’s hydroxychloroquine sulfate tablets are approved by the U.S. Food and Drug Administration (FDA) for the treatment of malaria, rheumatoid arthritis, and lupus erythematosus. Although the product is not currently approved for use in the treatment of COVID-19, it is listed by the World Health Organization as a drug under investigation for efficacy against the coronavirus.
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Growth in the production of Hydroxychloroquine in India
India, a major manufacturer, and exporter of hydroxychloroquine. It is ramping up production to meet increased demand from a number of other countries, including the United States of America. India is giving away about 3 million tablets of the drug to the USA, and nine metric tons of API – Active Pharmaceutical Ingredient. Some of the top manufacturers in the Indian market are Intas Pharmaceuticals, Macleods Pharmaceuticals, McW Healthcare of Indore, and Cipla.
Manufacturers are ramping up their production capacities
Producers and suppliers operating in the target market have potential growth opportunities due to rising demand from end-use across the globe. Leading manufacturers such as Novartis, Teva, Mylan, etc. have provided hydroxychloroquine drugs at no cost to treat COVID-19 patients. Ipca Laboratories Ltd. has raised its production by 20 tons per month. Whereas, Laurus Labs has also increased its production capacity by 5 tons. Moreover, numerous companies like Laurus Labs, Bayer, Sun Pharma, etc. have promised to donate millions of hydroxychloroquine tablets in their respective regions.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Hydroxychloroquine Market”, By Disease Type (Coronavirus Disease (COVID-19), Malaria, Q Fever, Rheumatoid Arthritis, Lupus Erythematosus, Porphyria Cutanea Tarda (PCT), and Other Disease Types), By Distribution Channel (Specialty Drug Store, Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global hydroxychloroquine market accounted for US$ 1.6 billion in 2019 and is estimated to be US$ 2.7 billion by 2029 and is anticipated to register a CAGR of 5.3%. The market report has been segmented on the basis of disease type, distribution channel, and region.
- By disease type, the coronavirus disease segment is expected to register for the majority revenue share in the global hydroxychloroquine market due to growing cases of COVID-19 pandemic worldwide.
- By distribution channel, the hospital pharmacy segment is projected to witness major revenue share in the global market due to rising demand for HCQ to treat COVID-19 patients and the growing prevalence of malaria, particularly in some emerging economies.
- By region, North America followed by Canada, Mexico, and the U.S. is expected to register substantial gains by 2026. Rising coronavirus cases and a large number of clinical trials will lead to increased consumption of the product in the region, thus propelling the hydroxychloroquine market.
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The prominent player operating in the global hydroxychloroquine market includes Novartis International AG, Mylan N.V., Wallace Pharmaceuticals Ltd., Sanofi S.A., Teva Pharmaceutical Industries Ltd., Bayer AG, Zydus Cadila Ltd., Ipca Laboratories Ltd., Cipla Limited, and Lupin Limited.
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