The Business Research Company’s Global Hydroxychloroquine Market Report 2020-30: Covid 19 Implications And Growth
LONDON, GREATER LONDON, UK, July 8, 2020 /EINPresswire.com/ — The global hydroxychloroquine market size is expected to grow from $718 million in 2019 to $980.1 million in 2020 at a compound annual growth rate (CAGR) of 36.5%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to treat the growing number of cases. With no effective therapeutics discovered so far, some of the existing drugs including hydroxychloroquine have been repurposed for COVID-19 infection treatment. Hydroxychloroquine is found to be effective against coronavirus in laboratory studies and in-vivo studies. The market is then expected to stabilize and reach $1,281.3 million in 2023 at a CAGR of 9.3%.
The increasing number of coronavirus cases has increased the demand for hydroxychloroquine in 2020. The demand for hydroxychloroquine is growing, attributing to its use in the treatment of COVID-19 patients and in ongoing clinical trials. The US Food and Drug Administration has authorized emergency use of hydroxychloroquine for the treatment of COVID-19 patients in the hospital or enrolled by clinical trials. According to the World Health Organization (WHO), there were more than 10 million confirmed cases of COVID-19, including more than 500,000 deaths reported as of 3rd July 2020, globally. The USA, Brazil, Russia, UK, India, and Spain are the countries most affected by the virus. Therefore, the continuous increase in coronavirus cases across the globe is surging the demand for hydroxychloroquine, thus generating higher revenues for the market during the period.
The hydroxychloroquine market consists of revenue generated by establishments through the sales of hydroxychloroquine drugs. It is an antimalarial drug used for the treatment of malaria, systemic lupus erythematosus (SLE), and rheumatoid arthritis. Hydroxychloroquine is used in combination with antibiotic azithromycin as a potential treatment for COVID-19.
The hydroxychloroquine market share is segmented by drug activity into anti-malarial, anti-rheumatic, lupus suppressant, anti-COVID 19, and others. It is also segmented by formulation into tablets and injection. By application, it is segmented into malaria, rheumatoid arthritis, lupus erythematosus, COVID-19, and others. By distribution channel, it is segmented into hospital pharmacy, online pharmacy, specialty drug stores, and retail pharmacy.
Major players operating in the hydroxychloroquine market are undertaking various strategic initiatives such as increasing production capacity and the expansion of manufacturing plants to meet the augmented global demand. For instance, in April 2020, Zydus Cadila announced that the company has ramped up its production capacity by 10 times for the production of hydroxychloroquine post the COVID 19 outbreak. Moreover, other manufacturers including IPCA Laboratories increased their monthly hydroxychloroquine production capacity five to six times during May 2020. Thus, the ramp-up of production capacities by major companies is a major trend shaping the hydroxychloroquine market.
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Source: EIN Presswire