HYDROXYCHLOROQUINE MARKET ANALYSIS

Hydroxychloroquine MarketSize and Trends

The Global Hydroxychloroquine Market is estimated to be valued at US$ 599.8 Mn in 2023 and is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030).

Figure 1. Global Hydroxychloroquine Market Share (%), by Disease Indication, 2023

Figure 2. Global Hydroxychloroquine Market Share (%), by Region, 2023

Source: Coherent Market Insights Analysis (2023)

Global Hydroxychloroquine Market – Driver

Increasing prevalence of diseases like Psoriatic Arthritis

The growing prevalence of diseases like Psoriatic Arthritis across the world is expected to aid in growth of the global hydroxychloroquine market. For instance, according to an article published in Plos One- a open access journal, Spain had the highest cases of Psoriatic Arthritis in Europe, followed by Norway. The use of hydroxychloroquine, as a drug treatment for Psoriatic Arthritis can drive the growth of the global hydroxychloroquine market.

Increasing collaboartions and license agreements

The increasing partnerships among pharmaceutical can drive the growth of the global hydroxychloroquine market. For instance, in July 2021, Sanofi- a France based multinational pharmaceutical and healthcare company and Asahi Kasei Corporation- a Japan based multinational chemical company, executed a marketing license agreement to transfer sales right in Japan for hydroxychloroquinine tablets. Sanofi remained as the marketing authorization holder of hydroxychloroquine Japan and continued manufacturing the product.

Global Hydroxychloroquine Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global hydroxychloroquine market. This is because, in the early stages of the&nb sp;pandemic, hydroxychloroquine was suggested as a possible prevention method or treatment for COVID-19. Countries manufacturing hydroxychloroquine were also encouraged to import it to different countries. For instance, in April 2020, India approved supply of hydroxychloroquine to 55 countries as commercial sales or grants.

Global Hydroxychloroquine Market Segmentation:

The global hydroxychloroquine market report is segmented into disease indication, distribution channel, and country.

By Disease Indication, the market is segmented into Malaria, Coronavirus Disease, Lupus Erythematosus, Rheumatoid Arthritis. Out of which, the malaria segment is expected to hold a dominant position in the global hydroxychloroquine market during the forecast period and this is attributed to high transmission rate of the disease.

By Distribution Channel, the market is segmented into Hospital Pharmacies, Retail Pharmacies and Online Pharmacies. Out of which, the hospital segment is expected to hold a dominant position in the global hydroxychloroquine market during the forecast period and this is attributed to increased hospitalizations.

By Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, Africa out of which, the North America segment is expected to dominate the market over the forecast period and this is attributed to the region's established healthcare infrastructure and significant product manufacturing.

Among all the segmentations, the disease indication segment has the highest potential due to the rising prevalence of the disease through rapid transmission. According to the data provided on March 23, 2023, by the World Health Organization- the United Nations agency that connects nations, partners and people to promote health, 247 million cases of malaria were detected globally in 2021 and the estimated number of deaths stood at 619,000.

Global Hydroxychloroquine Market Cross Sectional Analysis:

Among disease indication segment, Rheumatoid Arthritis segment is estimated to dominate in North America over forecast period owing to the rowing prevalence of the disease. According to an article published in June 2020, by Medical News Today- web-based outlet for medical information and news, targeted at both the general public and physicians, 1.3 million people over the age of 65 are infected with Rheumatoid Arthritis every year.

Global Hydroxychloroquine Market : Key Trends

The demand for hydroxychloroquine saw an increase in the COVID 19 period due to rapid transmission of the coronavirus and the overwhelming of healthcare sytems all over the world.In May 2020, National Institute Of Health- a agency of the U.S Department Of Health And Human Services announced the beginning of clinical trials of hydroxychloroquine and azithromycin to treat COVID-19.

The COVID-19 pandemic caused the extreme shortage of drug treatments and hospitalizations rising continuously due to the load of  cases of coronavirus. To counter this, In May 2020, Novartis commited to donate up to 130 million doses of hydroxychloroquine to poor subtropical countries to support the global COVID-19 pandemic response.

Source: Coherent Market Insights Analysis (2023)

Global Hydroxychloroquine Market – Driver

Increasing prevalence of diseases like Psoriatic Arthritis

The growing prevalence of diseases like Psoriatic Arthritis across the world is expected to aid in growth of the global hydroxychloroquine market. For instance, according to an article published in Plos One- a open access journal, Spain had the highest cases of Psoriatic Arthritis in Europe, followed by Norway. The use of hydroxychloroquine, as a drug treatment for Psoriatic Arthritis can drive the growth of the global hydroxychloroquine market.

Increasing collaboartions and license agreements

The increasing partnerships among pharmaceutical can drive the growth of the global hydroxychloroquine market. For instance, in July 2021, Sanofi- a France based multinational pharmaceutical and healthcare company and Asahi Kasei Corporation- a Japan based multinational chemical company, executed a marketing license agreement to transfer sales right in Japan for hydroxychloroquinine tablets. Sanofi remained as the marketing authorization holder of hydroxychloroquine Japan and continued manufacturing the product.

Global Hydroxychloroquine Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global hydroxychloroquine market. This is because, in the early stages of the pandemic, hydroxychloroquine was suggested as a possible prevention method or treatment for COVID-19. Countries manufacturing hydroxychloroquine were also encouraged to import it to different countries. For instance, in April 2020, India approved supply of hydroxychloroquine to 55 countries as commercial sales or grants.