The global hydroxychloroquine market is expected to grow at around 4% CAGR, between the years 2020 and 2030). Demand for this antimalarial has shot up following the suggestion of the drug being used as a potential treatment for the coronavirus crisis, by President Trump of the United States.
The United States Center for Disease Control and Prevention, has stated that the drug has displayed in-vitro effects against different types of coronavirus, which will help sustain demand through the end of the pandemic.
"Despite, a number of trials, there has been no definitive evidence of the efficacy of hydroxychloroquine against covid-19. On the other hand, the drug is effective against other diseases, which will help keep demand stable even after the pandemic ends," says the Fact.MR analyst.
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Hydroxychloroquine Market- Key Takeaways
Hydroxychloroquine is largely sold as an anti-malarial drug, owing to massive demand in developing economies with poor sanitation standards, and large mosquito populations.
Asia Pacific will remain a major market for hydroxychloroquine driven by major ingredient and drug manufacturing operations in China and India.
Hydroxychloroquine Market- Driving Factors
Proven efficacy of hydroxychloroquine against malaria and rheumatoid arthritis are primary growth factors.
Investments from the public and private sectors into pharmaceutical research & development activities enable key market developments.
Hydroxychloroquine Market- Major Restraints
Concerns over toxicology of hydroxychloroquine when administered without adequate supervision is a challenge to market growth.
Potential side effects of headaches, nausea, appetite loss, mood changes, skin rashes, and hair loss hurt adoption.
COVID-19 Impact on Hydroxychloroquine Market
The covid-19 pandemic has positively influenced the global hydroxychloroquine market, with anecdotal evidence of its efficacy against the virus. Manufacturers have rapidly invested in bolstering production capacities to keep up with the sudden, unprecedented demand. On the other hand, some manufacturers are facing a crunch in terms of critical ingredients, owing to export restrictions, which will be challenge for market players during the crisis.
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The hydroxychloroquine manufacturers are currently grappling with the massive demand arising from the covid-19 pandemic. Consequently, industry collaborations and production facility expansions have become key business strategies.
For instance, Accord Healthcare has announced its plans to increase production to 50 million tablets per month at its UK facility. Mylan has also announced the production of hydroxychloroquine sulfate tablets in its West Virginia facility.
Bayer has also announced increased production and donation of hydroxychloroquine doses to the Strategic National Stockpile. Mylan, Abcam plc, Laurus Labs, Advanz Pharma, Ipca Laboratories, Amneal Pharmaceuticals, Dr. Reddy's Lab., and Bayer AG Enterprise are some major hydroxychloroquine market players.
About the Report
This study offers readers a comprehensive market forecast of the hydroxychloroquine market. Global, regional and country-level analysis of the top industry trends impacting the hydroxychloroquine market is covered in this FACT.MR study. The report offers insights on the hydroxychloroquine market on the basis of drug type (anti-malarial, anti-rheumatic, lupus suppressant, anti-covid-19, and others) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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