The Global Hydroxychloroquine market was valued at USD 540 Million in 2019 and is anticipated to reach USD 5,540.6 Million by 2030 registering a CAGR of 30.8%, according to a new report by Reports and Data. Hydroxychloroquine is an anti-malarial drug, which is used primarily used to treat acute attacks of malaria. It is also widely used as disease-modifying anti-rheumatic drug (DMARD).
In recent times, with the COVID-19 outbreak, it has been in the news due to its demonstrated antiviral activity against (SARS–CoV-2), severe acute respiratory syndrome–coronavirus 2. Hydroxychloroquine, along with common antibiotic azithromycin, holds the potential to treat COVID-19. In nations like India, it can be purchased over the counter and considered among inexpensive medications. However, ever since the COVID-19 outbreak, purchasing of the drug without prescription has been restricted.
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Though various supporting factors are fostering the growth of the industry, side effects associated with the use of the medication may hinder the growth of the market. The medication has been observed to have significant side-effects on the care user like drowsiness, headache, hypokalemia, rhythm and conduction disorders, cardiovascular collapse, among others.
The COVID-19 Impact:
In recent time, Hydroxychloroquine have come in the highlight, which has been mainly the result of a tweet of President Trump on 21 March 2020, which claimed that this antimalarial in combination with chloroquine holds the potential to be the major game-changer in the medical history. In certain small and vitro, uncontrolled or poorly controlled clinical studies it demonstrated antiviral activity against (SARS–CoV-2) severe acute respiratory syndrome–coronavirus 2. Such researches would generally would be considered hypothesis. However, followed by the tweet of President Trump, it completely changed the scenario for the market, with reports of shortages of the medicine in pharmacies within 24 hours. Amidst the outbreak, certain nations like the U.S., India are endorsing its use as preventive measures.
The increasing demand for the medication and its significance in the treatment of COVID-19 can be easily understood from the fact that India had imposed a ban on the export of the drug and it became a test case for U.S.-India diplomatic relations. At present, 70-80 nations are dependent on the medication on India. Hence, the growing use of the medication as a preventive measure has resulted in boosting its demand. As of April 14, 142 trials have been registered across the globe, in the study the use of the drug in combination with chloroquine and other drugs in the treatment or prevention of COVID-19. To meet such surging demand of the medication, the Indian government has hiked the order of the medication, which has already ordered six crore tablets from IPCA Labs that have approximately 70% of the market share in this sector. However, the implementation of the lockdown in the nation may act as a hindrance for utilizing this scope for growth by the market players. The underlying reason being, the market players are facing logistics issue, a concern which has be expressed by market players like IPCA. Another major concern in this scenario was the availability of the raw material, which is mostly scoured from China. With the initiation of normal operation in China after the lockdown and backward integration of some industry players, would help in resolving the issue.
In regards to region, Asia Pacific can be seen to dominate the market. The dominance of the APAC region is attributed to the presence of major market players in this region, high demand for the medication in the APAC region due to the high incidence rate of malaria, which is supporting the market expansion in this region.
Key Coverage of the Report
- Region and country wise statistics of the Hydroxychloroquine market from the period 2019-2030. While 2019 & 2018 have been utilized as historical data, 2019 is considered the base year. 2020-2030 have been derived as forecasts.
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of Hydroxychloroquine has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Hydroxychloroquine Market
- On 25th March, the Indian government had imposed a ban on importation of the drug to ensure that the nation had adequate stock of the medication to meet domestic needs. However, later the government decided to lift the ban partially. The SAARC nations, along with other 30 nations and U.S. and West Asia had proposed India to lift the ban on exportation.
- Considering the high demand for the medication, pharmaceutical companies in the nation have planned to increase the production by 5 to 6 times to over 70 metric tons by May 2020.
- Apart from Ipca Laboratories Ltd, Zydus Cadila Wallace Pharmaceuticals are some of the other leading manufacturers of the medicine.
- The sale of the medicine in India, followed by the outbreak, has elevated to 19% by February. The underlying reason for the increasing sales rate was the outbreak, panic buying, and stocking up of the medication among patients requiring its regulation medication, like among arthritis patients.
- In March 19, it has been revealed by FDA that it is working in collaboration and coordination with various academic centers and government agencies that are exploring the potential of the medication in the treatment of COVID-19.
- One of the major concern after partly lifting the ban has been the availability of the stocks. Concerns have been there among end-users that relaxing the ban may result in lack of availability of the medication and stock out. However, in this regard, the market player in this region has stated that India has the capacity to manufacture roughly 10 tons of the drug every month.
Competitive Landscape
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.
The companies have focused on various strategies like new product launches, partnerships, acquisitions, and mergers for retaining their existing customer base and further increase their market share.
As an instance, 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 and contribute to the present demand, but it would also result in the overall growth of the market.
Deals Landscape
Intas Pharmaceuticals Ltd has announced about its collaboration with World Health Organization-endorsed study in March 2020. The focus of the study was to endorse the study on stopping COVID-19 using the medication. Under the collaboration, the company also plans to supply 2 million tablets.
Zydus Cadila and Ipca laboratories announced on 4th April 2020 that they had got an order of 10 crore tablets for the treatment of the condition from the Ministry of Health and Family Welfare, India.
Ipca Labs and Zydus Cadila have backward integrated the making capability of the medicine.
Market-O-Nomics
- The valuation for the Hydroxychloroquine market was USD 540.0 Million in 2019, and it is forecast to have a growth rate of 30.8% during the forecast period.
- In context to the Product Type, the Tablet segment can be seen to occupying more than 50.0% of the market in 2019. The market share occupied by the Tablet segment is attributed to the easy availability of the product in this form, its high demand among end-users in tablet form because of its cost-effectiveness and ease of consumption contributes to the market share held by this segment.
- In regards to Distribution Channel, Online pharmacy segment is projected to witness a considerable growth rate of 31.9% during the forecast period. The growth rate witnessed by the Online pharmacy segment is attributed to the continuous expansion the e-commerce sector, its growing penetration in the pharmaceutical industry and amidst the outbreak, lack of availability of the medicine in hospital pharmacy, retail pharmacy and ease of buying from this distribution channel during the lockdown, which contributes to the growth rate witnessed by this segment.
- In context to Application, the Malaria segment is projected to hold more than 40.0% in 2019. The widespread use of the medicine as an anti-malarial drug, which is used primarily used to treat acute attacks of malaria, contributes to the market share held by this segment.
- In regards to Region, Asia Pacific held the largest market share of more than 50.0% in 2019. The dominance of the APAC region is attributed to the presence of major market players in this region, high demand for the medication in the APAC region due to the high incidence rate of malaria, which is supporting the market expansion in this region.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this report, Reports and Data have segmented the global Hydroxychloroquine market according to Product Type, Distribution channel, Application, and Region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
- Tablets
- Injection
Distribution channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
- Hospital pharmacy
- Online pharmacy
- Speciality drug stores
- Retail pharmacy
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
- Malaria
- Rheumatoid arthritis
- Lupus Erythematosus
- COVID-19
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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