Hydroxychloroquine Market, by Product (Tablet, Active Pharmaceutical Ingredients), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Specialty Drug Store, Retail Pharmacy) Disease (Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Coronavirus, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

The global hydroxychloroquine market is expected to witness significant revenue by 2027, at a healthy CAGR. The Asia Pacific hydroxychloroquine market is estimated to increase at a special growth rate during the forecast period. The regional market's dominance is mainly attributed to significant industry players like China and India in this region and extensive demand for medicines due to the high incidence rate of malaria in Asian countries.

Hydroxychloroquine Market Analysis:

Hydroxychloroquine is categorized in the class of drugs called 'antimalarials.' It is a quinoline medicine primarily used to prevent or treat malaria. In addition to this, Hydroxychloroquine is also utilized to treat symptoms of systemic or discoid lupus erythematosus, porphyria cutanea tarda, and rheumatoid arthritis.

Impact Analysis of COVID-19 on the Global Hydroxychloroquine Market:

The outbreak of Coronavirus disease (COVID-19) has greatly impacted the global hydroxychloroquine market; this is mainly because Hydroxychloroquine and a related drug are under evaluation in clinical trials for the COVID-19 treatment in the recent several months. For instance, the National Institutes of Health, one of the world's foremost medical research centers, is sponsoring the trial to evaluate whether the Hydroxychloroquine, given together with the azithromycin, can provide treatment over the COVID-19.

In addition to this, certain market players such as Teva Pharmaceuticals and Novartis are coming forward with remarkable strategies to support the global COVID-19 response and sustain in the critical situation. For instance, in March 2020, Novartis AG has announced to donate around 130 million doses of generic Hydroxychloroquine amid the COVID-19 outbreak. The company is supporting ongoing clinical trial efforts and shall evaluate the requirement for additional clinical trials.

Considering such key factors and company initiatives are further anticipated to spike the market's hydroxychloroquine market growth in the critical situation.

The surging prevalence of rheumatoid arthritis worldwide to boost the global hydroxychloroquine market

The growing prevalence of rheumatoid arthritis and the surging number of systemic lupus erythematosus patients worldwide is one of the primary reasons for the rising demand for medications, which will eventually drive the global hydroxychloroquine market during the analysis period. In addition to this, supportive government policies are also further expected to create favorable market opportunities for the global hydroxychloroquine market in the upcoming years. For instance, in April 2020, the FDA (Food and Drug Administration) has granted Novartis AG to open hydroxychloroquine trial for the COVID-19 disease. In April 2020, the Indian government has proposed a plan to procure 10 million hydroxychloroquine tablets, to fight against novel coronavirus. Such elements and government initiatives are projected to fuel the global hydroxychloroquine market growth in the review period.

To know more about global hydroxychloroquine market drivers, get in touch with our analysts here.

low product penetration along with harmful side-effects of the medicine may restrain the growth of the global hydroxychloroquine industry

The lower product penetration in the emerging countries owing to the lack of awareness regarding hydroxychloroquine knowledge is expected to restrain the market growth in the projected timeframe. Furthermore, certain side-effects of medicine such as dizziness, stomach cramps, and Diarrhea may create a negative impact on the global hydroxychloroquine market throughout the analysis period.

The Repurposing hydroxychloroquine as an anticancer drug may create massive opportunities for the global market in the future

In recent years, cancer is a leading cause of death across the developed and developing nations worldwide. According to the WHO, Cancer is the 2^nd leading cause of death worldwide, coupled with it is responsible for an expected 9.6 million deaths in 2018. The growing burden of cancer across the globe may create lucrative market opportunities for the global hydroxychloroquine market in the upcoming years; mainly because Hydroxychloroquine, an antimalarial drug, can efficiently inhibit the cellular lysosomal functions, along with it enhance the anticancer effects of therapeutic agents. Moreover, therapies combined with Hydroxychloroquine has a considerable potential to produce positive anticancer effects. Furthermore, most cancer research centers are conducting the study to prevent cancer-causing disease in the patient. For instance, the group of researchers at Princess Margaret Cancer Centre are researching Hydroxychloroquine to treat ovarian cancer. Such initiatives may create a significant impact on the global hydroxychloroquine market in the future.

To know more about global hydroxychloroquine market opportunities, get in touch with our analysts here.

Global Hydroxychloroquine Market, by Product Type:

Active pharmaceutical ingredients sub-segment for the hydroxychloroquine market shall have a magnificent market share in the forecast period.

The active pharmaceutical ingredients sub-segment shall have a massive market share, and it is expected to generate a remarkable revenue of million by 2027. On the other hand, the tablet sub-segment will have the fastest-growing market during the forecast period, significantly due to the tablet form's easy availability. Furthermore, a tremendous increase in the demand for tablets due to its cost-effectiveness and ease of consumption may accelerate the sub-segment growth throughout the forecast period.

Global Hydroxychloroquine Market, by Distribution Channel:

The online pharmacy sub-segment for the hydroxychloroquine market shall have exponential market growth

The online pharmacy sub-segment of the global hydroxychloroquine market will have rapid growth in 2020, at a notable CAGR; this is mainly due to the massive expansion of the world's e-commerce sector. In addition to this, the rise in penetration of e-commerce in the pharmaceutical industry during the pandemic, the facility of home delivery offered by online platforms, and time-saving features are expected to bolster the segment growth in the forecast period. Contrary to this, hospital pharmacy may have the largest market share in 2020 and is further expected to generate huge revenue during the forecast period, owing to the overall enhancement in the healthcare infrastructure worldwide.

Global Hydroxychloroquine Market, by Disease:

The malaria sub-segment for the hydroxychloroquine market shall have exponential market growth

The malaria sub-segment of the global hydroxychloroquine market will have significant growth, and it is anticipated to register massive revenue by 2027at a healthy CAGR. This growth is mainly driven by the rising prevalence of malaria globally, one of the primary reasons driving the sub-segment growth throughout the forecast period. For instance, as data published by WHO, 405 000 deaths were reported due to malaria disease globally in 2018. In addition to this, the massive use of Hydroxychloroquine as an antimalarial drug may also foster the sub-segment growth in the forecast period.

Regional Insights:

Asia-Pacific hydroxychloroquine market has a significant market share, and it will reach up to eye-catching revenue by the end of 2027

The Asia-Pacific market for the hydroxychloroquine market has the dominating share in 2020, and it is projected to grow at a healthy CAGR by the end of 2027. The growing prevalence of malaria in the Asia-pacific region, specifically in the South-East Asian (SEA) countries, is one of the key factors driving the Asia-Pacific hydroxychloroquine market during the analysis period. As per the WHO report, in 2018, around 750,000 malaria cases were reported in the SEA countries. Such factors may surge the demand for medications, which will ultimately propel the market growth in the Asia-Pacific region.

Moreover, considering Hydroxychloroquine's potentialities, the majority of the countries are coming forward to help other countries in the critical situation of the COVID-19 pandemic. For instance, in April 2020, the Indian government has delivered half a million tablets of Hydroxychloroquine to Mauritius, amid the COVID-19. This consignment is part of the 13 tonnes of vital lifesaving medication that have been sent for Mauritius. Such critical factors may also positively impact the Asia-Pacific hydroxychloroquine market in the forecast years.

Competitive Scenario in the Global Hydroxychloroquine Market:

The advanced technology development coupled with mergers & acquisitions are the frequent strategies followed by the significant market players

Source: Research Dive Analysis

Some of the leading hydroxychloroquine market players include Zydus Cadila., Hikma Pharmaceuticals PLC, Mylan N.V., Ipca Laboratories Ltd., Novartis AG, Pfizer Inc., Sanofi, Teva Pharmaceutical Industries Ltd., Taj Pharmaceuticals Limited., and Torrent Pharmaceuticals Ltd. Hydroxychloroquine market players are focusing on Merger & acquisition and advanced technological developments to acquire a prominent position in the international market.