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 an antimalarial drug that also possesses anti-inflammatory activity. It is mostly used in the treatment and suppression of malaria, as well as the treatment of rheumatoid arthritis and systemic lupus erythematosus. It is widely known as an antimalarial drug because it inhibits immune functions and manifests antigens and cytokines in the body. The growth of the North America Hydroxychloroquine market is driven by an increase in the prevalence of rheumatoid arthritis (RA) and COVID-19, along with the high import of Hydroxychloroquine by countries like the United States. Furthermore, favourable reimbursement policies, rising research and development expenditure, and the 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 the prevalence of RA and COVID-19 in the United States, and Canada. According to the American College of Rheumatology, RA affects more than 1.3 million Americans. About 75% of RA patients are women. Around 1–3% of women may get rheumatoid arthritis in their lifetime. According to the CDC, the percentage of adults with arthritis varies by state, ranging from 17.2% in Hawaii to 33.6% in West Virginia in 2015. Hydroxychloroquine is a disease-modifying anti-rheumatic drug (DMARD). It can decrease the pain and swelling of arthritis. According to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University, on 7 August 2021, the total COVID-19 cases in the US has crossed the 35.73 million mark, with the death toll reaching 616,712. Hydroxychloroquine had been proposed as possible treatment for COVID-19. Thus, a rise in the prevalence of RA 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, an increase in import of hydroxychloroquine due to the outbreak of the COVID-19 pandemic 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, Novartis International AG started delivering 30 million doses of hydroxychloroquine tablets to the U.S. Department of Health and Human Services (HHS) for supervised clinical trials to evaluate the effectiveness of hydroxychloroquine in patients with coronavirus illness (COVID 19). Such strategic investments and initiatives are expected to create 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 the 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 through a randomized clinical trial for harmful effects in COVID-19. 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 North America 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 the prevalence of RA and COVID-19 has led to a rise in demand for hydroxychloroquine, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
The North America Hydroxychloroquine market comprises of different market segments like product type, strength, distribution channel, application and Country.
By product type, the North America Hydroxychloroquine market includes the key segments like
The active pharmaceutical ingredients are expected to dominate the market over the forecast period. The 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 high demand for tablets due to its convenience and ease of use.
By strength, the North America Hydroxychloroquine market includes segments like
The 400 Mg segment is expected to lead the market over the forecast period. 400 mg hydroxychloroquine tablet is used in the treatment of COVID-19. Therefore, the rise in the prevalence 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 hydroxychloroquine tablet used to treat malaria, lupus erythematous, rheumatoid arthritis, and COVID-19.
By distribution channel, the North America 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 which 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 North America Hydroxychloroquine market finds major applications in
The rheumatoid arthritis segment is expected to dominate the market over the estimated time 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 prevalence of malaria is a key factor driving the demand for hydroxychloroquine.
The North America Hydroxychloroquine market is studied for the following countries
United States 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 Johns Hopkins University, approximately 609,516 people suffered from COVID-19 in the US till 15th April 2020. Thus, the rise in prevalence of COVID-19 is anticipated to drive the growth of the market in the country. Also, rising government initiatives and easy access to quality healthcare is expected to stimulate the growth of the market in the region.
Canada is anticipated to witness highs growth during the estimated time period. The growth of the market in Canada can be attributed to the rise in prevalence of RA, supportive government initiatives, and rise in R&D investment by the government as well as private organizations. For instance, the Public Health Agency of Canada (PHAC), in collaboration with all Canadian provinces and territories, conducts national surveillance of rheumatoid arthritis to support public health action. Thus, the implementation of supportive government initiatives 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 North America Hydroxychloroquine market. In addition, a complete analysis of changes in the North America Hydroxychloroquine market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on North America economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The World Health Organization declared coronavirus disease (COVID 19) as a pandemic on March 11, 2020. The COVID-19 pandemic is affecting the entire health supply chain, mainly due to stringent lockdowns in several regions. According to the Johns Hopkins University, till the date April 15, COVID-19 is responsible for more than 126,859 deaths worldwide. 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 in treating coronavirus disease (COVID 19). It is anticipated to drive the growth of the market.
The competitive landscape analysis of the North America Hydroxychloroquine market is primarily focused on expanding the growth of Hydroxychloroquine industry in North America region with new product innovation, and business expansion. An increasing a range of manufacturers operating in Hydroxychloroquine sector has led to a 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
February 2022: Accord Healthcare Inc. had introduced the additional strengths of hydroxychloroquine sulfate tablets in the United States. The generic version of Plaquenil, hydroxychloroquine, is typically used to treat malaria, lupus, and rheumatoid arthritis. It also demonstrates Accord's dedication to addressing patients' unmet requirements for accurate dosage of significant medications in the United States. The newly released item completes Accord's earlier 200mg Hydroxychloroquine tablet release.
February 2022: Accord Healthcare, having received final FDA approval, announced the launch of additional strengths of Hydroxychloroquine Sulfate tablets in dosages of 100mg, 300mg and 400mg. Accord's offering of 100mg, 300mg and 400mg will alleviate the need to break the 200mg tablet in order to get the prescribed dosage.
By product type, the North America 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 North America Hydroxychloroquine market is studied for countries like, the United States, Canada and Mexico. United States is expected to lead 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 Application Country |
| 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 North America 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)?
United States is expected to gain a major share of the market during the forecast period (2023-2029).
