Global Hydroxychloroquine Market is valued at USD 901.4 Million in 2021 and is projected to attain a value of USD 2,598.6 Million by 2028 at a CAGR of 5.7% during the forecast period, 2022–2028.The antimalarial medicine Hydroxychloroquine belongs to a group of pharmaceuticals known as antimalarials. By lowering immune system activity, it is used to treat rheumatoid arthritis and systemic lupus erythematosus. In 2020, hydroxychloroquine became popular as a coronavirus therapy (COVID-19). HCQ pills, on the other hand, are currently undergoing clinical trials as a potential COVID-19 treatment, and their efficacy in treating COVID-19 has yet to be established in the research.
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During the COVID-19 pandemic, companies in the Hydroxychloroquine medication industry doubled their output capacities. However, because of the danger of heart rhythm disorders, the FDA has advised against using Hydroxychloroquine outside of hospital settings. Individuals with juvenile idiopathic arthritis and a high frequency of lupus are driving the market for Hydroxychloroquine medicines. Several healthcare professionals, however, are dealing with medication resistance difficulties.
Increase in Product Launches and Approvals
The goal of product launch strategy is to increase income. The launch of new products accounts for more than 25% of total sales and profits across industries. Lincoln Pharmaceuticals was granted FDA permission to produce Hydroxychloroquine (HCQ) and Hydroxychloroquine sulphate tablets in April 2020.
Limited Supply of Hydroxychloroquine
There are a number of limits and limitations that will limit the market’s expansion. Factors such as a lack of supply of Hydroxychloroquine are possible barriers to the worldwide hydroxychloroquine and chloroquine market’s overall growth. Nonetheless, ongoing technological advancements and unexplored potential in developing countries present great growth prospects.
The Global Hydroxychloroquine Market can be segmented by Disease Indication, into Malaria, Rheumatoid Arthritis, COVID-19, Systemic Lupus Erythematosus, and Others. Based on Distribution channel, the Global Hydroxychloroquine Market has been categorized into Hospital Pharmacies, Retail Pharmacies, And Online Pharmacies. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Some of the players are Sanofi, Amneal Pharmaceuticals, Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., Novartis AG, Zydus Cadila, Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Lupin Limited, Prasco Laboratories
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