Market Size of Hydroxychloroquine Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 16.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydroxychloroquine Drugs Market Analysis
The global hydroxychloroquine drugs market studied was anticipated to register a CAGR of nearly 16.8% during the forecast period. Hydroxychloroquine is a safer derivative of chloroquine. Hydroxychloroquine is an immunosuppressive and anti-parasite drug indicated for the treatment or prevention of malaria, although the drug is ineffective for chloroquine-resistant malaria. Hydroxychloroquine is also recommended for autoimmune diseases such as systemic and discoid lupus erythematosus, and rheumatoid arthritis (acute and severe) when other medications fail to work or cannot be used. Broad-spectrum hydroxychloroquine drugs can be used to treat a range of viruses. According to China's Ministry of Science and Technology, hydroxychloroquine is one of the drugs which demonstrated encouraging profile for blocking coronavirus in early clinical trials.
Recently, hydroxychloroquine has attracted attention due to its effectiveness in treating patients with coronavirus disease (COVID 19). Reports from China demonstrated chloroquine could possibly inhibit SARS-CoV-2 in vitro. The drug showed high efficacy in treating the patients with coronavirus disease (COVID 19). Hydroxychloroquine is expected to be a promising potential treatment for the coronavirus disease (COVID 19). The US Food and Drug Administration (FDA) designated hydroxychloroquine for emergency use for treating coronavirus disease (COVID 19).
Increasing demand for novel hydroxychloroquine and rising penetration of generic drugs are estimated to provide a significant boost to the market. For instance, in March 2020, Novartis International AG started the shipping of 30 million doses of hydroxychloroquine tablets to the US Department of Health and Human Services (HHS) for controlled clinical studies to evaluate the effectiveness of hydroxychloroquine in people who have tested positive for coronavirus disease (COVID 19). In addition, increasing product approval is poised to have strong market penetration due to the presence of increased government funding.
Growing patient awareness regarding COVID-19 and the influx of new generics in the global arena are projected to accelerate the adoption of hydroxychloroquine drugs. As per the Johns Hopkins University, as of 15th April 2020, approximately 609,516 people suffered from COVID-19 in the US alone. Increasing awareness regarding disease remittance therapies, rising clinical trials to evaluate the effectiveness of hydroxychloroquine in the treatment of COVID-19 are estimated to promote revenue growth. However, poor healthcare accessibility in low-income countries may restrain the growth of the market.
