Increase in prevalence of COVID-19 to drive demand for hydroxychloroquine and chloroquine across the globe
According to TechSci Research report, “Global Hydroxychloroquine and Chloroquine Market By Type, By Route of Administration, By Strength, By Application, By Region, Competition, Forecast & Opportunities, 2030”, the global hydroxychloroquine and chloroquine market is projected to reach $ 285 million in 2020, predominantly on account of rising use of the drug in treating novel coronavirus COVID-19. Though, it has not been proven clinically that the drug can be used in treating coronavirus, but it has been identified that the drug is helpful in improving the early symptoms of the disease, especially the respiratory problems. Globally, Ipca and Cadila are among the top manufacturers of these drugs.
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“Global Hydroxychloroquine and Chloroquine Market”
The global hydroxychloroquine and chloroquine market are segmented based on type, route of administration, strength, application and region. Based on type, the market can be categorized into injectables and tablets. The tablets segment is expected to dominate the market during the forecast period since these are cost effective. Based on route of administration, the market can be bifurcated into oral and intravenous. The oral segment is expected to dominate the market since the drug is generally consumed orally in the form of tablets. Based on application, the market can be categorized into rheumatoid arthritis, malaria, COVID-19 and others. The COVID-19 segment is expected to register the highest growth during forecast period since it has been identified that the drug can be used to treat the disease, though not clinically proven. Additionally, studies suggest that it is helpful in treating some symptoms of the disease and is being used widely in the treatment guidelines of COVID-19. Countries such as China, South Korea and Belgium have added hydroxychloroquine and chloroquine in their coronavirus disease treatment guidelines. Also, studies suggest that the drug has been helpful in treating few cases of the disease in France. Due to rising spread of the pandemic, FDA issued an Emergency Use Authorization for the treatment of novel coronavirus disease (COVID-19). Ipca Laboratories Ltd, Zydus Cadila, Novartis AG, Teva Pharmaceutical Industries Ltd., Bayer AG, Rising Pharma Holdings Inc, Abcam plc, Mylan N.V, and Abbott are some of the leading players operating in global chloroquine market.
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“North America is expected to register significant growth in the hydroxychloroquine and chloroquine market during the forecast period, owing to the use of drug for treating COVID-19. Additionally, the drug is being used in the coronavirus treatment guidelines in various other countries. If it gets proven clinically that the drug can be used for the treatment of COVID-19, then this is expected to create lucrative opportunities for the market players in foreseeable future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Hydroxychloroquine and Chloroquine Market By Type, By Route of Administration, By Strength, By Application, By Region, Competition, Forecast & Opportunities, 2030” has evaluated the future growth potential of global hydroxychloroquine and chloroquine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global hydroxychloroquine and chloroquine market.
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