Hydroxychloroquine Market – Where is Industry Heading During Covid? Market To Accrue USD 5,000 Million By 2025
The global Hydroxychloroquine market is predicted to accrue earnings worth USD 5,000 million by 2025 growing at a CAGR of more than 33%, as per Zion Market Research. The market was valued at USD 542 million in 2019. The market is predicted to register humungous growth over the coming years subject to the ability of the drug to treat various ailments like systemic lupus erythematosus, malaria, cutanea tarda, and rheumatoid arthritis. Due to its anti-viral property it has become highly popular across the globe for treating novel coronavirus disease. Moreover, lancet in its report on the drug use on diabetes in 2016 stated that India had approved the use of cost-effective drug for treating diabetes in people suffering from lupus and rheumatoid arthritis.
Escalating Hydroxychloroquine Demand For Treating COVID-19 To Boost Market Trends
According to reputed Nature magazine, Hydroxychloroquine, which is the less toxic derivative of chloroquine, has proved to be effective in inhibiting the SARS-CoV- 2 infection in vitro in patients during clinical trials. Apparently, clinical findings have unveiled that high proportion of cytokines were identified in the plasma of patients critically affected due to SARS-CoV- 2 or novel coronavirus disease.
Moreover, it has been found that apart from its anti-viral feature, Hydroxychloroquine, which act as safe & anti-inflammatory agent in auto-immune disorders, can reduce cytokine production along with reducing inflammation in patients. Furthermore, Hydroxychloroquine can also mitigate the inflammatory response in COVID -19 patients.
Novartis To Donate Hydroxychloroquine For Treating COVID-19 Patients
In a major strategic move that can boost the Hydroxychloroquine market growth, on March 20th 2020, Novartis declared of donating the drug for treating the n-CoV-19. Moreover, it has committed to providing nearly 130 million 200 mg doses of the drug for supporting the fight against the dreaded COVID-19 disease by end of May 2020.
Reportedly, the Sandoz unit of the pharma giant currently holds license for the drug use in the U.S. Moreover, the firm is aiding clinical trial efforts on treating novel coronavirus and is likely to assess new needs for clinical tests. The firm is also looking for raising its drug production in collaboration with other drug producers, thereby ensuring the sufficient supply of medicine for effectively treating COVID-19 patients across the globe.
Asia Pacific Market To Acquire Numero Uno Position By 2025
The regional market growth over the forecast timeframe is attributed to huge production of the drug in India. Apart from this, countries like the U.S. and European countries have placed a demand for the drugs from India. Furthermore, India has the ability to produce both the drugs as well as the API in large quantities. Additionally, China is the biggest supplier of raw materials for producing Hydroxychloroquine. Furthermore, cost-effectiveness of the drug along with its low toxicity has resulted in heavy demand for the drug in countries like India. India and China are projected to be the major regional revenue contributors during the forecast timespan.
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Furthermore, profits of the India-based pharma firms such as Cadilla, Torrent Pharma, and Ipca laboratories are likely to soar over the coming years and will contribute remarkably towards the market value in the Asia Pacific zone in the coming years.
Key players profiled in the report include Teva, Mylan, Novartis, Cadila Healthcare, Torrent Pharma, Shanghai Zhongxisanwei, BSE healthcare, Sandoz, HIKMA, IPCA Laboratories, Cipla Limited, Shanghai Pharma, Intas Pharmaceuticals, Lupin Limited, Shenhua Pharm, Sanofi, H-QYN, Macleod Pharmaceuticals, McW Healthcare, Laurus Labs, TAJ Pharma, Wuhan Wuyao Pharmaceutical, MAAN Medex, Cinkate, and Concordia Healthcare.
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- CDN Newswire