The global hydroxychloroquine market size is projected to reach USD 2,339.1 million by the end of 2027. The increasing incidence of COVID-19 infection 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.
An Overview of the Impact of COVID-19 on this Market:
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Increasing Efforts Taken to Maximize the Production Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The ability of hydroxychloroquine to speed up recovery processes in treatment of patients suffering from diseases such as malaria and rheumatoid arthritis has contributed to the growing demand for the product. The increasing product demand has encouraged several companies to enhance their production methods as well as capabilities associated with the product. The report labels several companies that have taken several steps to increase the production of hydroxychloroquine during the coronavirus pandemic. In April 2020, ZydusCaadila announced that it has scaled up the production of hydroxychloroquine. The company was encouraged by the sudden rise in the demand for the product; a factor that was consequential to the constantly rising Covid-19 cases across the world. Zydus’ latest step will have a huge impact on the growth of the overall market in the coming years.
Asia Pacific Likely to Emerge Dominant; Increasing Production of Hydroxychloroquine Will Aid Market Growth
The report analyzes the ongoing market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific is likely to emerge leading. The high production of the product in several countries across this region will aid the growth of the regional market. India is currently the largest producer of hydroxychloroquine, with over 70% of the global production occurring in the country. As of 2019, the market in Asia Pacific was worth USD 346.9 million and this value is projected to increase further in the coming years. Besides Asia Pacific, the market in North America will also witness considerable growth due to the increasing incidences of coronavirus in the United States.
