Hydroxychloroquine Market by Disease Indication (Malaria, Systemic Lupus Erythematous, and Rheumatoid Arthritis), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Stores)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global hydroxychloroquine market was pegged at ~US$ 681.8 million in 2020. The market is expected to witness a CAGR of ~9.5% from 2021 to 2031.
Major factors attributing to the growth of hydroxychloroquine market include the rising prevalence of auto-immune diseases and malaria, growing government initiatives to create awareness and investments to prevent the spread of malaria. Moreover, the rising use of hydroxychloroquine as an anti–malarial drug is also playing a pivotal role in driving the hydroxychloroquine market. However, adverse effects of the drug and resistance among the people in some of the countries are some of the factors hindering the market growth to a certain extent.
Rising incidence of malaria is one of the factors propelling the growth of this market as hydroxychloroquine is widely used as an anti-malarial drug. According to World Health Organization (WHO), in 2019, there were an estimated 229 million cases of malaria worldwide. African region in 2019 was home to 94% of malaria cases and deaths. Such rising numbers of cases have led to the rising demand for medicines that can be used for the treatment or prevention of malaria and in turn, driving the growth of the hydroxychloroquine market.
Government organizations in most of the countries are taking initiatives to prevent malarial outbreaks or eliminating malaria. WHO is also taking efforts to help countries control the spread of malaria through their ‘Global Malaria Programme (GMP)’. Through this program, WHO supports countries adopt and implement norms and standards for controlling spread of malaria, assists countries to formulate national anti-malarial strategic plans, and develop robust malaria surveillance systems. Government organizations are also supporting anti-malerial awareness programs by providing funding. In 2020, the U.S. funding for bilateral malaria control efforts and research reached US$ 999 million, from US$ 146 million in 2001. Such initiatives, in turn are creating awareness about malaria and its treatment and boosting the market growth.
In a few cases, this drug has serious side effects such as blurred vision, heart diseases, mild or severe bronchospasm, and unusual bleeding or bruising. Moreover, emergence of drug resistance among the population of few countries is restraining the market growth to a certain extent. Use of alternative drugs such immunosuppressant or steroids for treating a severe condition are also hindering the growth of hydroxychloroquine market.
Regionally, Asia-Pacific dominated the hydroxychloroquine market and is also anticipated to be the fastest growing region during the forecast period. Presence of majority of manufactures in this region, the rising prevalence of malaria and auto immune disease, and large population base are some of the factors fueling the growth of the market. Moreover, rising government initiatives for the prevention of malarial outbreaks and rising use of this drug as an anti-malarial treatment is expected to the boost the hydroxychloroquine market growth during the forecast period.
Some of the prominent players operating in the global hydroxychloroquine market include Sanofi, Bayer AG, Mylan N.V., Teva Pharmaceuticals USA, Inc., Novartis AG, Zydus Cadila, Ipca Laboratories Ltd., Bristol Laboratories Ltd., Wallace Pharma, and Dr. Reddy’s Laboratories Ltd., among others.