The hydroxychloroquine& chloroquine market is expecting a great improvement in the growth rate across the forecast period of 2020-2030 owing to the discovery of hydroxychloroquine& chloroquine as a potential cure for COVID-19. The duo has gathered considerable attention as potentially therapeutic for tackling COVID-19 by undergoing various clinical trials, public figure endorsements, and uncontrolled case series. As the world stares at a whopping 5,090,118 as of May 21, 2020, hydroxychloroquine& chloroquine are providing a small ray of hope as potential warriors for fighting the novel coronavirus threat.
The first synthesization of chloroquine was carried out in 1934. Later, in 1955, hydroxychloroquine was introduced and rapidly gained momentum as an ideal and safe treatment option for malaria, systematic lupus erythematosus, and rheumatoid arthritis. These medicines are available in the form of tablets with combinations of hydroxychloroquine sulfate and chloroquine phosphate respectively. It is also known as Planequil.
A Considerable Rise in Demand for Hydroxychloroquine& Chloroquine Due to SARS-Cov-2 Outbreak
The hydroxychloroquine& chloroquine market recorded a major spike in demand for products from various countries as studies found it as a potential cure for treating the new coronavirus. Various studies are still ongoing for gaining more evidence on the efficacy of hydroxychloroquine& chloroquine in terms of COVID-19. For this, research and developmentactivities are in full swing.
Governments of various countries are recommending the use of hydroxychloroquine& chloroquine for COVID-19. Recently, amidst the growing number of cases in Brazil, the health ministry of Brazil recommended using hydroxychloroquine& chloroquine to treat even mild and moderate SARS-CoV-2 cases.
Investments Draw a Silver Lining for Hydroxychloroquine& Chloroquine Market
Foundations and organizations are funding research and development activities related to testing the efficiency of the hydroxychloroquine& chloroquine market. For instance, the US National Institutes of Health (NIH) have launched a clinical trial to assess hydroxychloroquine and azithromycin treatments in coronavirus positive patients.
In another development, the Bill & Melinda Gates Foundation, Wellcome, and Mastercard Therapeutics recently funded a study known as COPCOV. This study will enroll more than 40000 healthcare workers in close contact with COVID-19 patients to conclude whether hydroxychloroquine& chloroquine are effective in the prevention of the novel coronavirus disease. Such fundings and grants may serve as growth accelerators for the hydroxychloroquine& chloroquine market.
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Investments, Acquisitions, Mergers, and Collaborations Gathering Steam in Hydroxychloroquine& Chloroquine Market
The hydroxychloroquine& chloroquine market has become a hotbed for investments. Codebase Ventures Inc., an investment company, recently acquired a 49 percent stake in a pharmaceutical company has recently filed for 2 U.S. patents for oral mucosal delivery and transdermal delivery of hydroxychloroquine& chloroquine. Therefore, this displays the potential of hydroxychloroquine& chloroquine market to grow steadily across the forecast period..
Although studies suggesting the inadequacy of hydroxychloroquine& chloroquine for treating COVID-19 may hinder the market to a certain extent, many promising treatments with different combinations bring a ray hope for the hydroxychloroquine& chloroquine market. A recent study conducted by the NYU Grossman School of Medicine in terms of treating COVID-19 with a combination of zinc sulfate with hydroxychloroquine and azithromycin is a classic example. The ones who received this combination were 1.5 times likely to recover to the extent of being discharged. Thus, such developments are offering great growth opportunities for the hydroxychloroquine& chloroquine market.
Malarial Treatment Also Proving to be Good Growth Generator
228 million cases of malaria were reported worldwide in 2018 including 405,000 deaths according to the World Health Organization (WHO). Hydroxychloroquine is used for the prevention and treatment of malaria. Hence, hydroxychloroquine can be used to control the rising fatality rate as well as the prevention of the spur in malaria cases. This aspect can assist the hydroxychloroquine& chloroquine market to climb the growth ladder.