TMR Research has recently come up with a new research report that provides a detailed information about the overall working dynamics of the global hydroxychloroquine sulfate market. The research report tries to shed light on the key segments of the global market, the competitive landscape, and the general geographical outlook of the global hydroxychloroquine sulfate market for the given course of the forecast period ranging from 2019 to 2029.
Hydroxychloroquine Sulfate Fundamentally Prescribed for Treatment of Malaria and Rheumatoid Arthritis
Hydroxychloroquine (HCQ), is a drug primarily used to forestall and treat jungle fever in zones where intestinal sickness stays touchy to chloroquine. Some other application of the drug is for the treatment of rheumatoid joint pain, lupus, and porphyria cutanea tarda.
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Usually it is sold as sulfate salt referred to as hydroxychloroquine sulfate. The drug is available under the brand names of hydroxychloroquine include Dolquine, Plaquenil, Quinoric, Hydroquin, Axemal (in India), and Quensyl.
In recent times, demand for hydroxychloroquine sulfate has increased significantly owing to its potential for treatment of patients suffering from COVID-19. The demand for hydroxychloroquine sulfate has begun to rise since March 2020 after the U.S. president Donald Trump announced about efficacy of drug in the treatment of novel coronavirus patients. Few medical experiments signify that the drug can assist patients with COVID- 19. However, concrete evidence is still missing.
India, being one the leading manufacturer of hydroxychloroquine sulfate worldwide has refrained from drug export in March 2020. On the other hand, Indian hydroxychloroquine sulfate manufacturing companies rely on China for supply of raw materials.
The global hydroxychloroquine sulfate makret is witnessing exponential growth rate from 1st quarter of 2020 due to increase cases of nCoV-19.
On March 25, India’s Directorate General of Foreign Trade prohibited export of Hydroxychloroquine, yet stated that specific shipment may be allowed on compassionate grounds, however, depending on the situation.
With increase in number of Covid-19 infected patients in Italy, the U.S., Spain and other countries around the world seems to be the target market for sale of hydroxychloroquine sulfate
Asia Pacific Likely to Dominate Global Market Due to Presence of Major Manufacturing Companies in India
According to the research report, the global hydroxychloroquine sulfate market is segmented into six key regions. These regions are North America, Latin America, Middle East and Africa, Europe, and South Asia & Oceania, and East Asia. Of these, presently, the global hydroxychloroquine sulfate market is being dominated by the regional segment of Asia Pacific followed by North America.
Dominance of the regions is attributed to presence of leading manufacturers in India and China due to its usual demand for hydroxychloroquine sulfate for treatment of malaria patients. As per market analysts, the Asia Pacific regional market is likely to dominate the global hydroxychloroquine sulfate market in coming years as well.
Due to outbreak of COVID-19 and after endorsement done by the U.S. president about effectiveness of hydroxychloroquine sulfate, India is emerging as one of the prominent supplier of drugs globally.
Meanwhile, countries from Middle East and European regions have also asked India to eliminate trade prohibition of the drug, due to dearth of hydroxychloroquine sulfate, which is primarily used for treatment of rheumatoid joint inflammation and long haul immune system infection lupus.
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Furthermore, generics organizations Mylan and Teva pharmaceutical companies have pledged to battle against the pandemic. Hence, Mylan has begun the production of the tablets at its West Virginia fabricating office in the USA in order to meet growing demand for the drugs.
In addition, other key players such as Ipca Laboratories Ltd., Novartis, along with Mylan have announced to ramp up production of the drug to meet the increasing demand of hydroxychloroquine sulfate across the globe.
Growing demand for the drug is presenting potential growth opportunities and future growth scope for new entrants. This, in turn, is likely to intensify competition in the global hydroxychloroquine sulfate market in during the forecast period.