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.
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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.
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Hydroxychloroquine Market: Segmentation
Fact.MR has segmented the hydroxychloroquine market on the basis of drug type, and region.
- Anti-malarial Drug
- Anti-rheumatic Drug
- Lupus Suppressant Drug
- Anti COVID 19 Drug
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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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.
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