Hydroxychloroquine Drug Market Size, Share, Growth, and Industry Analysis by Type (Malaria, Rheumatoid Arthritis, COVID-19, Systemic Lupus Erythematosus and Other Types), By Application (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Hydroxychloroquine Drug Market REPORT OVERVIEW

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The global hydroxychloroquine drug market size was USD 62 million in 2022 and market is projected to touch USD 135.7 million by 2031, exhibiting a compound annual growth rate (CAGR) of 9.1% during the forecast period.

Hydroxychloroquine (HCQ) is a chemotherapeutic chemical medication with the molecular formula C18H26ClN3O that is primarily used to prevent and cure malaria. It mostly acts against erythrocytic types of malarial parasites and is taken orally. It is also used to treat other diseases like as systemic lupus erythematosus, rheumatoid arthritis, Q fever, and Porphyria Cutanea Tarda (PCT), and is being studied as a potential treatment for the rapidly growing COVID-19 disease. It suppresses immunological activities and displays antigens and cytokines in the body, making it immunosuppressive, anti-autophagy, and antimalarial.

COVID-19 Impact: The Pandemic Raised an Upsurge with its Use in Treatment of COVID-19

As a result of the COVID-19 outbreak, demand for the drug has skyrocketed, and the market has grown tremendously. Following the COVID-19 epidemic, demand for the medicine increased, resulting in a significant expansion of the market. The hydroxychloroquine medication has gained popularity due to its efficacy in treating individuals with coronavirus illness. According to Chinese reports, chloroquine may be able to inhibit SARS-CoV-2 in vitro. The medicine was highly effective in treating patients with coronavirus illness. The coronavirus medication hydroxychloroquine is believed to be a viable possible therapy. The USA Food and Drug Administration (FDA) has approved hydroxychloroquine for use as an emergency treatment for coronavirus syndrome.

LATEST TRENDS

"The Growing Demand for the Generic Drug to Inflate the Market Demand"

The market is expected to benefit significantly from increased demand for innovative hydroxychloroquine medications and rising generic drug penetration. For example, Novartis International AG began shipping 30 million dosages of hydroxychloroquine pills to the USA Department of Health and Human Services (HHS) in March 2020 for controlled clinical studies to examine the drug's effectiveness in persons who tested positive for coronavirus illness. Growing patient exposure of COVID-19 and the rush of new generics in the global market are expected to drive medicine acceptance. According to Johns Hopkins University, as of April 15th, 2020, roughly 609,516 persons in the USA alone were infected with COVID-19. Growing awareness in regard to the disease remittance therapy, increasing clinical trials to examine the efficiency of the drug in the treatment of the corona virus illness are projected to promote the hydroxychloroquine drug market growth.

Hydroxychloroquine Drug Market SEGMENTATION

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• By Type

Based on type; the market is divided into malaria, rheumatoid arthritis, covid-19, systemic lupus erythematosus and others.

Malaria is the leading part of the type segment.

• By Application

Based on the application; the market is divided into hospital pharmacies, retail pharmacies, online pharmacies and others.

Hospital pharmacies is the leading part of the application segment.

DRIVING FACTORS

"Rise in the ""P""revalence of ""Disease M""alaria ""to Multiply the Drug Utilization"

The hydroxychloroquine medication is a widely used treatment for malaria, a serious condition that can be lethal if not treated promptly. In accordance with the Centers for Disease Control and Prevention (CDC), around 1,500 cases of malaria are detected in the United States each year. The frequency of cases of malaria is increased in more populous areas, such as those where cleaning and hygiene regimens are less stringent. In terms of market demand for malaria treatment, this forecasts a good picture for the global hydroxychloroquine medication market. Malaria is a potentially fatal disease that is caused by the Plasmodium parasite and carried by female Anopheles mosquitoes. The malaria scourge is increasing, and changing climate is making mosquito vectors more likely to thrive. In 2019, there were around 229 million malaria cases and 409,000 deaths worldwide, according to the WHO.

"Increasing Investment"" in ""Healthcare Infrastructure"" to Enhance the Market Demand"

Another key aspect impacting the growth rate of the hydroxychloroquine drug market is rising healthcare expenditure, which aids in infrastructure improvement. Furthermore, numerous government organizations intend to improve healthcare infrastructure by boosting financing, which would have an impact on market dynamics.

RESTRAINING FACTORS

"The Toxicity and the High Cost to Restrain the Market"

According to the European Drugs Agency's research, the drugs chloroquine and hydroxychloroquine are known to cause heart rhythm problems, which could be aggravated if they are used with other medications that have similar impact on the heart, including the antibiotic azithromycin. Recent research has connected the medications to serious, and in some cases fatal, heart rhythm irregularities, especially when consumed in high doses or in combination with the antibiotic azithromycin. This will slow the rate of expansion of the hydroxychloroquine medication market. The enormous costs connected with drug development and distribution, on the other hand, may slow the market's growth rate. The shortage of competent personnel and the inadequacy of healthcare infrastructure in developing nations would put pressure on the hydroxychloroquine drug market share.

Hydroxychloroquine Drug Market REGIONAL INSIGHTS

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"North America to Lead the Market with Well Established Health Infrastructure and Prominent Manufacturers"

Because of its significant manufacturing location and well-established healthcare infrastructure, North America dominates the hydroxychloroquine medication industry. Furthermore, high R&D spending and the availability of skilled individuals would accelerate the market's growth rate in this area. The region's expansion is being fuelled by increased patient awareness of disease remitted therapy, rise in prevalence of RA and COVID-19, and high public and private healthcare spending. Furthermore, the World Health Organization predicts that 54.4 million adults in the country would have rheumatoid arthritis by the end of 2040. Furthermore, simple access to high-quality healthcare, good reimbursement regulations, a robust clinical pipeline, and the approval of innovative medications are expected to drive commercial growth in North America.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.

List of Market Players Profiled

• Actiza Pharmaceutical Private Limited (India)
• AdvaCare Pharma (U.S.A)
• Ipca Laboratories Ltd. (India)
• Bliss GVS Pharma Ltd. (India)
• GeoVax (U.S.A)
• Sumaya Biotech (Germany)
• VLP Therapeutics (U.S.A)
• OSIVAX (France)
• AJANTA PHARMA (India)
• Strides Pharma Science Limited (India)
• Mylan N.V. (U.S.A)
• Zydus Cadila (India)
• Cipla Inc. (U.S.A)
• Sun Pharmaceutical Industries Ltd. (India)
• Sanofi (France)
• Hikma Pharmaceuticals PLC (U.K.)
• Amneal Pharmaceuticals LLC. (U.S.A)
• Taj Pharmaceuticals Limited. (India)
• Lupin (India)
• Novartis AG (Switzerland)
• Pfizer Inc. (U.S.A).

INDUSTRY DEVELOPMENT

• February 2022: Accord Healthcare Inc. has announced the availability of the first additional dosages of hydroxychloroquine sulphate tablets in the United States. The generic form of Plaquenil, hydroxychloroquine, is primarily used to treat rheumatoid arthritis, lupus, and malaria. Accord's previous release of 200mg Hydroxychloroquine tablets was supplemented by the new product.

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.