Impact of COVID-19 on Economy, Industry and Company :
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Global Hydroxychloroquine Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 9983.61 Mn by 2028, Likely to Grow with the CAGR of 44.6% During the Forecast Period.
A rise in the demand of hydroxychloroquine by the widespread of coronavirus is anticipated to propel the growth of hydroxychloroquine in the global market. For instance, in the month of March 2020, a pharmaceutical company Mylan N.V. fueled up its manufacturing process of hydroxychloroquine sulfate tablets in order to meet the increased demand to treat patients who are suffering from coronavirus disease (COVID 19). The demand of Hydroxychloroquine is significantly augmented due to rising prevalence of malaria and a plunge in the incidences related to autoimmune diseases that include lupus erythematosus and rheumatoid arthritis, etc. It is observed as a wonder drug among the patients who are suffering from serious health conditions. As per the recent news from World Health Organization (WHO) the number of patients infected by COVID-19 is more than 2 lakh Hydroxychloroquine is currently authorized medicine approved by the WHO in treating a range of illnesses along with COVID-19 which had drastically impacted on the wellbeing of the individuals.. Various countries can face the shortage of hydroxychloroquine due to stock piling and unautherized use.
Establishment of Healthcare Industry in developing countries to drive the Demand for Hydroxychloroquine.
Several government initiatives and awareness activities to control the outbreak of COVID-19 have augmented the demand for treatment for infected people with the use of hydroxychloroquine. Thus, the recent establishment of healthcare infrastructure in countries such as India, Singapore is projected to fuel the demand for hydroxychloroquine during the forecast period.
COVID-19 Segment held a prominent share in Global Hydroxychloroquine Market in 2019
Global outbreak of COVID-19 pandemic is observed in about 208 countries. The important feature of hydroxychloroquine drug is its anti-viral quality that acts against SARS-CoV-2. The healthcare institutions globally are using it in the treatment and prevention of COVID-19 that is acting as a substantial driving factor in the market growth of hydroxychloroquine globally.
The Asia-Pacific Region is projected to register the highest growth in the Hydroxychloroquine Market during the Forecast Period
The Asia Pacific region is considered as the major market of Hydroxychloroquine because of the prevalence of Malaria in this region. Thus, the region accounts for largest manufacturing facilities of this drug in treating malaria, and currently by the impact of COVID-19 pandemic the usage of Hydroxychloroquine is observed as the most important in the treatment of the patients suffering from COVID-19. As per the Indian Pharmaceutical Alliance (IPA), the Indian subcontinent is the largest producer of hydroxychloroquine in the global market. Its production amounts approximately 70 % of the total world’s hydroxychloroquine supply. The nations including the U.S. and European countries have very less production of hydroxychloroquine drug, because of less spread of malaria in these nations. The drug is effective in treating COVID-19, most of the nations are requesting India to supply hydroxychloroquine drug. In order to manage an increased demand at the domestic and international market, the government of India ordered the Indian leading manufacturers to rise production of hydroxychloroquine to cater to the demand from various facets of the world. The dense populated countries in the Asia Pacific region are affected by COVID-19 outbreak. Thus, the region is anticipated to exhibit huge demand for hydroxychloroquine.
Global Hydroxychloroquine market is fragmented among the number of local and global players. The organizations offering Hydroxychloroquine are focused on expanding their production capacities and expanding their global market presence to take advantage of the lucrative opportunities present in this market.
Key players operating in the global Hydroxychloroquine market are Amneal Pharmaceuticals, Inc., Novartis International AG., Sanofi S.A., Concordia Pharmaceuticals Inc., Laurus Labs Limited, Prasco Laboratories, Cardinal Health, Aphena Pharma Solutions Tennessee, Inc., Reddy's Laboratories, Covis Pharmaceuticals, Inc., Mylan N.V., McKesson Corporation
Global Hydroxychloroquine Market Key Segments:
Global Hydroxychloroquine Market, By Disease type
- Coronavirus disease (COVID 19)
- Rheumatoid Arthritis
- Lupus Erythematosus
- Porphyria cutanea tarda (PCT)
- Q fever
Global Hydroxychloroquine Market, By Distribution channel
- Online Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
- Specialty Drug Stores
Global Hydroxychloroquine Market, By dosage type
- 400 mg
- 800 mg
Global Hydroxychloroquine Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America