iCrowd Newswire – Jul 24, 2020
Hydroxychloroquine Market size in 2019 is estimated to be $513.45 million, growing at a CAGR of 42.3% during the forecast period 2020-2025. Hydroxychloroquine is a drug which is majorly used to treat malaria. Hydroxychloroquine is also known as Plaquenil and hydroxychloroquine sulfate. Hydroxychloroquine is also used in the treatment of arthritis to help relieve inflammation, swelling, stiffness and joint pain. Hydroxychloroquine can be safely taken with medications such as Celebrex, ibuprofen, Enbrel among others. Dosage of hydroxychloroquine can be increased when it is combined with fluticasone. Increasing prevalence of malaria in the developed and developing countries and rising incidence of autoimmune disease are the major factors driving the growth of the market. Moreover, increasing prevalence of chronic disease will further enhance the overall market demand for hydroxychloroquine during the forecast period 2020-2025.
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Route of Administration – Segment Analysis
Based on the route of administration, hydroxychloroquine market is segmented into oral and parenteral. Among these, Oral administration is the dominant segment in 2019. This is mainly owing to ease of drug administration by patients and flexibility on dosage. Moreover, it can be self-administered and pain free which is also bound to promote the growth of this segment.
Application – Segment Analysis
Based on the application, hydroxychloroquine market is segmented into rheumatoid arthritis, malaria, coronavirus disease, chronic discoid lupus erythematosus and others. In 2019, malaria held the largest share in the hydroxychloroquine market, by application. The hydroxychloroquine is used for the treatment of malaria which is caused by mosquito bite. It is not much expensive drug and generally sold as over the counter drug in different countries.
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Geography – Segment Analysis
Asia-Pacific dominated the hydroxychloroquine market share accounting for 35% of the market in 2019. This is mainly owing to the growing population, high prevalence of malaria, and rising incidence of chronic disease. According to Food and Drug administration, 47% of the U.S. supply of the drug came from india makers. The demand is tremendously increased for the drug in the U.S. and Trump administration asked india for the supply of hydroxychloroquine. So, India is one of the major manufacturers of the world’s total hydroxychloroquine production which are further contributing to the growth of hydroxychloroquine market in this region.
Drivers – Hydroxychloroquine Market
- Increasing Prevalence of Malaria
Malaria is a life-threatening disease and it is typically transmitted through the bite of mosquito. A rise in the prevalence of malaria in developed and developing countries which has led to increased purchase of hydroxychloroquine drug. Rising concerns about disease and growing consciousness about health are some factors driving the growth of the market.
- Rising Spread of Coronavirus Disease
The spread of coronavirus diseases across the globe has suddenly increased. This virus is transmitted via respiratory droplets of an infected person. The U.S. Food and Drug Administrator has approved emergency use of hydroxychloroquine for the treatment of coronavirus disease. Moreover, increasing incidence of autoimmune disease are some factors are contributing the dynamic growth.
Challenges –Hydroxychloroquine Market
Harmful side effects of hydroxychloroquine can create a hurdle for the growth of the market. Moreover, stringent government regulation and health problems restraining the growth of the market. Hence the harmful side effects of hydroxychloroquine such as headache, dizziness, loss of appetite is a major factor restraining its market growth during the forecast period 2020-2025.
- In 2019, Asia-Pacific dominates the hydroxychloroquine market owing to high prevalence of malaria, growing population, rising incidence of chronic disease which led to increase various medications such as promethazine, ropinirole, chlorthalidone.
- Increasing prevalence of malaria in developed and developing countries and rising incidence of autoimmune disease is likely to aid in the market growth of hydroxychloroquine.
- By Application, Coronavirus Disease segment is projected to be the fastest growing at CAGR of 40% during the forecast period 2020-2025. This is owing to rise in coronavirus patients and also the increased research on its efficacy as a treatment for the ongoing coronavirus pandemic.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Hydroxychloroquine Market report.
- Harmful side effects of hydroxychloroquine and stringent Government regulations create a hurdle for the growth of the market.
Hydroxychloroquine Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the hydroxychloroquine market. Hydroxychloroquine top 10 companies are Novartis International AG, Sanofi S.A., Amneal Pharmaceuticals Inc., Laurus Labs Limited, Prasco Laboratories, Cardinal Health, Concordia Pharmaceuticals Inc., Covis Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd, Wallace Pharmaceuticals among others.
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