Global Hydroxychloroquine Market is expected to foresee significant growth. APAC to lead the growth!
- Vikas Kumar
- August 27, 2022
- HEALTHCARE, NEWS
- Hydroxychloroquine Market, Hydroxychloroquine Market Forecast, Hydroxychloroquine Market Growth, Hydroxychloroquine Market Share, Hydroxychloroquine Market Size, Hydroxychloroquine Market Trend
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Hydroxychloroquine is a medicine that is sold under the brand name Plaquenil and is used for preventing and treating malaria in areas where malaria remains sensitive to chloroquine. It is also used in the treatment of rheumatoid arthritis, lupus, COVID-19, etc.
The Hydroxychloroquine Market is expected to grow at a steady rate of around 10% owing to the rise in prevalence of malaria and rheumatoid arthritis coupled with the rapidly growing aging population across the globe. For instance, according to the United Nations, the 60+ aged population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Moreover, according to the Centers for Disease Control and Prevention, approximately 29.3% of adults aged 45 to 64 years, reported doctor-diagnosed arthritis, and almost 50% of older people aged 65 years or older, reported doctor-diagnosed arthritis. Additionally, the demand for this drug has risen sharply during the COVID-19 pandemic as it helps in the speedy recovery of covid patients. Fewer side effects associated with hydroxychloroquine are also encouraging manufacturers in the market to boost their output capacities. Over-the-counter distribution and the inexpensive nature of hydroxychloroquine are some other factors contributing to the growth of the market globally.
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Based on disease, the market is segmented into malaria, rheumatoid arthritis, COVID-19, and others. The malaria segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe as hydroxychloroquine is an anti-malarial drug and is widely used for treating acute attacks of malaria. Furthermore, the surging cases of malaria across the world is also one of the prominent factors contributing to the growth of the market.
On the basis of distribution channels, the market is categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the hospital pharmacies to hold a significant share in the market in 2020. This is mainly due to the increasing preference of the patients to avail treatment in hospitals and easy availability of the medication in hospital pharmacies. However, the online pharmacy segment is expected to witness significant CAGR owing to the growing penetration of e-pharmacy platforms across the world coupled with increasing awareness regarding services offered by e-pharmacy.
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For a better understanding of the market adoption of the Hydroxychloroquine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of malaria cases in developing Asian countries. Further, India is also one of the largest manufacturers and exporters of hydroxychloroquine which is also driving the market in the region.
Some of the major players operating in the market include Sanofi S.A., Novartis AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Ipca Laboratories Limited, Mylan N.V., Teva Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Lupin Limited.
Global Hydroxychloroquine Market Segmentation
Market Insight, by Disease
- Rheumatoid Arthritis
Market Insight, by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Sanofi S.A.
- Novartis AG
- Pfizer Inc.
- Cadila Pharmaceuticals Limited
- Ipca Laboratories Limited
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Torrent Pharmaceuticals Ltd.
- Sun Pharmaceutical Industries Ltd.
- Lupin Limited