Hydroxychloroquine Market , By Disease Indication (Malaria, Coronavirus Disease, Lupus Erythematosus, and Rheumatoid Arthritis), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), by and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The growing expansion of manufacturing sites of pharmaceutical companies can drive the growth of the global hydroxychloroquine market over the forecast period. For instance, in March 2020, Mylan N.V (A susidary of Vitris) announced to scale up its production at its West Virginia Facility to make 50 million hydroxychloroquine sulfate tablets tablets.
Global Hydroxychloroquine Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The economic and social disruption caused by the pandemic was devastating: tens of millions of people fell into extreme poverty, while the number of undernourished people, in 2020 was estimated at nearly 690 million, it increase by up to 132 million by 2022.
COVID-19 had a positive impact on the global hydroxychloroquine market. This is because of an increasing number of randomized control studies during COVID 19 period. According to an article published in November 2022, by Nature Journal a U.K-based weekly scientific journal, Hydroxychloroquine blocks SARS-CoV-2 entry into the endocytic pathway in mammalian cell culture.
Global Hydroxychloroquine Market: Key Developments
The growing research and development activities involving development of new and improved drug treatments to fit the demand of the patients, is expected to boost global hydroxychloroquine market growth during the forecast period.
For instance, according to an article published in Novemeber, 2022, by the American College of Rheumatology, Lower hydroxychloroquine dosing results in increased Lupus Erythematosis related hospitalizations.
Browse 25 Market Data Tables and 26 Figures spread through 145 Pages and in-depth TOC on “Global Hydroxychloroquine Market”- Forecast to 2030, Hydroxychloroquine Market, By Disease Indication (Malaria, Coronavirus Disease, Lupus Erythematosus, and Rheumatoid Arthritis), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), by and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hydroxychloroquine-market-3727
Key Takeaways of the Global Hydroxychloroquine Market:
- The global hydroxychloroquine market is expected to exhibit a CAGR of 5.7% during the forecast period. There is growing research on hydroxychloroquine and its effects on immunodisorders like Lupus Erythematosus. This ultimately increases the demand for hydroxychloroquine and offers lucrative growth opportunities for players in the global hydroxychloroquine market. For instance, according to an article published in October 2020, by Haelio Rheumatology- a abiomedical journal, rheumatologists treating patients with systemic lupus erythematosus should focus more on hydroxychloroquine blood levels than on prescribed dosage based on weight.
- Among disease indications, malaria segment is expected to grow in the global hydroxychloroquine market over the forecast period and this is due to the prevalence of the disease in poor tropical and sub tropical countries. According to the WHO, African region carries a disproportionately high share of the global malaria burden. In 2021, the Region was home to 95% of malaria cases and 96% of malaria deaths.
- Among region, North America is expected to be the dominant region in the global hydroxychloroquine market, owing to the increasing research activities in this region. On March 2023, scientists at the National Institute Of Ageing- an institute which leads a broad scientific effort to understand the nature of aging, passed a statement saying Hydroxychloroquine lowers dementia risk in humans. This study was published by National Institue Of Health- a U.S-based medical research centre.
- Major players operating in the global hydroxychloroquine market include Sanofi, Amneal Pharmaceuticals, LLC, Laurus Labs, Zydus Group, Prasco, LLC, Dr. Reddy's Laboratories, Ltd, Cadila Pharmaceuticals, Novartis AG, Concordia Pharmaceuticals Inc. (A subsidiary of Advanz Pharma), Covis Pharma GmbH, Cardinal Health, Aphena Pharma Solutions, Mylan N.V (A subsidiary of Vitris), McKesson Corporation, Teva Pharmaceutical Industries Ltd, Lupin, Sun Pharmaceutical Industries Ltd.
