Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Hydroxychloroquine is in a class of medications that was first used to prevent and treat malaria. Today, it is used to treat rheumatoid arthritis, some symptoms of lupus, childhood arthritis (or juvenile idiopathic arthritis) and other autoimmune diseases. It regulates the activity of the immune system, which may be overactive in some conditions. Hydroxychloroquine can modify the underlying disease process, rather than simply treat the symptoms. The growth of the Asia-Pacific Hydroxychloroquine market is driven by an increase in prevalence of malaria and COVID-19, along with an increase in availability of generic drugs in Asian countries like India, China, South Korea, Japan, Indonesia, Thailand etc. Furthermore, increase in healthcare expenditure, rise in research and development expenditure and approval of novel drugs is expected to positively contribute to the growth of the market.
The growth of the market is driven by the rise in prevalence of malaria and COVID-19 in the Asian Nations. According to the Roll Back Malaria Regional Strategy for the Asia-Pacific, Approximately 2.1 billion people are considered to be at risk of acquiring malaria in the Asia-Pacific region. The 2014 World Malaria Report estimates that in 2013, there were 25 million cases of malaria and 44,300 deaths in the region. In 2020, the South-East Asia region was the second largest contributor of malaria cases worldwide after the African region, with around 5 million cases and 9000 deaths. Hydroxychloroquine is used to treat malaria. It is also used to prevent malaria infection in areas or regions where it is known that other medicines like chloroquine may not work. The Asian countries with the highest numbers of confirmed coronavirus cases are India, South Korea, Turkey, Vietnam, and Iran. As of July 2021, the highest numbers of deaths are recorded in India, Indonesia, Iran, and Turkey, each with more than 90,000 deaths and more than 900,000 deaths combined. Hydroxychloroquine had been proposed as a possible treatment for COVID-19. Thus, a rise in the prevalence of malaria and COVID-19 is expected to create a demand for hydroxychloroquine. This is expected to drive the growth of the market over the forecast period. Furthermore, research and development expenditure is expected to contribute to the growth of the market.
The rise in research and development (R&D) activities by various private and government organizations along with the implementation of strategic initiatives is expected to contribute to the growth of the market. For instance, in March 2020, the Indian Council of Medical Research (ICMR) began a “demonstration study” on the efficacy of HCQ as a preventing drug against coronavirus. Thus, key R&D activities are anticipated to provide new growth opportunities for key players operating in the market.
Hydroxychloroquine can cause adverse effects on the heart, especially if a patient is administering certain other medicines like antibiotic azithromycin (Z-Pak). Taking hydroxychloroquine long-term or at high doses may cause irreversible damage to the retina of your eye that could progress to permanent vision problems. Thus, side-effects associated with the use of hydroxychloroquine is key factor which may restrain the growth of the market during the forecast period.
The clinical efficacy of hydroxychloroquine is not assessed for harmful effects in case of COVID-19 through a randomized clinical trial. This has emerged as a key challenge in the approval and standardization of hydroxychloroquine. It is a key factor that may challenge the market’s growth over the forecast period.
The report provides an in-depth analysis of the Asia-Pacific Hydroxychloroquine market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in prevalence of RA and COVID-19 has led to rise in demand for hydroxychloroquine, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Asia-Pacific Hydroxychloroquine market comprises of different market segments like product type, strength, distribution channel, application and Country.
By product type, the Asia-Pacific Hydroxychloroquine market includes the key segments like
The active pharmaceutical ingredients are expected to dominate the market over the forecast period. The ease of availability and cost-effectiveness of active pharmaceutical ingredients is a key factor driving the growth of the segment.
The tablet segment is expected to witness high growth over the projected time period. The growth of the segment can be attributed to the high demand for tablets due to their convenience and ease of use.
By strength, the Hydroxychloroquine market includes segments like
The 400 Mg segment is expected to lead the market over the forecast period. 400 mg hydroxycholroquine tablet is used in the treatment of COVID-19. Therefore, the rise in prevalence of COVID-19 is expected to drive the growth of the segment.
The 200 Mg segment is projected to witness high growth over the forecast period. 200 mg hydroxycholroquine tablet used to treat malaria, lupus erythematous, rheumatoid arthritis, and COVID-19.
By distribution channel, the Asia-Pacific Hydroxychloroquine market includes key segments such as
The hospital pharmacy segment is expected to dominate the market over the forecast period. FDA had issued an emergency-use authorization for the use of hydroxychloroquine and chloroquine to treat hospitalized patients for COVID-19 or to prevent that disease. It is a key factor that is expected to drive the growth of the segment.
The online pharmacies segment is expected to witness high growth over the forecast period. The growth of the segment can be attributed to an increase in penetrations of e-commerce and the attractive discounts and coupons available through online channels.
The Asia-Pacific Hydroxychloroquine market finds major applications in
The rheumatoid arthritis segment is expected to dominate the market over the forecast period. Hydroxychloroquine is a prescription drug that can help improve symptoms in people with RA by blocking the immune system’s effects on the body. It can help ease pain, stiffness, and inflammation.
The malaria segment is expected to witness high growth over the forecast period. Hydroxychloroquine is widely used to prevent malaria. An increase in the prevalence of malaria is a key factor driving the demand for hydroxychloroquine.
The Asia-Pacific Hydroxychloroquine market is studied for the following countries
China is expected to dominate the market over the forecast period. The rise in the prevalence of COVID-19 is expected to fuel the demand for hydroxychloroquine in the region. According to the World Health Organisation (WHO), from 3 January 2020 to 7 March 2023, there have been 99,109,603 confirmed cases of COVID-19 in China. Thus, a rise in the prevalence of COVID-19 is anticipated to drive the growth of the market in the country. Also, a rise in R&D activities is expected to stimulate the growth of the market in the region.
India is anticipated to witness fastest growth during the estimated time period. The growth of the market in India can be attributed to rise in prevalence of malaria along with supportive government initiatives, and launch of novel drugs. According to the WHO, India carries 2% of the global malaria case burden, 2% of global malaria deaths (52% of all malaria deaths outside of sub-Saharan Africa), and 85.2% of the malaria burden in South East Asia. Thus, rise in prevalence of malaria is expected to drive the growth of the market in the region.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Hydroxychloroquine market. In addition, a complete analysis of changes in the Asia-Pacific Hydroxychloroquine market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on Asia-Pacific economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
In December 2019, the first human cases of COVID-19, the disease caused by the novel coronavirus causing COVID-19, subsequently named SARS-CoV-2 were first reported by officials in Wuhan City, China. The World Health Organization declared coronavirus disease (COVID 19) as a pandemic on March 11, 2020. According to Statistica, by December 12, 2022, India had faced over 44.6 million coronavirus cases. South Korea followed behind India as having had the second highest number of coronavirus cases in Asia-Pacific, with about 27.7 million cases. Hydroxychloroquine is expected to be a promising potential treatment for the coronavirus disease (COVID 19). The US Food and Drug Administration (FDA) designed hydroxychloroquine for emergency use for treating coronavirus disease (COVID 19). It is anticipated to drive the demand for hydroxychloroquine over the forecast period.
The competitive landscape analysis of the Asia-Pacific Hydroxychloroquine market is primarily focused on expanding the growth of Hydroxychloroquine industry in the Asia-Pacific region with new product innovation, and business expansion. An increasing a range of manufacturers operating in Hydroxychloroquine sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
July 2021: Sanofi K.K. and Asahi Kasei Pharma Corporation announced that both companies have entered into a license agreement for marketing of Plaquenil Tablets 200 mg (generic name: hydroxychloroquine sulfate; hereinafter “Plaquenil”) for the treatment of cutaneous lupus erythematosus (CLE) and systemic lupus erythematosus (SLE) in Japan.
April 2020: A subsidiary of India’s Sun Pharmaceutical Industries Ltd. had donated 2.5 million hydroxychloroquine sulfate tablets to the United States as a potential treatment for COVID-19. This move by the company came as healthcare experts met the growing patient demands for this product as they assess its potential to treat COVID-19 through clinical trials.
By product type, the Hydroxychloroquine market includes key segments like tablet, active pharmaceutical ingredients. The active pharmaceutical ingredients segment is expected to dominate the market over the forecast period. By strength, market includes segments such as 400 Mg, and 200 Mg. The 400 Mg segment is expected to lead the market over the estimated time period. The Hydroxychloroquine market has distribution channels like hospital pharmacy, retail pharmacy, online pharmacy, and specialty drug store. The hospital pharmacies are expected to find increasing demand in the market over the forecast period. The hydroxychloroquine finds major applications in rheumatoid arthritis, coronavirus (COVID-19), malaria, lupus erythematosus, Q-fever and Porphyria Cutnea Tarda (PCT). The rheumatoid arthritis segment is expected to dominate the market during the forecast period. The Asia-Pacific Hydroxychloroquine market is studied for countries like China, Japan, India, and the Rest of the Asia-Pacific. China is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Product Type Strength Distribution Channel End-User |
| Market Players and its Competitors: | 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 |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for Asia-Pacific Hydroxychloroquine market?
The rheumatoid arthritis segment is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
China is expected to gain a major share of the market during the forecast period (2023-2029).
