The Global Hydroxychloroquine market is forecasted to reach USD 5.54 Billion by 2027, according to a new report by Reports and Data. The medication is widely used in the treatment of acute attacks of malaria, and rheumatoid arthritis, among other conditions. The fact that the medicine is a chemotherapeutic agent, which acts against erythrocytic forms of malarial parasites, is one of the major reasons for its extensive use in malaria treatment, which is in high demand in third world countries due to high incidence rate of malaria. However, with COVID-19 pandemic, the scenario in terms of demand for the medication has changed drastically, which sudden interest of nations like the U.S. on getting the medication. This sudden elevation in demand of the mediation is attributed to its demonstrated antiviral activity against (SARS–CoV-2), severe acute respiratory syndrome–coronavirus 2 in certain clinical studies.
The COVID-19 Impact: Since the outbreak of COVID-19 increasing number of studies being conducted on identifying ways controlling the outbreak. In a few reports from China, it has been reported that chloroquine has the ability of inhibiting SARS-CoV-2 in vitro, and it has shown apparent efficiency in the treatment of coronavirus among humans, according to these reports. Another small non-randomized trial in France also claimed to have found promising potential treatment of the medication on the treatment of the condition. Based on these findings, on 21 March 2020, President Trump made a tweet claiming that this antimalarial in combination with chloroquine holds the potential to be the major game-changer in the medical history.
The medication has also shown in vitro activity against various viruses, including influenza. However, it has failed to translate into success in either humans or animals. In spite of the absence of strong evidence, certain nations like India, the U.S. is using it as a preventive measure. To be certain with the impact of the medication on COVID-19, as of 14 April, 142 trials have been registered across the globe. Such an increasing number of trials, is also positively impacting the growth of the market. The spur in the growth of the market would be particularly observed in the first three quarters of 2020.
However, one of the major adverse impact of the outbreak on the growth of the market and which may act as a hindrance in exploring the scope for expansion is the issue of supply chain being faced by a large number of market players. Major market players like IPCA, are also revealing about basic issues like lack of availability of food in long routes, which is also acting as a hindrance in long route deliveries. Concerns associated with the availability of the raw material for the medicine was also prevalent. However, China regaining its normalcy, from where most of the raw materials are sourced and backward integration of some industry players turned out to be effective in resolving the issue.
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Further key findings from the report suggest
- In context to Product Type, the Injection segment is projected to witness a considerable growth rate of 31.2% during the forecast period. The growth of the Injection segment is attributed to its quick action and high demand in a large number of trials.
- In regards to Distribution Channel, the Hospital pharmacy is projected to hold more than 35.0% of the market in 2019. The fact that a large number of patients with malaria and COVID-19 are admitted to hospitals for treatment results in high preference and dependence on this distribution channel for availing the medicine, contributing to the market share held by this segment.
- In context to Application, the COVID-19 segment is projected to witness the fastest growth rate of 36.0% during the forecast period. As this is a new condition and a large number of trials are conducted on the effectiveness of the medicine in treating the condition, it would contribute to the growth rate witnessed by this segment.
- In April 2019, Ipca Laboratories had signed a contract to acquire Maharashtra-based Ramdev Chemical. According to the contract, Ipca Laboratories is supposed to buy the company for Rs 108.5 crore. Ramdev Chemical is associated with the marketing and manufacturing of active pharmaceutical ingredients (APIs), advanced drug intermediates, custom synthesis molecules, and fine chemicals. Thus, this initiative by Ipca Laboratories would not only help the company in increasing the production capacity of the drug.
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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
· North America (U.S.A., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Distribution channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
· Hospital pharmacy
· Online pharmacy
· Speciality drug stores
· Retail pharmacy
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
· Rheumatoid arthritis
· Lupus Erythematosus
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Top Companies operating in the Market and Profiled in the Report include:
Hikma Pharmaceuticals PLC, Cadila Healthcare Ltd, Ipca Laboratories Ltd, Novartis AG, Mylan N.V, Sanofi S.A., Taj Pharmaceuticals Ltd., Shanghai Pharmaceuticals Holding Co., Ltd, Torrent Pharmaceuticals Ltd, Teva Pharmaceutical Industries Ltd., and Zydus Cadila.
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