Hydroxychloroquine Market Demand to soar on back of Global Malaria Eradication Efforts: Fact.MR Report
Published : 23 Sep 2021 Industry: Chemical & Materials
The hydroxychloroquine market will witness soaring growth in 2021, with revenues poised to reach US$ 3.6 Bn, expected to register a CAGR of nearly 4%, according to a new forecast by Fact.MR. Sales are being primarily driven by an unceasing quest to reduce burden of such infectious and chronic ailments as lupus and malaria.
Historically, from 2016 to 2020, hydroxychloroquine sales experienced an incline of 3% in value CAGR terms. Supply of these drugs skyrocketed amidst the initial months of COVID-19, as clinical studies established a certain degree of effectiveness amongst patients. For instance, the U.S was supplied with 50 million tablets by India in an attempt to tame the spread of COVID-19. Eventually, trials were suspended as minimal impacts were observed.
Future demand is expected to be bolstered by the global initiative to reduce the burden of malaria across both developing and developed nations. As of 2019, the W.H.O estimated that total funding for malaria elimination and control reached US$ 3 Bn, which provided stimulus to hydroxychloroquine production. That same year, 229 million active cases of malaria were detected, prompting countries to speed up eradication campaigns.
Key Takeaways from the Market Study
- Global hydroxychloroquine market generated value opportunity worth US$ 2.3 Bn in 2020
- By drug type, anti-malarials to expand the fastest, registering a CAGR of 5% by 2031
- Lupus suppressant hydroxychloroquine to expand at a CAGR of 4.5%
- Hydroxychloroquine for anti-rheumatic purposes to capture nearly 50% of demand
- U.S accounted for over 33% sales of hydroxychloroquine tablets as of 2019, capturing a higher share by 2031
- India to be the leading market for hydroxychloroquine, accounting for 3 out of 5 sales
“Consistent with the global endeavor to reduce incidences of infectious diseases such as malaria and other viral diseases, manufacturers are investing heavily in R&D of effective medicines, pushing up prospects for hydroxychloroquine formulations,” says the Fact.MR analyst.
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- In April 2021, Apotex, Canada's largest pharmaceutical company, received a contract from the Government of Canada to supply the Critical Drug Reserve of Dexamethasone tablets in response to the COVID-19 pandemic.
- In April 2020, Novartis announced its plans to donate 130 million doses of generic hydroxychloroquine, a drug that may be used in COVID-19. As part of its commitment, Novartis established a US$ 20 million fund to support impacted communities, collaborative drug discovery efforts, and support for clinical trials for its existing medicines.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global hydroxychloroquine market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2020-2031.
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 seven major regions of the world (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical & material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Chemicals and Materials