Market Trends of Hydroxychloroquine Drugs Industry
This section covers the major market trends shaping the Hydroxychloroquine Drugs Market according to our research experts:
Rheumatoid Arthritis Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period
- Rheumatoid arthritis is expected to dominate the global hydroxychloroquine drugs market through the forecast period. This can be attributed to the rising prevalence of rheumatoid arthritis, which causes different symptoms, such as joint pain, swelling, and stiffness, which are generally accompanied by chronic pain and inability to perform daily activities. Over a prolonged period, this disorder can hamper a patient's mobility and can lead to permanent joint damage. If left untreated, this disorder can lead to mobility impairment and the risk of joint replacement.
- According to the World Health Organization, more than 23 million people live with rheumatoid arthritis. Thus, the rheumatoid arthritis segment is witnessing a shift toward combination therapies that provide enhanced results to patients. Higher availability, positive results, and low price of generic drugs for the target disease are supplementing the growth of the segment.
- Moreover, COVID-19 is estimated to be the fastest-growing segment over the forecast period. Exponentially increasing cases worldwide is the major factor expected to drive the vertical over the forecast period. The World Health Organization declared coronavirus disease (COVID 19) as a pandemic on March 11, 2020. As per the Johns Hopkins University, till the date April 15, COVID-19 is responsible for more than 126,859 deaths worldwide. Hydroxychloroquine is expected to be a promising potential treatment for the coronavirus disease (COVID 19). The US Food and Drug Administration (FDA) designated hydroxychloroquine for emergency use for treating coronavirus disease (COVID 19). All the aforementioned factors expected to bode a well for this vertical.
North America Represents the Largest Market and Asia-Pacific is Expected to Register Fastest Growth.
North America is at the forefront of growth in the region and is also an important revenue contributor in the global arena. Heightened awareness of disease remittance therapies among patients, rising prevalence of RA and COVID-19, and high public and private healthcare spending are stimulating the growth of the region. Moreover, the World Health Organization estimates that by the end of 2040, 54.4 million adults in the country may suffer from rheumatoid arthritis. Moreover, easy access to quality healthcare, favorable reimbursement policies, strong clinical pipeline, and approval of novel drugs are projected to promote revenue growth in North America.
Asia-Pacific is likely to post the fastest market throughout the forecast horizon. Lack of disease awareness in some underdeveloped regions is leading to an expanding base of patients in the region. This, coupled with increasing healthcare spending, presence of key manufacturers, such as Zydus Cadila, Novartis, and Sun Pharmaceuticals, and growing product approvals, is expected to propel the market in APAC. Increasing demand for target drug for disease reversal is poised to augment the regional markets during the forecast period.
