Global Hydroxychloroquine Market Slated for YoY growth of over 100% through 2020, Projects Fact.MR
COVID-19 has infected over three million people and resulted in over two hundred thousand deaths. Owing to the American government's claim that hydroxychloroquine can act against the novel coronavirus, its demand has skyrocketed.
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)
• 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.
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"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.
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