Hydroxychloroquine Market: High Demand for Hydroxychloroquine Drug, due to the outbreak of COVID-19 Globally is Projected to Boost Market Growth at a Healthy CAGR of 26.90% during the Period of 2022 to 2030

Pune, India, July 2022, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Hydroxychloroquine Market.

Market Highlights

The Hydroxychloroquine Market is projected to reach USD 714.11 Million by 2030 at 26.90% CAGR during the forecast period 2022-2030

The hydroxychloroquine drug is used in the treatment of malaria. Apart from malaria, it is also used for the treatment of rheumatoid arthritis, lupus erythematosus, and recently discovered COVID-19 disease. Hydroxychloroquine is more preferable than chloroquine as it has fewer side effects.

The growth of the global hydroxychloroquine drug market can be contributed to the growing need for rescue medication, high demand for hydroxychloroquine drugs, due to the outbreak of COVID-19 globally, and increasing prevalence of chronic diseases.

Furthermore, the rising incidents of anti-immune diseases such as malaria and rheumatoid arthritis that might lead to diseases are also expected to fuel market growth during the forecast period.

However, the side effects of hydroxychloroquine and its shortage globally are expected to restrain the growth of the global hydroxychloroquine drug market.

Ipca is the global manufacturer of hydroxychloroquine drugs. Sanofi S.A., Hikma pharmaceuticals, and Concordia Healthcare are some of the competitors that dominate the global hydroxychloroquine market. The key players are involved in awareness campaigns, product approvals, mergers, and strategic collaborations to strengthen their market positions. For instance, according to outsourcing-pharma.com, on 19 May 2020, sterling pharma kicks off hydroxychloroquine production. The US FDA recently lifted import alerts on its plants, paving the way for the firm to export it to the US. Cadila was already exporting it to the US, though the numbers were not huge.

Regional Analysis

The market has divided into regions like the Americas, Europe, Asia-Pacific, the Middle East, & Africa. America is further segmented into North America and Latin America. America does not produce anti-malarial drugs, as there is no prevalence of malaria. The outbreak of COVID-19 has increased demand. North America is predicted to be one of the largest markets for hydroxychloroquine in the coming years. The European hydroxychloroquine market has been categorized as western Europe and eastern Europe. Western Europe further classified as Germany, France, the UK, Italy, Spain, and the rest of western Europe. Asia-Pacific is classified as China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. India is the largest manufacturer of antimalarial drugs. The hydroxychloroquine market in the Middle East & Africa is categorized into the Middle East and Africa.

Explore In-depth Details: Hydroxychloroquine Market Research Report

Segmentation

The hydroxychloroquine market has been segmented by strength and application

Based on the strength, the hydroxychloroquine market has been segmented into 200mg, 400mg, and others. Among them, 200mg is commonly used to cure arthritis as well as for malaria and recently for COVID-19. 400 mg dosage is commonly used for the treatment of Malaria, Lupus Erythematosus, and Rheumatoid Arthritis once a week for the adults. In addition, the increasing usage of hydroxychloroquine for COVID-19 treatment is driving the growth of the market.

Based on the application, the segment is classified into Coronavirus disease (COVID 19), Malaria, Rheumatoid Arthritis, Lupus Erythematosus, Porphyria cutanea tarda (PCT), Q fever, and others. The malaria segment dominated the global hydroxychloroquine market and held the largest market share in 2019. The hydroxychloroquine is used for the treatment of malaria, which is caused by the mosquito bite. It is a reasonably inexpensive drug and generally sold as over the counter drug in the countries such as India.

Key Players

Some of the key players in hydroxychloroquine market are 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).