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.
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Moreover, the global demand for hydroxychloroquine is anticipated to surge amid the rapidly increasing COVID-19 infections. In 2024, 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 2024.
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 2024.
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- The coronavirus pandemic has spiked the prices of API (active pharmaceutical ingredients) which is set to increase the market value by 2X through 2024.
- 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.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
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