COVID-19 Impact Analysis on Global Hydroxychloroquine Market
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Hydroxychloroquine market. In addition, complete analysis of changes on the global Hydroxychloroquine market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global hydroxychloroquine market was high in demand, which has certainly boosted the market growth to a major extent. Furthermore, post COVID-19 the market is anticipated to witness new growth opportunities and is expected to have an emerging demand in upcoming years.
Market Overview- Global Hydroxychloroquine Market
Market Drivers
The global hydroxychloroquine market is driven by increase in incidences of anti-immune diseases like rheumatoid arthritis and malaria all over the world. Hydroxychloroquine is considered a disease-modifying agent for rheumatism. The high prevalence of joint pain and long-term disability in individuals has catalyzed the demand for hydroxychloroquine-based drugs. Also, hydroxychloroquine gets a lot of publicity to effectively reduce the pain and swelling caused due to arthritis. An alarming rate of childhood arthritis and other autoimmune diseases are the main drivers of the hydroxychloroquine drug market. In 2018, around 213 million cases were recorded among people affected by malaria. Rheumatoid arthritis affects about 14 in every 100,000 people in the United States. Furthermore, the growing awareness of generic drugs is promoting the growth of the hydroxychloroquine market.
Market Opportunity
Increasing investment in development and research by key players is expected to open up new opportunities. In addition, the growing cases of malaria and other diseases around the world will further increase market growth. Furthermore, the outbreak of coronavirus disease will further improve the chances of enhancing the growth of the hydroxychloroquine market. These factors are expected to create new growth opportunities in the forecast period.
Market Restraints
The global hydroxychloroquine market is expected to have market restraints like the side effects due to the consumption of hydroxychloroquine among others. For example, headache, dizziness, loss of appetite, nausea, diarrhoea, etc. are some of the side-effects which may occur due to consumption of hydroxychloroquine.
Market Growth Challenges
The major growth challenge for the market is stringent regulation and quality standard for hydroxychloroquine. This is expected to be major growth challenge for the market.
Cumulative Growth Analysis
The report provides in-depth analysis of global hydroxychloroquine market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various hydroxychloroquine in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
Market Segmental Overview
The global hydroxychloroquine market comprises of different market segments like product type, strength, distribution channel, application and geography.
Hydroxychloroquine Market by Type
By product type, the hydroxychloroquine includes key segment of tablets and active pharmaceutical ingredient. The active pharmaceutical ingredient segment is likely to have highest growth in the market. This is due to ease in availability and also the fact that it is cost-effective. But, the tablet segment is attributed to the ready availability of the product in tablet form, so it is expected to grow at a higher growth rate. Furthermore, due to its convenience and ease of use, the increased demand for tablets is driving the growth of the hydroxychloroquine market.
Hydroxychloroquine Market by Strength
By strength, the hydroxychloroquine includes the segments of 400 mg and 200 mg. The 400mg drug is used to treat severe cases of COVID-19 disease. The demand for this drug is expected to increase. Also, the 200mg drugs are used to treat malaria, lupus erythematous, rheumatoid arthritis, and coronavirus.
Hydroxychloroquine Market by Distribution Channels
By product type, the hydroxychloroquine includes the segments of hospital pharmacy, retail pharmacy, online pharmacy and specialty drug store. The e-pharmacy or online pharmacy segment is expected to witness a considerable growth rate over the forecast period owing to the continued expansion of the e-commerce sector. The increasing penetration of the e-commerce sector in the pharmaceutical industry during the epidemic, the lack of availability of the drug in hospital pharmacies and retail pharmacies, the time-saving function and the possibility of home delivery through platforms online during the lockdown are all contributing to the growth of the market.
Hydroxychloroquine Market by Application
The hydroxychloroquine market finds its major applications in Rheumatoid arthritis, Coronavirus (COVID-19), Malaria, Lupus Erythematosus, Q-fever and Porphyria Cutnea Tarda (PCT). The malaria segmented is expected to grow at the highest rate for the forecast period. This is attributed to the alarming increase in the prevalence of malaria and the widespread use of hydroxychloroquine as an antimalarial drug. Additionally, there are still countries in the African region that are considered endemic for malaria, which continues to drive demand for the drug. Additionally, HCQ is also listed as an essential medicine by the World Health Organization (WHO). All of these factors drive the overall growth rate for the malaria application.
Hydroxychloroquine Market by Geography
The global hydroxychloroquine market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is anticipated to lead in the Hydroxychloroquine market during the forecast period (2022-2028). This region is one of the largest producers of hydroxychloroquine. India, in particular, produces hydroxychloroquine with the highest rate of 60%. This is why the region will continue to experience strong growth in the coming years. Also, the rise in incidences of malaria in the Asia-Pacific region is expected to surge the demand for the medication.
Competitive Landscape Analysis
The competitive landscape analysis of hydroxychloroquine market is majorly focused on expanding the global growth of hydroxychloroquine with new product launches, partnership/ agreement and merger & acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturers operating in the market offers range of products in different applications to fulfill the required demand has further contributed healthy growth in the market.
The key players studied in market are Zydus Cadila, Teva Pharmaceutical Industries Ltd., Sanofi S.A.,Novartis International AG, Cipla, Mylan N.V., Ipca Laboratories Lupin Pharmaceuticals, Intas Pharmaceuticals, Macleods Pharmaceuticals, Apotex Corporation, Hikma Pharmaceuticals, Concordia Healthcare, Macleods Pharmaceuticals, Laurus Labs Limited, McW Healthcare, Hanlim Pharmaceuticals and Shanghai Pharmaceuticals Holding among others.
Recent Development:
April 2020: Lincoln Pharmaceuticals had received the FDA approval to manufacture hydroxychloroquine (HCQ) tablets and hydroxychloroquine sulfate tablets. After necessary approval from the Directorate General of Foreign Trade (DGFT), the company would be able to export these products.
March 2020: Hydroxychloroquine had gained popularity as a treatment for coronavirus (COVID-19).
