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The global hydroxychloroquine market size is projected to reach USD 2,339.1 million by the end of 2027. The increasing incidence of viral infections will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Hydroxychloroquine Market Size, Share & Industry Analysis, By Disease Indication (Malaria, COVID-19, Rheumatoid Arthritis, Others), By Distribution Channel (Hospital Pharmacy Retail Pharmacy, and Online Stores), and Regional Forecast, 2020-2027,” the market was worth USD 894.0 million in 2019 and will exhibit a CAGR of 5.5% during the forecast period, 2020-2027.
The increasing number of COVID-19 cases has led to a huge awareness regarding the treatment and prevention of the disease across the world. The severity of coronavirus has contributed to the emphasis on treatment of the diseases. Several clinical studies are being conducted by companies across the world. It was found that hydroxychloroquine, drug used against malaria, had a positive impact on the recovery process for patients diagnosed with the product. The drug, which was initially approved by the FDA as an anti-malarial drug, is witnessing a huge demand, owing to its role in the treatment of coronavirus. Besides malaria, the drug is also prescribed for use in the treatment of rheumatoid arthritis and auto-immune diseases such as lupus. The surge in emphasis as well as investments in the research and development of the drug will bode well for the growth of the overall market in the forthcoming years.
Driven by Huge Product Demand, Mylan N.V. Announces Increase in Production
Ever since clinical studies indicated that hydroxychloroquine showed positive signs in the treatment of coronavirus, the product has witnessed a sudden rise in demand across the world. Accounting to this, several manufacturers have announced that they will be increasing the production capacity to meet the growing demand. In March 2020, Mylan N.V. announced that it will be increasing the production capacity of hydroxychloroquine in the West Virginia facility. The company decided to improve its production capacity with the aim of catering to the massive demand for the product in the United States. Mylan’s latest steps will provide a massive boost in the treatment of patients suffering from coronavirus in the United States. Mylan’s latest step will not just benefit the company, but will contribute to the growth of the overall market in the coming years.
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Mergers and Acquisitions are a Growing trend Among major Companies
Due to the increasing demand for hydroxychloroquine across the world, several companies are looking to adopt strategies that will help them standout in the competitive market. Several companies are focused on making large scale investments in product R&D, while others are focused on company collaborations and mergers. It has been observed that company mergers and acquisitions are a growing trend among major companies across the world. Among all companies, Sanofi, Sandoz International GmbH, and Zydus Cadila accounted for a dominant share of the global market.
List of companies profiled
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Further Report Findings:
The global hydroxychloroquine market is segmented on the basis of:
Value (USD million)
By Disease Indications
By Distribution Channel