The global chloroquine market size is poised to grow by USD 86.12 million during 2020-2024, progressing at a CAGR of almost 3% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
Chloroquine is indicated and approved by the FDA for the treatment of malaria and rheumatic diseases. Thus, the increasing prevalence of malaria will drive the growth of the chloroquine market. The growing prevalence of rheumatic diseases will augment the demand for chloroquine during the forecast period. The treatment of rheumatic diseases is long-term. In January 2020, chloroquine was considered a potential drug candidate for the treatment of coronavirus. The efficacy of chloroquine for the treatment of coronavirus will augment the demand for the drug during the forecast period. The drug has been used for multiple indications, such as malaria and rheumatic diseases, and if successful clinical trials are conducted, it will be indicated for the treatment of coronavirus. This is expected to drive the chloroquine market during the forecast period.
Read more at https://www.financialbuzz.com/chloroquine-market-increasing-prevalence-of-malaria-to-boost-the-market-growth-technavio/