LONDON--(BUSINESS WIRE)--The global chloroquine market is expected to grow by USD 86.12 million as per Technavio. This marks a significant market slowdown compared to the previous year's growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 3%.
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COVID-19 cases in the US are increasing at a significant rate. European countries such as Italy, Germany, France, Spain, and the UK are also witnessing a rapid rise in the number of people infected with the virus. Many governments across the globe are working closely with pharmaceutical companies and research laboratories to identify potential treatment for coronavirus. For instance, on March 24, 2020, Europe began the clinical trials for various drugs, including chloroquine, to treat COVID-19 infected patients. With the rising number of COVID-19 cases, the market will witness a surge in the demand for chloroquine over the forecast period.
Read the 120-page report with TOC on "Chloroquine Market Analysis Report by Application (Malaria, Rheumatoid arthritis, and Others), Geography (North America, Europe, and Asia and ROW), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/global-chloroquine-market-2020-2024-industry-analysis
The market is driven by multiple indications of chloroquine. In addition, the increasing demand and production of chloroquine by key vendors is anticipated to boost the growth of the chloroquine market.
The growing prevalence of malaria and rheumatic diseases across the world has significantly increased the demand for chloroquine. For instance, in 2018, there were nearly 228 million cases of malaria across the world. Similarly, during 2013-2015, nearly 54.4 million adults in the US were struggling with arthritis, gout, lupus, and fibromyalgia. Moreover, in January 2020, chloroquine was identified as a potential drug candidate for the treatment of coronavirus. This is expected to further boost the growth of the global chloroquine market during the forecast period.
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Major Five Chloroquine Companies:
Abcam Plc
Abcam Plc operates its business through the sales of antibodies and related products segment. The company offers Chloroquine diphosphate. It is an antimalarial agent with 98% purity that inhibits tumour cell growth and metastasis and induces apoptosis in vitro.
ADVANZ PHARMA Corp.
ADVANZ PHARMA Corp. operates its business through segments such as ADVANZ PHARMA International and ADVANZ PHARMA North America. The company offers Plaqueni, which is an antimalarial drug used for the treatment of lupus and rheumatoid arthritis.
Bayer AG
Bayer AG operates its business through segments such as Pharmaceuticals, Crop science, and Consumer health. The company offers Resochin Tablets. These tablets are effective against all four malaria parasites that infect humans, except for chloroquine-resistant species and Chronic polyarthritis (rheumatoid arthritis) including juvenile chronic arthritis.
Cadila Healthcare Ltd.
Cadila Healthcare Ltd. operates its business through the Pharmaceuticals segment. The company offers Hydroxychloroquine Sulfate Tablets. It also offers capsule-shaped; white to off-white; ZC38, antimalarial drug under the brand name, Plaquenil Tablets.
Ipca Laboratories Ltd.
Ipca Laboratories Ltd. operates its business through the Pharmaceuticals segment. The company offers antimalarial drugs in both syrup and tablet form in different compositions 40 mg, 250 mg, and 500 mg among others.
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Chloroquine Market Application Outlook (Revenue, USD Million, 2020-2024)
- Malaria
- Rheumatoid arthritis
- Others
Chloroquine Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- Europe
- Asia
- ROW
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