Plaquenil Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Plaquenil drug, brand name of Hydroxychloroquine, is a disease modifying anti-rheumatic drug. It eases the pain and swelling of arthritis. It helps in preventing joint damage and reduces the risk of long- term disability. Rheumatoid arthritis, symptoms of lupus, and childhood arthritis can be treated by taking plaquenil drugs. The drug can also prevent diseases caused by parasites.
The global plaquenil drug market is expected to grow at a CAGR between 6-9%. The growth rate is expected to double during the forecast period 2021-2031.
Prevalence of Malaria and Coronavirus
Malaria, transmitted through a mosquito bite is a life- threatening disease and its prevalence in various countries has led to increased demand of plaquenil drug. Rising concerns about health due to infectious and autoimmune diseases spreading all over the world are some factors driving the growth of the palquenil drugs market.
Side effects of the Drug may hamper the Growth
Skin rashes, feeling sick, diarrhoea, headaches, hair loss, visual problems are some of the side effects that can prevail after taking higher dose of plaquein drug. There is a small risk that plquenil drug can damage the internal part of retina in case of long term use. These side –effects can cause a long term permanent problem among patients and thus, may restrain the growth of the market.
Plaquenil Drugs Market- Competitive Market
Key manufacturers for the plaquenil drug are:
In March 2020, a well renowned drug firm Cadila health care announced their approval for transferring their animal health care business to its wholly-owned firm Zydus Animal Health and Investments Ltd. as part of its internal restructuring exercise.
In March 2020, owing to the fear of pandemic, Novartis committed to donate 130 million doses of plaquenil drug (or hydroxychloroquine). The company is further exploring to scale its supply and tried working with manufacturers to meet the global demand.
Pfizer and BioNTech announced development of vaccine against the global pandemic Covid-19. The vaccine has been authorized for use by FDA to prevent the spread of disease any further.
Plaquenil Drugs Market- Regional Outlook
Asia-Pacific dominates the plaquenil drug market owing to presence of major players like India and China in the region, India being the largest supplier of pharmaceuticals in the world. Furthermore, surge in demand for medication due to high rate of increasing malaria, coronavirus, arthritis, etc. Rise in geriatric population among Japan and India is also the key growth prospect for this region.
Plaquenil Drugs Market- Segmentation
Based on Product Type
Based on Distribution Channel
Key Questions Answered
Although covid-19 has been contained in some countries with vaccine and lockdowns but according to WHO, the disease is not vanishing anytime soon. It paves a way of growth for the drug.
Hospital Pharmacy to account for dominant share owing to rising government initiatives for treating malaria in rural areas of developing and under developing nations.
India is the largest manufacturers of drugs or medicines in the World. Several countries depend on India for pharmaceutical requirements.
Outbreak of covid-19 and increasing malaria cases are the key growth prospects in the world.
Ipca Laboratories Ltd, Mylan N.V, Novartis AG, Pfizer Inc, etc. are the prominent players focussing and investing on research and development.
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