Hydroxychloroquine Drugs Market
Hydroxychloroquine Drugs Market (Disease Indication: Malaria, Rheumatoid Arthritis, COVID-19, Systemic Lupus Erythematosus, and Others; and Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Can Hydroxychloroquine Contain Spread of COVID-19 in Patients?
The anti-malarial drug hydroxychloroquine has shot to fame, owing to its efficacy in shortening the time taken for recovery from COVID-19. Fewer side effects associated with these medicines are encouraging manufacturers in the hydroxychloroquine drugs market to boost their output capacities. Over-the-counter distribution and inexpensive nature of hydroxychloroquine are being preferred by caretakers in home quarantine environments. However, these drugs are under scrutiny for lab-controlled testing, since there is lack of evidence about human trails.
It has been found that hydroxychloroquine alone or in combination with azithromycin can reduce virus levels quicker. Such findings have prompted drug regulators in several countries, including India to approve the drug in restricted settings. Hydroxychloroquine is found to trigger a hyperactive response by the immune system, which helps to minimize the symptoms. These factors are likely to drive the hydroxychloroquine drugs market during the forecast period.
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High Prevalence of Childhood Arthritis Cases and Autoimmune Diseases Triggers Market Growth
The hydroxychloroquine drugs market is predicted to clock a robust CAGR of 10% during the forecast period. Hydroxychloroquine (Plaquenil) is considered as a disease-modifying anti-rheumatic drug. The high prevalence of joint pain and long-term disability in individuals has catalyzed the demand for hydroxychloroquine drugs. Plaquenil is being highly publicized for effectively reducing pain and swelling of arthritis.
An alarmingly high number of childhood arthritis cases and other autoimmune diseases are acting as key drivers for the hydroxychloroquine drugs market. However, the drug may lead to severe hypoglycemia. Thus, diabetic patients are advised to regularly monitor their blood sugar levels. On the other hand, it has been found that hydroxychloroquine is not effective against malaria in areas where chloroquine resistance has been reported. Hence, pharma companies are advocating a better understanding of poor quality drugs on malaria control.
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Pooled Analysis of Hydroxychloroquine Provides Drug Resistance Status
Hydroxychloroquine drugs are the gold standard for the treatment of malaria. However, in many cases, healthcare professionals have encountered drug resistance in patients, which is likely to affect the growth of the hydroxychloroquine drugs market. Poorly administered medicines and substandard treatments are affecting the sales of hydroxychloroquine drugs. Hence, manufacturers in the hydroxychloroquine drugs market are taking ques from the WorldWide Antimalarial Resistance Network (WWARN), which is facilitating study groups that generate a pooled analysis of the efficacy and safety of hydroxychloroquine drugs.
Freely available training courses, tools and resources are being employed to provide regional researchers with the knowledge and skills to generate high-quality antimalarial clinical data. As such, the FDA (Food and Drug Administration) approval for hydroxychloroquine is being highly preferred for rheumatoid arthritis and systemic lupus erythematosis treatment.
Decreased Disease Flares to Offset Disadvantages of Toxicity
The global hydroxychloroquine drugs market is expected to cross US$ 1.9 Bn by 2030, as manufacturers are increasing their output capacities that cater to the treatment of systemic lupus erythematosus. Research into the wide-ranging effects of hydroxychloroquine reveals that several benefits involving decrease in disease flares and decline in the number of antigen-presenting cells in the skin are bolstering market growth.
The decline in the damage from disease over time and the hydroxychloroquine’s ability to delay absorption of ultraviolet light (UV) are helping pharma companies boost their production capacities. However, patients with retinal dystrophy or macular degeneration are susceptible to toxicity due to hydroxychloroquine administration. Hence, companies in the hydroxychloroquine drugs market are encouraging patients to conduct annual examinations with qualified retina specialists to control toxicity levels.
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Companies in the hydroxychloroquine drugs market have increased their output capacities during the COVID-19 pandemic. However, the FDA has issued a caution against hydroxychloroquine outside of hospital settings due to the potential risk of heart rhythm problems. Juvenile idiopathic arthritis and high prevalence of lupus in individuals are boosting the growth of the hydroxychloroquine drugs market. However, issues of drug resistance are being encountered by several healthcare professionals. Hence, pharma companies are designing data visualization and mapping tools to track the spread of drug resistance. Such data is being handed over to government-led surveillance agencies to introduce high-quality drugs in the market.
Hydroxychloroquine Drugs Market: Overview
- Hydroxychloroquine (HCQ) belongs to a class of drugs called antimalarials. It is used to treat rheumatoid arthritis and systemic lupus erythematosus by decreasing the activity of the immune system. In 2020, hydroxychloroquine gained popularity as a treatment for coronavirus (COVID-19). However, HCQ tablets are currently under clinical trial as a possible treatment for COVID-19 and their efficacy in treating COVID-19 is yet to be demonstrated in the studies.
- Rise in prevalence of malaria and rheumatoid arthritis, and increase in geriatric population are projected to drive the global hydroxychloroquine drugs market. Surge in product launches and approvals are anticipated to augment the global market in the near future.
Hydroxychloroquine Drugs Market: Key Drivers
- Hydroxychloroquine is FDA-approved to treat or prevent malaria. Hydroxychloroquine is also approved for treatment of autoimmune conditions such as chronic discoid lupus erythematosus, systemic lupus erythematosus in adults, and rheumatoid arthritis. According to CDC, nearly half the world's population lives in areas at risk of malaria transmission in 91 countries and territories. In 2016, malaria caused an estimated 216 million clinical episodes and 445,000 deaths, which increased to an estimated 228 million cases and 405,000 deaths in 2018. Majority of deaths occurred in the WHO African Region.
- Disease outbreaks such as coronavirus also boost the demand for the drug. According the WHO, as on November 23, 2020, 58,425,681 confirmed cases of COVID-19, including 1,385,218 deaths, were reported globally.
- Older people are at high risk of rheumatoid arthritis. Depending on their underlying health, older adults with rheumatoid arthritis could have to cope with multiple coexisting diseases, polypharmacy, and impaired functional ability. According the CDC, from 2013 to 2015, 49.6% of people aged 65 years or older in the U.S. reported doctor-diagnosed arthritis.
Increase in Product Launches and Approvals
- Product launch strategies aim to boost revenue. More than 25% of total revenue and profits across industries comes from the launch of new products. In April 2020, Lincoln Pharmaceuticals received the FDA approval to manufacture hydroxychloroquine (HCQ) tablets and hydroxychloroquine sulfate tablets. After necessary approval from the Directorate General of Foreign Trade (DGFT), the company will be able to export these products. Rise in number of product approvals is expected to propel the global market during the forecast period.
Market Segmentation: Hydroxychloroquine Drugs Market
- In terms of disease indication, the global hydroxychloroquine drugs market has been classified into malaria, rheumatoid arthritis, COVID-19, systemic lupus erythematosus, and others
- Based on distribution channel, the global hydroxychloroquine drugs market has been categorized into hospital pharmacies, retail pharmacies, and online pharmacies
- Each of the segments has been analyzed in detail for trends, recent trends & developments, drivers, restraints, opportunities, and useful insights. The hydroxychloroquine drugs market report provides current and future revenue (US$ Mn) for each of these segments for the period from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2020 to 2030, along with market size estimations.
Regional Overview: Hydroxychloroquine Drugs Market
- In terms of region, the global hydroxychloroquine drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- Stringent government regulations, presence of large-scale research units, and awareness about drug safety are the key factors projected to augment the market in North America. The market in Asia Pacific is driven by favorable business environment and government initiatives to improve healthcare infrastructure. Moreover, increase in focus on research & development is anticipated to augment the market in the region.
- The current and future market sizes in terms of value (US$ Mn) of these regional markets and major countries have been provided in the report for the period from 2018 to 2030, along with their CAGRs for the period from 2020 to 2030
- The study also offers a list of recommendations, highlights, and useful insights of the market, which are estimated to help new companies willing to enter the market and existing companies to increase market share and in the decision-making process
- The report concludes with company profiles section that includes key information about the major players in the global hydroxychloroquine drugs market
- Leading players analyzed in the report are
- Amneal Pharmaceuticals, Inc.
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Novartis AG
- Zydus Cadila
- Dr. Reddy’s Laboratories Ltd.
- Sun Pharmaceutical Industries Ltd.
- Lupin Limited
- Prasco Laboratories
- Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
Hydroxychloroquine Drugs Market – Scope of the Report
TMR’s report on the global hydroxychloroquine drugs market studies the past as well as the current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global hydroxychloroquine drugs market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global hydroxychloroquine drugs market from 2020 to 2030.
The report has been prepared after extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hydroxychloroquine drugs market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various attributes of the global hydroxychloroquine drugs market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on changing competitive dynamics in the global hydroxychloroquine drugs market. These serve as valuable tools for existing market players as well as entities interested in participating in the global hydroxychloroquine drugs market.
The report also delves into the competition landscape of the global hydroxychloroquine drugs market. Key players operating in the global hydroxychloroquine drugs market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global hydroxychloroquine drugs market that have been profiled in this report.
Key Questions Answered in Hydroxychloroquine Drugs Report
- What is the sales/revenue generated by hydroxychloroquine drug providers across all regions during the forecast period?
- What are the opportunities in the global hydroxychloroquine drugs market?
- What are the major drivers, restraints, and threats in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which distribution channel segment is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Hydroxychloroquine Drugs Market – Research Objectives and Research Approach
The comprehensive report on the global hydroxychloroquine drugs market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of distribution channels.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that have been appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global hydroxychloroquine drugs market in terms of disease indication, distribution channel, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. Such valuable insights enable market stakeholders to make informed business decisions for investment in the global hydroxychloroquine drugs market.
Hydroxychloroquine Drugs Market – Segmentation
TMR’s study on the global hydroxychloroquine drugs market includes information divided into three segments: disease indication, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global hydroxychloroquine drugs market have been discussed in detail.