May 06, 2020
Global Hydroxychloroquine Market Slated for YoY growth of over 100% through 2020, Projects Fact.MR
by Team Fact.MR
In the wake of the worsening coronavirus pandemic, hydroxychloroquine has been touted as a key drug in the treatment and eradication of COVID-19. As a result, the demand for hydroxychloroquine has skyrocketed in the past few weeks. The United States alone has generated significant demand for 20 million hydroxychloroquine pills, amounting to 4 tons. Moreover, the global demand for hydroxychloroquine is anticipated to surge amid the rapidly increasing COVID-19 infections. In 2020, from January to April, India has exported hydroxychloroquine API (active pharmaceutical ingredient) worth US$ 1.2 Bn. Attributed to above-mentioned facts global hydroxychloroquine market is estimated to experience a year on year growth of over 100% by the end of 2020.
Key Takeaways of Hydroxychloroquine Market Study
- Due to skyrocketing demand for hydroxychloroquine, the global hydroxychloroquine market is expected to create a value opportunity of around US$ 2.3 Bn by the end of 2020.
- The coronavirus pandemic has spiked the prices of API (active pharmaceutical ingredients) which is set to increase the market value by 2X through 2020.
- Based on drug type, anti-rheumatic drug has dominated the consumption of hydroxychloroquine in 2018 and is poised to account for nearly half of the market share by 2030.
- Due to the high prevalence of rheumatoid arthritis and systemic lupus erythematosus, United Stated is projected to remain a highly lucrative region during the forecast period.
- In terms of production, currently, India accounted for nearly half of the global production in 2019.
“Increasing prevalence of rheumatoid arthritis and systemic lupus erythematosus across the globe is poised to amplify the hydroxychloroquine market growth during the forecast period. The COVID-19 crisis will give an uptick to sales”, says the Fact.MR analyst.
Capacity Expansions to Meet the Skyrocketing Demand for Hydroxychloroquine
The players of hydroxychloroquine include Abcam plc, Advanz Pharma, Amneal Pharmaceuticals Inc, Bayer AG, Dr Reddy's Lab, Ipca Laboratories Ltd., Laurus Labs and Mylan. In order to meet the increasing demand of hydroxychloroquine tablets, market goliaths have increased their production capabilities. Companies like Amneal Pharmaceuticals Inc, Bayer AG, Dr Reddy's Lab, Ipca Laboratories Ltd, Zydus Cadila and Mylan have expanded their production capacities to meet the increasing the demand of hydroxychloroquine. Market titans have also decided to ramp up their production capacities further if demand increases in the upcoming months. Companies like Zydus Cadila, Ipca laboratories ltd and Sino-Western Pharmaceutical are able to ramp their production capacities to over 500 tons per year. However, burgeoning demand has almost doubled the prices of hydroxychloroquine active pharmaceutical ingredients. This scenario is poised to continue till the pandemic abates.
More Valuable Insights on Hydroxychloroquine Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global hydroxychloroquine market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the Hydroxychloroquine market on the basis of drug type (anti-malarial drug, anti-rheumatic drug, lupus suppressant drug, anti COVID 19 drug and others) across six major regions.
>>> To Get more insights on hydroxychloroquine market, visit- https://www.factmr.com/report/4769/hydroxychloroquine-market
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of entire value chain of Chemical & Materials sector. A team of passionate analysts track the performance of the existing Chemicals & Materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed Chemicals & Materials lucidly in 50+ countries for over a decade. The Chemicals & Materials team at Fact.MR has been assisting clients in their business expansion as well as new ventures, through their analysis and recommendations.