Hydroxychloroquine Market Expected to Boost Growth by 20.60% CAGR through 2032
The global Hydroxychloroquine Market is expected to reach a value of USD 11,764 million by 2032, up from USD 1,275 million in 2022, growing at a CAGR of 20.60% during the forecast period from 2023 to 2032. This significant growth can be attributed to several factors. The increased prevalence of malaria in low-income countries and the ongoing research into hydroxychloroquine’s efficacy in treating COVID-19 have driven demand for the drug. Additionally, its application in treating autoimmune diseases such as rheumatoid arthritis and lupus erythematosus has contributed to market expansion.
Recent developments in the market include the introduction of new formulations and strengths of hydroxychloroquine by companies like Accord Healthcare and increased production capacities by major manufacturers in response to the COVID-19 pandemic. For instance, India, which produces about 70% of the world’s hydroxychloroquine, has seen a surge in production to meet global demand.
However, the market faces challenges, including the potential side effects associated with hydroxychloroquine, such as heart rhythm problems when combined with other medications. Regulatory warnings and varied efficacy results in treating COVID-19 also pose challenges to market growth.
Key Takeaways
- The Hydroxychloroquine market is expected to grow at a CAGR of 20.60% from 2022 to 2032, reaching USD 11,764 million.
- Hydroxychloroquine is primarily used for malaria treatment, holding a 53% market share.
- The demand for Hydroxychloroquine surged due to its potential use in treating COVID-19.
- Hospital pharmacies lead the distribution channels with a dominant market share.
- The malaria segment holds the maximum market share due to its prevalence in underdeveloped countries.
- North America contributes 40% of the global Hydroxychloroquine market revenue.
- The Asia-Pacific region is projected to grow rapidly due to increased government awareness and healthcare investments.
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Hydroxychloroquine Market Key Segments
By Type
- Tablet
- Active Pharmaceutical Ingredients
By Disease Indication
- Malaria
- Rheumatoid Arthritis
- COVID-19
- Lupus Erythematosus
- Other Disease Indications
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
Sanofi S.A., a leading pharmaceutical company, plays a significant role in the hydroxychloroquine market. With its headquarters in Paris, France, Sanofi is involved in the research, development, and distribution of a wide range of medications, including hydroxychloroquine. This drug has been pivotal in treating malaria, rheumatoid arthritis, and lupus erythematosus. Sanofi’s extensive experience and global reach have enabled it to meet the high demand for hydroxychloroquine, especially during the COVID-19 pandemic.
Sandoz International GmbH, a division of Novartis, is renowned for its generic pharmaceuticals and biosimilars. In the hydroxychloroquine sector, Sandoz has contributed significantly by providing cost-effective generic versions of the drug. Their operations ensure that hydroxychloroquine is accessible to a broader patient base, particularly in regions with high malaria prevalence. Sandoz’s commitment to quality and affordability has strengthened its position in the global market.
Ipca Laboratories Limited, based in India, is a key player in the hydroxychloroquine market. The company focuses on the production of active pharmaceutical ingredients (APIs) and finished dosage forms. Ipca’s strategic acquisitions and expansions, such as the acquisition of Ramdev Chemical Pvt. Ltd., have boosted its production capacity. This has enabled Ipca to meet both domestic and international demand for hydroxychloroquine, particularly during health crises like the COVID-19 pandemic (BusinessWire).
Mylan N.V., now part of Viatris following a merger with Upjohn, is a prominent manufacturer of generic drugs, including hydroxychloroquine. Mylan’s extensive global network ensures the availability of hydroxychloroquine in numerous markets. The company’s efforts to maintain high standards of quality and compliance have solidified its reputation as a reliable supplier of essential medications, including treatments for malaria and autoimmune diseases (BusinessWire).
Teva Pharmaceutical Industries Limited, headquartered in Israel, is a major player in the hydroxychloroquine market. As one of the largest generic drug manufacturers globally, Teva provides affordable hydroxychloroquine to various markets. The company’s robust production capabilities and extensive distribution network have enabled it to support public health initiatives and respond to spikes in demand, particularly during the COVID-19 pandemic.
Hydroxychloroquine Market Key Players:
- Sanofi S.A.
- Sandoz International GmbH
- Ipca Laboratories Limited
- Mylan N.V.
- Teva Pharmaceutical Industries Limited
- Bayer AG
- Zydus Lifesciences Limited
- Hikama Pharmaceuticals plc.
- Pfizer Inc.
- Torrent Pharmaceutical Ltd
- Zydus Pharmaceutical Inc.
- Amneal Pharmaceuticals LLC
- Torrent Pharmaceuticals Ltd
- Taj Pharmaceuticals Ltd.
- Cadila Healthcare Ltd.
- Cipla Inc.
- Accord Healthcare Inc.
- Other Key Player
Hydroxychloroquine Market Report Scope >> Market Value (2022): USD 1,275 Million || Forecast Revenue (2032): USD 11,764 Million || CAGR (2023-2032): 20.6% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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