The hydroxychloroquine market was valued at USD 545.6 million in 2019 and is projected to grow with a CAGR of 32.8%.
Hydroxychloroquine, also referred to as hydroxychloroquine sulfate, possesses an immunosuppressive action with anti-viral characteristics. It is primarily prescribed for the treatment of infectious diseases such as malaria and auto-immune diseases such as lupus and rheumatoid arthritis.
Rising prevalence of such diseases, especially in Africa and Southeast Asia, provide an impetus to the market growth. As per the Centers for Disease Control and Prevention (CDC), in the U.S., around 1,500 cases and five malaria-related deaths are diagnosed each year. As per the World Health Organization’s World Malaria Report-2018, India registered around 4% of the global malaria cases and contributed about 87% to the total cases in Southeast Asia, further prompting the need for effective hydroxychloroquine.
Currently, the drug is witnessing a significant rise in demand for the treatment of COVID-19, which has created a health emergency and humanitarian crisis across the globe. Extensive research and clinical trials are performed to determine the efficacy of the drug before its commercialization as a treatment for COVID-19. Apart from this, the rising prevalence of infectious diseases, increasing health consciousness, advancements in the healthcare industry, surging R&D activities, and burgeoning healthcare expenditure drives the market growth. As per the National Health Expenditure Accounts (NHEA), in the U.S., the healthcare expenditure grew by 4.6% in 2018, accounting for about 17.7% of the country’s GDP.
Hydroxychloroquine Market: Segmentation
Increasing Demand for UPS Grade Drugs to Drive the Segment Growth
Based on the type, the market is segmented into USP standard grade, pharmaceutical standard grade, and EP standard grade. The USP standard grade segment holds the largest market share on account of the increasing demand for USP grade drugs for its high purity standards. Recently, Sanofi Aventis developed a USP standard hydroxychloroquine, Plaquenil®, for the treatment of lupus erythematosus (chronic discoid or systemic) and acute or chronic rheumatoid arthritis.
Hydroxychloroquine’s Efficacy for the Treatment of Rheumatoid Arthritis Drives the Market Growth
By application, the market is segmented into rheumatoid arthritis, malaria, systemic lupus Erythematosus, and COVID 19. The rheumatoid arthritis segment is projected to lead the market during the forecast period. Hydroxychloroquine is considered as a disease-modifying anti-rheumatic drug (DMARD) with the ability to reduce pain and swelling and prevent joint damage, reducing the risk of long-term disability. As per the Arthritis Foundation, in the U.S., about 64% of the population aged 65 and above suffer from arthritis. Rising awareness regarding disease remittance therapies and increasing healthcare expenditure in developed countries drive the segment growth.
Impact of COVID 19
The hydroxychloroquine market is projected to witness exponential growth amidst the COVID-19 outbreak. To date, around 263,000 people have died of the outbreak, further prompting the dire need for hydroxychloroquine as it has the potential to treat the COVID-19 patients. China, Italy, Spain, Iran, and the U.S. are severely hit by the pandemic. Recently, the U.S. Food and Drug Administration granted approval to hydroxychloroquine and chloroquine for emergency use, further driving the market growth.
The U.S. and Canada to be the Frontrunners in North America’s Hydroxychloroquine Market
North America leads the hydroxychloroquine market on account of the widespread application of the drug for the treatment of several chronic diseases as it offers fewer side effects and low toxicity. As per the National Institute of Health (NIH), hydroxychloroquine is primarily used for treating malaria and rheumatoid arthritis. The drug also has the ability to alter the immune system in order to initiate an immune response against viral infections, coupled with establishing a safe profile at optimum dosages. The U.S. and Canada, are the frontrunners in the regional market as they are backed by the presence of leading drug manufacturers. In France, the combination of hydroxychloroquine and azithromycin drug is used to treat COVID-19 patients. In line with this, the U.S. president termed the drug as a game-changer in the treatment of COVID 19, further rising its demand across the country.
India: Leading Producer of Hydroxychloroquine
Asia-Pacific is projected to witness the fastest growth in the hydroxychloroquine market. India is the leading producer of hydroxychloroquine, whereas China is the largest exporter of raw materials of the drug. Hydroxychloroquine is the most cost-effective drug marketed in India, costing nearly lesser than INR three per tablet. As per Forbes, India manufactured about 70% of the global hydroxychloroquine tablets; however, the country restricted its export in March 2020 owing to COVID 19 health emergency.
The U.S. government has placed an order of 30 million doses of hydroxychloroquine from India, which has compelled the country to lift the band imposed on the exports. Additionally, nearly 36 countries have placed an order for the drug, which includes Italy, Spain, Australia, Germany, Israel, and Indonesia, to combat the novel coronavirus. The country is also backed by the robust presence of leading local API manufacturers such as Mangalam Drugs, Laurus Labs, Abbott India, IPCA, Laurus Labs, Zydus Cadila, Rusan Pharma, Unichem Remedies, and Vijayasri Organics, further driving the regional market growth.
As per the Indian Drug Manufacturers’ Association (IDMA), India will have to manufacture about 24 million tablets of hydroxychloroquine every year to treat the patients suffering from rheumatoid arthritis, lupus, and malaria. Wallace Pharmaceuticals, Zydus Cadila, and Ipca Laboratories are prominent players in the Indian hydroxychloroquine market.
Hydroxychloroquine Market Segmentation
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