In FY 2022, the market for hydroxychloroquine will likely be worth US$ 3.75 billion, up from US$ 3.6 billion in FY 2021. The industry saw a 3% Y-o-Y increase over the previous year. Sales of hydroxychloroquine are anticipated to grow from 2022 to 2032 at a CAGR of 4%, reaching a value of US$ 5.6 billion by the end of that year. Hydroxychloroquine is an anti-malaria drug that has been in use for several decades. In recent years, it has gained attention as a potential treatment for COVID-19, although its efficacy for this purpose remains controversial. As a result of the increased demand for hydroxychloroquine during the COVID-19 pandemic, the hydroxychloroquine market experienced significant fluctuations in 2020
At the onset of the pandemic, there was a surge in demand for hydroxychloroquine, leading to shortages in some areas. This was due to increased use of the drug as a potential treatment for COVID-19, as well as stockpiling by individuals and governments. Some countries, such as India, also restricted the export of hydroxychloroquine to ensure domestic availability.
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Key Takeaways from the Market Study
- Global hydroxychloroquine market generated value opportunity worth US$ 2.3 Bn in 2020
- By drug type, anti-malarials to expand the fastest, registering a CAGR of 5% by 2031
- Lupus suppressant hydroxychloroquine to expand at a CAGR of 4.5%
- Hydroxychloroquine for anti-rheumatic purposes to capture nearly 50% of demand
- U.S accounted for over 33% sales of hydroxychloroquine tablets as of 2019, capturing a higher share by 2031
- India to be the leading market for hydroxychloroquine, accounting for 3 out of 5 sales
Key Benefits For Stakeholders
- The report provides an in-depth analysis and hydroxychloroquine market forecast along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the hydroxychloroquine market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the hydroxychloroquine industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the hydroxychloroquine market growth is provided.
- The qualitative data about the hydroxychloroquine market trends, dynamics, and developments is provided in the report.
- The hydroxychloroquine market size is provided in terms of revenue.
- The report provides extensive qualitative insights on the segments and regions exhibiting favorable market share.
Competitive Landscape Covered in Hydroxychloroquine Market
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- In April 2021, Apotex, Canada’s largest pharmaceutical company, received a contract from the Government of Canada to supply the Critical Drug Reserve of Dexamethasone tablets in response to the COVID-19 pandemic.
- In April 2020, Novartis announced its plans to donate 130 million doses of generic hydroxychloroquine, a drug that may be used in COVID-19. As part of its commitment, Novartis established a US$ 20 million fund to support impacted communities, collaborative drug discovery efforts, and support for clinical trials for its existing medicines.
Key Companies Profiled
- Abcam Plc.
- Advanz Pharma Group
- Amneal Pharmaceuticals Inc.
- Bayer AG
- Dr. Reddy’s Laboratories
- Ipca Laboratories
- Laurus Labs
- Mylan N.V (Viatris)
- Novartis AG (Sandoz)
- Prasco Laboratories
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Wallace Pharmaceuticals Ltd.
- Zydus Cadila
Key Segments Covered in the Hydroxychloroquine Industry Survey
- Hydroxychloroquine by Drug Type
- Anti-malarial Hydroxychloroquine Drug
- Anti-rheumatic Hydroxychloroquine Drug
- Lupus Suppressant Hydroxychloroquine Drug
- Anti-COVID 19 Hydroxychloroquine Drug
- Other Hydroxychloroquine Drugs
- Hydroxychloroquine by Region
- North America Hydroxychloroquine Market
- Latin America Hydroxychloroquine Market
- Europe Hydroxychloroquine Market
- Asia Pacific Hydroxychloroquine Market
- Middle East & Africa Hydroxychloroquine Market
Key Questions Covered in the Hydroxychloroquine Market ?
- What is the current size of the hydroxychloroquine market?
- What are the drivers and challenges for the growth of the hydroxychloroquine market?
- What are the key trends and developments in the hydroxychloroquine market?
- What is the potential market for hydroxychloroquine in the future?
- Who are the major players in the hydroxychloroquine market and what are their strategies?
- What are the regulatory issues and guidelines that impact the hydroxychloroquine market?
- What are the potential risks and side effects associated with the use of hydroxychloroquine?
- What is the impact of the COVID-19 pandemic on the hydroxychloroquine market?
- What are the pricing and reimbursement policies for hydroxychloroquine in different regions?
- What are the opportunities for new entrants in the hydroxychloroquine market?
It is important to note that the use of hydroxychloroquine for COVID-19 remains controversial and is not currently recommended by most healthcare organizations. As a result, the hydroxychloroquine market is expected to remain relatively low in the near future, barring any significant changes in treatment guidelines or new applications for the drug.