Covid-19 Outbreak to Prompt the Global Need for Effective Hydroxychloroquine

Tue, 02 June 2020 6:15

Hydroxychloroquine is a medicinal drug that is primarily used to treat malaria, systemic lupus erythematosus, rheumatoid arthritis, and Q fever. Currently, hydroxychloroquine and chloroquine, its precursor drug, are under clinical investigation for the treatment of the COVID-19. Hydroxychloroquine sulfate is sold under some of the prominent brand names, including Plaquenil, Hydroquin, Axemal (in India), Dolquine, Quensyl, and Quinoric. China is the leading producer of active pharmaceutical ingredients (API) and other raw materials required for the production of hydroxychloroquine. The U.S. and European countries have relatively low consumption of the drug owing to low or negligible incidences of malaria. However, the outbreak has compelled the countries to import hydroxychloroquine in bulk, especially from India. 

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impact of COVID 19

On March 19, 2020, the U.S. FDA announced to work closely with the government agencies and academic research institutions, investigating the use of hydroxychloroquine, to determine the efficacy of the drug for the treatment of COVID 19. After the announcement, hydroxychloroquine has been witnessing a significant surge in demand across the globe. On March 17, 2020, AIFA Scientific-Technical Commission of the Italian Medicines Agency expressed a favorable opinion for the application of drugs as a potential COVID-19 treatment, further driving the market growth.  

Key Highlights

  • The hydroxychloroquine market was valued at USD 545.6 million in 2019 and is projected to grow with a CAGR of 32.8%
  • The USP standard grade segment holds the largest market share on account of increasing demand for USP grade drugs in the market for its high standard of purity
  • The rheumatoid arthritis segment held the largest market share in 2019 on account of the rising prevalence of rheumatoid arthritis across the globe
  • North America leads the hydroxychloroquine market owing to its widespread application for the treatment of many diseases chronic diseases. The U.S. and Canada to be the leading producers of hydroxychloroquine

Key Players

  • Sandoz International Gmbh
  • Teva Pharmaceutical Industries Ltd.
  • Mylan N.V.
  • Hikma Pharmaceuticals Plc
  • Ipca Laboratories Limited
  • Shanghai Pharmaceutical Group Co., Ltd.
  • Jiangsu Shenhua Pharmaceutical Co., Ltd.
  • Sanofi S.A.
  • Taj Pharmaceuticals Limited 
  • Cinkate Corporation

Recent Development

  • Bayer AG, Teva Pharmaceutical Industries Ltd., and Novartis International AG committed to manufacturing three million, ten million, and 130 million hydroxychloroquine tablets, respectively, for the treatment of COVID-19 patients

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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