Hydroxychloroquine Market is likely to $4.6 billion by 2027 | Industry Trends, Applications, Product Type, Region-Forecast

Allied Market Research Says, Global Hydroxychloroquine market is expected to garner $4.6 billion by 2027, and growing at a CAGR of 7.9% from 2020 to 2027.
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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Based on region, Asia-Pacific held the largest market share of more than four-fifths of the global hydroxychloroquine market in 2019, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to register the highest CAGR of 8.2% from 2020 to 2027. This is due to presence of major market players in countries such as India and China and increase in demand for the medication with high incidence of malaria in South-east Asian countries. However, North America would grow at a CAGR of 4.4% during the forecast period.

Hydroxychloroquine market growth is driven by increase in demand for HCQ as a potential treatment option amidst the Covid-19 pandemic and surge in cases of malaria. However, ban in several countries due to lack of study data and fatal side-effects of the medicine hinder the market growth. On the other hand, repurposing of HCQ as an anti-cancer drug creates new opportunities in the coming years.

Based on product type, the API segment accounted for the highest market share in 2019, contributing to more than half of the global hydroxychloroquine market, and is estimated to maintain its leadership status during the forecast period. This is due to its efficacy in diagnosis, prevention, cure, treatment, and mitigation purposes. However, the tablet segment is projected to manifest the fastest CAGR of 8.4% from 2020 to 2027, owing to ease in availability and cost-effectiveness.

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Based on disease, the malaria segment held more than two-fifths of the total market share of the global hydroxychloroquine market in 2019, and is estimated to maintain its highest contribution throughout the forecast period.

Moreover, this segment is expected to witness the fastest CAGR of 29.8% from 2020 to 2027. This is attributed to rise in prevalence of malaria in the African region and widespread usage as an anti-malarial drug. The report also analyzes segments including rheumatoid arthritis, lupus erythematosus, coronavirus, and others.

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Market players grabbing the largest pie:

• 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

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Covid-19 Scenario:

• The demand for hydroxychloroquine increased ten times due to its potential in the treatment of Covid-19 infected patients. However, there are conflicts about its effectiveness.

• India, being the largest producer of this drug, imparted ban on export activities to fulfill the increasing demand across the countries as the Covid-19 cases rise. The Indian Council of Medical Research released guidelines to use HCQ in the prophylaxis of Covid-19.

• A huge number of clinical trials have been started across the world to determine the efficacy and safety of HCQ in the treatment and prevention of the coronavirus infection. Researchers are waiting the final results.

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