Global Hydroxychloroquine market expected to fuel by the rising demand for hydroxychloroquine to curb recent COVID-19 outbreak
Global hydroxychloroquine market estimated to grow with a noteworthy rate during the forecast period, 2020–2027. It is owing to the upsurge in demand for the treatment of various diseases such as uncomplicated malaria, lupus, and rheumatoid diseases anticipated to propel the growth of the global hydroxychloroquine market in the upcoming periods. According to WHO, there were 219 million cases of malaria in 2017. The ten highest burden African countries saw an estimated 3.5 million more malaria cases in 2017 compared with the previous year. Additionally, the global demand for hydroxychloroquine has risen sharply, leading to the use of this drug to treat diseases such as lupus or rheumatoid arthritis. Recently, the US FDA issued an Emergency Use Authorization (EUA), allowing chloroquine and hydroxychloroquine to be used to treat new coronary pneumonia.
Hydroxychloroquine is a derivative of chloroquine. Its therapeutic effect is similar to that of chloroquine, but its side effects significantly reduced. Hydroxychloroquine sulfate is an FDA class C medication for pregnancy and is available for pregnant women. Furthermore, growing demand for hydroxychloroquine to treat systemic lupus erythematosus, rheumatic disorders like rheumatoid arthritis, porphyria cutanea tarda, and Q fever, Sjögren syndrome will surge the global hydroxychloroquine industry in the future time. With the rapid development of the COVID-19 epidemic, there is a huge demand for hydroxychloroquine in the USA and Europe as these regions have seen a large number of deaths.
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Application Overview in the Global Hydroxychloroquine Market
Based on application, the global hydroxychloroquine market classified into COVID-19, Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Porphyria Cutanea Tarda, and Others. The COVID-19, segment projected to lead the hydroxychloroquine market owing to the surge in demand for anti-malarial drug Hydroxychloroquine to treat new coronary pneumonia disease, COVID-19. Hydroxychloroquine is an analog of chloroquine that has fewer concerns about drug-drug interactions. In the previous SARS outbreak, it was reported to have anti-SARS-CoV activity in vitro. It suggests that hydroxychloroquine may be a potential pharmacological agent for the treatment of COVID-19 infection.
Malaria segment will influence due to the hydroxychloroquine is used for the treatment of complicated malaria.
Lupus Erythematosus will drive in the forecast period owing to the demand for hydroxychloroquine in the treatment of diseases like chronic discoid lupus erythematosus and systemic lupus erythematosus in adults.
End-User Overview in the Global Hydroxychloroquine Market
Based on end-user, the global hydroxychloroquine market categorized into Hospital, Pharmacy Store, Clinics, and Others. The hospital segment witnessed a higher market share in 2019 and will continue to lead the hydroxychloroquine market by 2027. It is due to surge in the covid-19 infected patients around the world along with increment in the number of hospitals by converting public building institutional centers turning into quarantine center. Additionally, the easy availability of medical equipment at the hospital will propel the hospital segment market.
Pharmacy Store will drive in the forecast period attributable to the rise in the number of infected cases from malaria and Rheumatoid Arthritis along with the huge increment in the number of pharmacy stores in the developing countries.
Regional Overview in the Global Hydroxychloroquine Market
By geography, the global hydroxychloroquine Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America anticipated to dominating the hydroxychloroquine market by 2027. The surge in the number of COVID-19 infected populations, approval of hydroxychloroquine by FDA for treating COVID-19, and the presence of key manufacturing companies in the region, is pulling up the growth.
Europe will be the fastest-growing region in the hydroxychloroquine market during the forecast period. It is attributable to the authorization for the use of hydroxychloroquine in COVID-19 by EU administration coupled with the maximum number of death cases of COVID-19 Western Europe.
Global Hydroxychloroquine Market: Competitive Landscape
Companies such as Sanofi SA, Novartis International AG, Mylan N.V., Teva Pharmaceuticals. Ipca Laboratories, Cadila Healthcare Lt, Wallace Pharmaceuticals Ltd., and Macleods Pharmaceuticals are the key players in the Global Hydroxychloroquine Market.
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