Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Hydroxychloroquine is a hydroxylated derivative of chloroquine that has both antimalarial and anti-inflammatory activities and is now most often used as an anti-rheumatologic agent in systemic lupus erythematosis and rheumatoid arthritis. It was originally used as an antimalarial agent, but was later found to have anti-inflammatory activity. Hydroxychloroquine is used in the treatment of rheumatoid arthritis, and discoid and systemic lupus erythematosus, in patients who have not responded satisfactorily to drugs with less potential for serious side effects. The growth of the Europe Hydroxychloroquine Market is driven by an increase in prevalence of rheumatoid arthritis (RA) and COVID-19, along with a rise in the import of hydroxychloroquine by European countries like the U.K, France, Germany etc. Furthermore, rising research and development expenditure and approval of novel drugs are expected to have a positive impact on the growth of the market.
The growth of the market is driven by rise in prevalence of RA and COVID-19 in the European nations. According to Statistica, in 2019, the incidence of rheumatoid arthritis in Ireland was 38.6 per 100,000 population, the highest incidence in Europe. Furthermore, the incidence of rheumatoid arthritis in the United Kingdom and Denmark was 31.39 and 30.64 per 100,000 respectively. Hydroxychloroquine is a disease-modifying anti-rheumatic drug (DMARD). It can decrease the pain and swelling of arthritis. According to the World Health Organization (WHO), in May 2022, the reported deaths from COVID-19 passed the 2 million mark in Europe. Hydroxychloroquine had been proposed as possible treatment for COVID-19. Thus, a rise in the prevalence of RA and COVID-19 is expected to create a demand for hydroxychloroquine. This is expected to drive the growth of the market over the forecast period. Furthermore, an increase in the import of hydroxychloroquine due to the outbreak of the COVID-19 pandemic is expected to contribute to the growth of the market.
Rise in research and development (R&D) activities by various private and government organizations along with the implementation of strategic initiatives is expected to contribute to the growth of the market. For instance, in March 2020, Novartis, announced the donation of a substantial amount of hydroxychloroquine to treat hospitalized COVID-19 patients within Switzerland. The aim of the donation is to enable patients to access a potential treatment while also advancing clinical research in the fight against COVID-19.
Hydroxychloroquine can cause adverse effects on the heart, especially if a patient is administering certain other medicines like antibiotic azithromycin (Z-Pak). Taking hydroxychloroquine long-term or at high doses may cause irreversible damage to the retina of your eye that could progress to permanent vision problems. Thus, side-effects associated with the use of hydroxychloroquine is a key factor that may restrain the growth of the market during the forecast period.
In case of harmful effects in COVID-19, the clinical efficacy of hydroxychloroquine is not assessed through a randomized clinical trial. This has emerged as a key challenge in the approval and standardization of hydroxychloroquine. It is a key factor that may challenge the market’s growth over the forecast period.
The report provides an in-depth analysis of the Europe Hydroxychloroquine market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in prevalence of RA and COVID-19 has led to rise in demand for hydroxychloroquine, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Europe Hydroxychloroquine market comprises of different market segments like product type, strength, distribution channel, application and country.
By product type, the Europe Hydroxychloroquine market includes the key segments like
The active pharmaceutical ingredients are expected to dominate the market over the forecast period. The ease of availability and cost-effectiveness of active pharmaceutical ingredients is a key factor driving the growth of the segment.
The tablet segment is expected to witness high growth over the projected time period. The growth of the segment can be attributed to the high demand for tablets due to its convenience and ease of use.
By strength, the Hydroxychloroquine market includes segments like
The 400 Mg segment is expected to lead the market over the forecast period. 400 mg hydroxychloroquine tablet is used in the treatment of COVID-19. Therefore, the rise in the prevalence of COVID-19 is expected to drive the growth of the segment.
The 200 Mg segment is projected to witness high growth over the forecast period. 200 mg hydroxychloroquine tablet used to treat malaria, lupus erythematous, rheumatoid arthritis, and COVID-19.
By distribution channel, the Europe Hydroxychloroquine market includes key segments such as
The hospital pharmacy segment is expected to dominate the market over the forecast period. FDA had issued an emergency-use authorization for the use of hydroxychloroquine and chloroquine to treat hospitalized patients for COVID-19 or to prevent that disease. It is a key factor which is expected to drive the growth of the segment.
The online pharmacies segment is expected to witness high growth over the forecast period. The growth of the segment can be attributed to an increase in penetrations of e-commerce and the attractive discounts and coupons available through online channels.
The Europe Hydroxychloroquine market finds major applications in
The rheumatoid arthritis segment is expected to dominate the market over the forecast period. Hydroxychloroquine is a prescription drug that can improve symptoms in people with RA by blocking the immune system’s effects on the body. It can help ease pain, stiffness, and inflammation.
The malaria segment is expected to witness high growth over the forecast period. Hydroxychloroquine is widely used to prevent malaria. An increase in the prevalence of malaria is a key factor driving the demand for hydroxychloroquine.
The Europe Hydroxychloroquine market is studied for the following countries
U.K is expected to dominate the market over the forecast period. The rise in prevalence of COVID-19, along with an increasing investment in the healthcare sector, are key factors driving the growth of the market in the region. According to the U.K. Office for National Statistics, in February 2023, in England, the estimated number of people testing positive for COVID-19 was 1,298,600, equating to 2.31% of the population or around 1 in 45 people. Thus, a rise in the prevalence of COVID-19 is anticipated to drive the growth of the market in the country. Also, implementation of key government initiatives are expected to stimulate the growth of the market in the region.
France is anticipated to witness highs growth during the estimated time period. The growth of the market in France can be attributed to presence of an advanced healthcare system, rise in prevalence of COVID-19, and the rise in R&D investment by the government as well as private organizations. According to Statistica, as of January 2023, France had recorded 38,337,350 confirmed cases of COVID-19. Thus, a rise in prevalence of COVID-19 is expected to drive the growth of the market in France.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Europe Hydroxychloroquine market. In addition, a complete analysis of changes in the Europe Hydroxychloroquine market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on Europe economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic, caused by SARS coronavirus 2 (SARS-CoV-2) emerged as a serious challenge to public health. According to Statistica, as of January 13, 2023 there were over 270 million confirmed cases of coronavirus (COVID-19) across the whole of Europe since the first confirmed cases in France in January 2020. France has been the worst affected country in Europe with 38,337,350 confirmed cases, followed by Germany with 37,594,526 cases. Italy and the UK have approximately 25.3 million and 24.2 million cases respectively. In the first months following the onset of the pandemic, several existing drugs were reconsidered for COVID-19 treatments, among them chloroquine and its derivative hydroxychloroquine sulfate. The European Medicines Agency (EMA) authorized the use of chloroquine and hydroxychloroquine for COVID-19 in clinical trials or as emergency use, while the Italian Drug Agency (AIFA) stated in this emergency phase that therapeutic use of hydroxychloroquine might be considered in COVID-19 patients, both in those with mild presentation managed at home and in hospitalized patients. This is expected to drive the demand for hydroxychloroquine during the estimated time period.
The competitive landscape analysis of the Europe Hydroxychloroquine market is primarily focused on expanding the growth of Hydroxychloroquine industry in Europe region with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in Hydroxychloroquine sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
May 2020: Evonik Industries had announced that the company will invest $27 million in the first stage of a program to increase its capacity for producing active pharmaceutical ingredients (API) and advanced intermediates for drug-industry customers at its sites in Dossenheim and Hanau, Germany. Evonik says it would boost its ability to conduct complex chemical processes associated with oncology drugs, antivirals, and other specialized therapies.
April 2020: French pharmaceutical company Sanofi announced that the company decided to donate 100 million doses of hydroxychloroquine, the decades-old anti-malaria drug touted by some as a potential weapon against the novel coronavirus, across 50 countries.
By product type, the Hydroxychloroquine market includes key segments like tablet, active pharmaceutical ingredients. The active pharmaceutical ingredients segment is expected to dominate the market over the forecast period. By strength, market includes segments such as 400 Mg, and 200 Mg. The 400 Mg segment is expected to lead the market over the estimated time period. The Hydroxychloroquine market has distribution channels like hospital pharmacy, retail pharmacy, online pharmacy, and specialty drug store. The hospital pharmacies are expected to find increasing demand in the market over the forecast period. The hydroxychloroquine finds major applications in rheumatoid arthritis, coronavirus (COVID-19), malaria, lupus erythematosus, Q-fever and Porphyria Cutnea Tarda (PCT). The rheumatoid arthritis segment is expected to dominate the market during the forecast period. The Europe Hydroxychloroquine market is studied for countries like Germany, U.K, France, Italy, Spain and the Rest of the Europe. U.K is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Product Type Strength Distribution Channel End-User |
| Market
Players and its Competitors: | Zydus Cadila Teva Pharmaceutical Industries Ltd. Sanofi S.A. Novartis International AG Cipla Mylan N.V. Ipca Laboratories Lupin Pharmaceuticals Intas Pharmaceuticals Macleods Pharmaceuticals Apotex Corporation Hikma Pharmaceuticals Concordia Healthcare Macleods Pharmaceuticals Laurus Labs Limited McW Healthcare Hanlim Pharmaceuticals |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
Which is the leading application segment for Europe Hydroxychloroquine market?
The rheumatoid arthritis segment is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
U.K is expected to gain a major share of the market during the forecast period (2023-2029).
