ID: MRFR/HC/8604-HCR | 90 Pages | Author: Rahul Gotadki | June 2023
The Hydroxychloroquine Market is anticipated to grow at a CAGR of 26.90% increase up to USD 714.11 Million by 2030
The Hydroxychloroquine Market is anticipated to grow at a CAGR of 26.90% significantly. The market value is further expected to increase up to USD 714.11 Million in the studied forecast period 2022-2030. Hydroxychloroquine is used for treating lupus, rheumatoid arthritis, as well as COVID-19 disease. It was first approved in the year 1955 by World Health Organisation. Therefore, it is considered preferable more than chloroquine because it has fewer side effects.
Henceforth, its effectiveness for treating various diseases is driving the market growth in the upcoming years. Also, the investments by key players for development and research will further fuel the market growth in the upcoming years. According to the Market Analysis of Hydroxychloroquine, Asia-Pacific will have the largest share in the studied forecast period. In this region, India is the largest manufacturer of the drug. The presence of various key players such as Ipca Laboratories, McW Healthcare, Lupin Pharmaceuticals, Macleods Pharmaceuticals, and many others are boosting the market growth.
The outbreak of COVID-19 disease has played a crucial role in boosting Hydroxychloroquine Market Growth. It is because the medicine of hydroxychloroquine is highly effective in treating COVID-19. Therefore, the demand for this medicine increased significantly across the world. Henceforth, the market will have exponential growth in the future years.
Significant drivers such as anti-immune diseases like rheumatoid arthritis and malaria are driving the market. In the year 2018, around 213 million cases were recorded with people affected by malaria. Also, in the US, around 14 people among 100,000 people suffer from rheumatoid arthritis. Hence, the market will have lucrative growth in the future years. Also, the rising awareness for generic drugs can is promoting the Market Growth of Hydroxychloroquine.
One of the main concerns that can affect growth is the side effects. Due to its side effects, the market growth is speculated to slow down.
The increasing investments for developments and researches by key players are expected to offer new opportunities. Also, the increasing cases of malaria and other diseases across the world will further increase the market growth. Additionally, the outbreak of coronavirus disease will further improve the opportunities to enhance the Hydroxychloroquine Market Growth.
Some challenges such as approval of hydroxychloroquine and standardization can affect the market growth in the upcoming years.
There are several drivers such as the increasing prevalence of diseases such as malaria, rheumatoid arthritis, and many other chronic diseases. However, there are some restraints, but they can be overcome with the advanced technological development by key players and support by governments.
Value Chain Analysis
The increasing support from governments and reimbursement policies are fuelling the Hydroxychloroquine Market Trends. Also, the development in the healthcare infrastructure and requirement of hydroxychloroquine drugs for treating coronavirus will further improve the market growth in the upcoming years.
The Hydroxychloroquine Market Size is segmented into strength and application. On the basis of strength, the is divided into 400 mg and 200 mg. The 400 mg drug is used for treating severe cases of COVID-19 disease. The demand for this medicine is expected to increase. Also, the 200 mg drugs are used to treat malaria, lupus erythematosus, rheumatoid arthritis, and coronavirus.
On the basis of application, the Market of Hydroxychloroquine is divided into malaria, Porphyria Cutanuea Tarda (PCT), Rheumatoid Arthritis, Erythematosus, Q-fever, Coronavirus, and others. The segment of malaria dominated the market and also held the largest Market Share in 2019. Furthermore, 400mg dosage is given to patients to treat malaria.
Secondly, rheumatoid arthritis is a progressive and chronic disease that occurs in joints. The pain increases with growing arthritis. Along with that, the disease of lupus erythematosus occurs when the immune system attacks its tissues. For this disease, 200mg dosage is given according to age and intensity. Furthermore, the COVID-19 disease is transmitted from one to another person through respiratory droplets. Reportedly, around 14 tablets course is prescribed for treating coronavirus.
Geographically, the Market of Hydroxychloroquine is segmented into Europe, Asia-Pacific, Americas, and Africa, and the Middle East. It is projected that the Asia-Pacific region will hold the largest share in the studied forecast period. This region is one of the largest manufacturers of hydroxychloroquine. Notably, India manufactures hydroxychloroquine at the largest rate of 60%. India exported the drug to around 55 countries worth 1.22 million. Therefore, the region will have a prominent growth in the upcoming years as well.
However, the Americas is divided into Latin America and North America. In this region, North America doesn't produce any anti-malarial drugs. But due to the outbreak of the disease, it imports around 35.82 lakh hydroxychloroquine tablets from India. It also imported API of around 9 metric tonnes.
Thirdly, Europe began the trials for hydroxychloroquine drugs for treating coronavirus in 2020. In this region, France and UK are the most affected countries. Therefore, Europe will have substantial growth in the forthcoming years.
Subsequently, India also exported hydroxychloroquine drugs to the countries in Africa and the Middle East. A key player like Teva Pharmaceuticals in Israel is also providing API and manufacturing finished goods for this region.
The Hydroxychloroquine Market has a huge presence of various key players. The key players apply various strategies such as collaboration, acquisitions, new ventures, etc. These strategies promote the key players to improve their business withhold across various countries. Some of the notable key players in the market are listed below.
No Recent Development was found.
The report overview of the Hydroxychloroquine Market is listed below.
Report Score and Segmentation
The report score is to provide valuable information about Hydroxychloroquine Market Forecast in the studied forecast period 2021-2028. The report covers valuable information such as market drivers, challenges, key players, recent developments, etc. Hence, the information provided in this report is collected from various secondary and primary sources.
|Market Size||2028: USD 3,784.43 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Strength, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Zydus Cadila (India), Ipca laboratories (India), Sanofi S.A. (France), Hikma Pharmaceuticals (UK), Novartis International AG (Switzerland), Teva Pharmaceutical, Industries Ltd (Israel), Apotex Corporation (Canada), Mylan N.V. (US), Concordia Healthcare (UK), Amneal Pharmaceuticals, Inc. (US), Taj Pharmaceuticals (India), Sun Pharmaceutical Industries Ltd. (India), Shanghai Pharmaceuticals Holding (China), Hanlim Pharmaceutical (South Korea), Kyung Poong (South Korea), Laurus Labs Limited (India), Covis Pharmaceuticals, Inc. (Switzerland), Lupin Pharmaceutical (India).|
|Key Market Opportunities||The outbreak of COVID 19|
|Key Market Drivers||
The hydroxychloroquine was first approved in 1955 by the World Health Organization. It is used in the treatment of malaria. Apart from malaria, it is also used for the treatment of rheumatoid arthritis
Zydus Cadila (India), Ipca laboratories (India), Sanofi S.A. (France), Hikma Pharmaceuticals (UK), Novartis International AG (Switzerland), Teva Pharmaceutical, Industries Ltd (Israel), Apotex Corporation (Canada), Mylan N.V. (US), Concordia Healthcare (UK), Amneal Pharmaceuticals, Inc. (US), Taj Pharmaceuticals (India)
The recent COVID-19 outbreak has boosted the market demand across the world.
Hydroxychloroquine’s side effects can deter consumers from purchasing it in the coming period.
The applications considered in the market study are Porphyria cutanea tarda (PCT), coronavirus disease (COVID-19), Q fever, Rheumatoid Arthritis, Malaria, Lupus Erythematosus, and more.
The market advancement rate between 2022 and 2030 can be 26.90%.
The expected market value by 2028 can be USD 714.11 Million.
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