Report Ocean has recently published a new research study on the global hydroxychloroquine market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Hydroxychloroquine Market by Product type (Tablet and Active Pharmaceutical Ingredients), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Specialty Drug Store, and Retail Pharmacy), and Disease (Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Coronavirus, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
According to the study, the global hydroxychloroquine market was valued at US$1.9 bn in 2019. Proliferating at a CAGR of 7.90% from 2020 to 2027, the opportunity in this market is likely to reach US$4.6 bn by the end of the forecast period. The rising demand for anti-malarial medicine to treat Covid 19 is the key driving factor behind the growth of the worldwide market for hydroxychloroquine. Since hydroxychloroquine is an important component of the anti-malarial medicine and the spike in the production of this drug by the Government of India increased the consumption of hydroxychloroquine, substantially. IPCA Laboratories, a leading Indian drug maker, has tenfold raised its manufacturing capacity for this drug.
On the other hand, the nationwide lockdown in India hindered the growth of the global market due to the disruption in the supply chain. Apart from this, the reduced availability of raw materials, mostly scoured from China, also restricted the market’s rise. However, with the commencement of normal operation in the country after the lockdown and the increasing involvement of some players in backward integration are likely to help this market in the near future.
Impact of Covid 19 on Global Hydroxychloroquine Market
Amid the outbreak of Coronavirus pandemic, several countries, such as India and the U.S., are promoting the usage of anti-malarial drug as a preventive measure for Covid 19. This, in turn, has augmented the production of anti-malarial drug significantly, of which hydroxychloroquine is an important component. Consequently, the demand for hydroxychloroquine has increased, resulting in a tremendous rise in the market’s valuation.
Hydroxychloroquine Tablets Report Higher Demand than APIs
In this report, the global hydroxychloroquine market has been assessed on the basis of the product type, distribution channel, disease, and the region. Based on the product type, the market has been bifurcated into tablet and active pharmaceutical ingredients. Among the two, the former is reporting a higher demand and is expected to continue to do so over the forecast period.
In terms of distribution channel, hospital pharmacy, online pharmacy, specialty drug store, and retail pharmacy have surfaced as the prominent market segments. The key market segments considered in this report on the basis of disease are malaria, rheumatoid arthritis, lupus erythematosus, coronavirus, and others. Regionally, the North America, Europe, Asia Pacific, and Latin America, the Middle East, and Africa (LAMEA) have been considered as the main regional markets for hydroxychloroquine in this research study.
- Hydroxychloroquine tablets has been reporting a higher demand than APIs and is expected to continue to so in the years to come.
- Outbreak of Coronavirus pandemic created tremendous opportunities for market players.
The global hydroxychloroquine market is classified into:
By Product type
- Active Pharmaceutical Ingredients
By Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Specialty Drug Store
- Retail Pharmacy
- Rheumatoid Arthritis
- Lupus Erythematosus
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- Cadila Healthcare Ltd.
- Hikma Pharmaceuticals PLC
- Ipca Laboratories Ltd.
- Mylan N.V
- Novartis AG
- Pfizer Inc.
- Sanofi S.A.
- Taj Pharmaceuticals Ltd.
- Teva Pharmaceutical Industries Ltd.
- Torrent Pharmaceuticals Ltd.
- Zydus Cadila
Company Name: Report Ocean
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