The Global Hydroxychloroquine market was valued at USD 540 Million in 2019 and is anticipated to reach USD 5,540.6 Million by 2027 registering a CAGR of 30.8%, according to a new report by Reports and Data. The medication is widely used in the treatment of acute attacks of malaria, and rheumatoid arthritis, among other conditions. The fact that the medicine is a chemotherapeutic agent, which acts against erythrocytic forms of malarial parasites, is one of the major reasons for its extensive use in malaria treatment, which is in high demand in third world countries due to high incidence rate of malaria. However, with COVID-19 pandemic, the scenario in terms of demand for the medication has changed drastically, which sudden interest of nations like the U.S. on getting the medication. This sudden elevation in demand of the mediation is attributed to its demonstrated antiviral activity against (SARS–CoV-2), severe acute respiratory syndrome–coronavirus 2 in certain clinical studies.
Key participants include Hikma Pharmaceuticals PLC, Cadila Healthcare Ltd, Ipca Laboratories Ltd, Novartis AG, Mylan N.V, Sanofi S.A., Taj Pharmaceuticals Ltd., Shanghai Pharmaceuticals Holding Co., Ltd, Torrent Pharmaceuticals Ltd, Teva Pharmaceutical Industries Ltd., and Zydus Cadila.
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The COVID-19 Impact: Since the outbreak of COVID-19 increasing number of studies being conducted on identifying ways controlling the outbreak. In a few reports from China, it has been reported that chloroquine has the ability of inhibiting SARS-CoV-2 in vitro, and it has shown apparent efficiency in the treatment of coronavirus among humans, according to these reports. Another small non-randomized trial in France also claimed to have found promising potential treatment of the medication on the treatment of the condition. Based on these findings, on 21 March 2020, President Trump made a tweet claiming that this antimalarial in combination with chloroquine holds the potential to be the major game-changer in the medical history.
The medication has also shown in vitro activity against various viruses, including influenza. However, it has failed to translate into success in either humans or animals. In spite of the absence of strong evidence, certain nations like India, the U.S. is using it as a preventive measure. To be certain with the impact of the medication on COVID-19, as of 14 April, 142 trials have been registered across the globe. Such an increasing number of trials, is also positively impacting the growth of the market. The spur in the growth of the market would be particularly observed in the first three quarters of 2020.
However, one of the major adverse impact of the outbreak on the growth of the market and which may act as a hindrance in exploring the scope for expansion is the issue of supply chain being faced by a large number of market players. Major market players like IPCA, are also revealing about basic issues like lack of availability of food in long routes, which is also acting as a hindrance in long route deliveries. Concerns associated with the availability of the raw material for the medicine was also prevalent. However, China regaining its normalcy, from where most of the raw materials are sourced and backward integration of some industry players turned out to be effective in resolving the issue.
For the purpose of this report, Reports and Data have segmented the global Hydroxychloroquine market according to Product Type, Distribution Channel, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Distribution channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Further key findings from the report suggest
Table of Content:
Chapter 1. Market Synopsis 1.1. Market Definition 1.2. Research Scope & Premise 1.3. Methodology 1.4. Market Estimation Technology Chapter 2. Executive Summary 2.1. Summary Snapshot, 2019-2027 Chapter 3. Indicative Metrics Chapter 4. Hydroxychloroquine Market Segmentation & Impact Analysis 4.1. Hydroxychloroquine Market Segmentation Analysis 4.2. Industrial Outlook 4.2.1. Market indicators analysis 4.2.2. Market drivers analysis 4.2.2.1. The rising geriatric population 4.2.2.2. The existing COVID-19 pandemic 4.2.2.3. High demand from third world nations for dealing with malaria 4.2.3. Market restraints analysis 4.2.3.1. Side effects of the medication 4.3. Technological Insights
Continued…
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