The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s hydroxychloroquine market report forecasts the hydroxychloroquine market size to grow to $2.52 Billion by 2027, with a CAGR (compound annual growth rate) of almost 7%.

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Hydroxychloroquine Market Size Forecast

The global hydroxychloroquine market is expected to grow from $1.8 billion in 2022 to $1.93 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydroxychloroquine market is expected to grow from $2.52 billion in 2027 at a CAGR of 6.9%.

North America held the largest hydroxychloroquine market share, and Middle East was the fastest-growing region in 2022.

Key Hydroxychloroquine Market Driver ­– Increase In Number Of Coronavirus Cases

According to the World Health Organization (WHO), there were more than 10 million confirmed cases of COVID-19, including more than 500,000 deaths reported as of 3rd July 2020, globally. USA, Brazil, Russia, UK, India, and Spain are the countries most affected by the virus. Therefore, the continuous increase in coronavirus cases across the globe is surging the demand for hydroxychloroquine, generating higher revenues for the market during the period.

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Key Hydroxychloroquine Market Trend – Undertaking Various Strategic Initiatives

Major players operating in the market are undertaking various strategic initiatives such as increasing production capacity and the expansion of manufacturing plants to meet the augmented global demand. For instance, in April 2020, Zydus Cadila announced that the company has ramped up its production capacity by 10 times for the production of hydroxychloroquine post the COVID-19 outbreak. Moreover, other manufacturers including IPCA Laboratories increased their monthly hydroxychloroquine production capacity five to six times during May 2020. Thus, the ramp-up of production capacities by major companies is a major trend shaping the hydroxychloroquine market.

Hydroxychloroquine Market Segment

1) By Drug Activity: Anti-Malarial Drug, Anti-Rheumatic Drug, Lupus Suppressant Drug, Anti COVID-19 Drug, Other Drug Activity

2) By Formulation: Tablets, Injection

3) By Application: Malaria, Rheumatoid Arthritis, Lupus Erythematosus, COVID-19, Other Applications

4) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Speciality Drug Stores, Retail Pharmacy

Hydroxychloroquine Market Major Players and Strategies

Major players in the hydroxychloroquine market are Bayer AG, Dr. Reddy’s Laboratories, Zydus Cadila, Ipca Laboratories Ltd., Wallace Pharma, Teva, Mylan, Novartis, and Intas Pharmaceuticals.

In March 2020, Rising Pharma Holdings, Inc., a US-based pharmaceutical company, and Lauras Labs Ltd., an India-based pharmaceutical and biotechnology company, entered into a collaboration agreement on a clinical trial exploring the use of hydroxychloroquine as a preventive treatment for coronavirus illness with the Department of Infectious Disease at the University of Minnesota (COVID-19). Hydroxychloroquine is a medicine for rheumatoid arthritis, lupus, and porphyria cutanea tarda, as well as for the prevention and treatment of some forms of malaria. The University of Minnesota is a US-based public research university pioneering research programs for undergraduates and graduates.

The Hydroxychloroquine Global Market Report 2023 covers regional data on hydroxychloroquine market size, hydroxychloroquine market trends and drivers, opportunities, strategies, and hydroxychloroquine market competitor analysis. The countries covered in the hydroxychloroquine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Hydroxychloroquine refers to a quinolone-derived medication that is used to treat malaria. In countries or regions where it is recognised that other medications (such chloroquine) may not be effective, it is also used to prevent malaria infection. In some hospitalised individuals, hydroxychloroquine may also be used to treat coronavirus (COVID-19).

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