Number of pages: 120 | Report Format: PDF | Published date: February 01, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global hydroxychloroquine market is expected to register a revenue CAGR of 6.5% during the forecast period of 2023 to 2031.
Hydroxychloroquine Market Fundamentals
Hydroxychloroquine is a medication used to treat certain autoimmune diseases such as rheumatoid arthritis, lupus, and certain types of malaria. It is a derivative of chloroquine and has anti-inflammatory and immunomodulatory properties. Hydroxychloroquine works by inhibiting the action of certain immune cells and cytokines that contribute to inflammation and tissue damage in autoimmune diseases. It also interferes with the ability of malaria parasites to invade and replicate within human cells. During the COVID-19 pandemic, hydroxychloroquine gained widespread attention as a potential treatment for the virus.
Hydroxychloroquine Market Dynamics
The primary driver for the global hydroxychloroquine market in treating autoimmune diseases is the increasing prevalence of these conditions worldwide. As the population ages and the incidence of autoimmune diseases continue to rise, the demand for hydroxychloroquine as a treatment option is expected to grow. For instance, according to the National Stem Cell Foundation’s report, nearly 4% of the world’s population is affected by one or more than 80 different autoimmune diseases. Furthermore, hydroxychloroquine is a well-established treatment for malaria, and the global demand for anti-malarial drugs is driven by the high incidence of malaria in some areas of the world, particularly in sub-Saharan Africa and parts of Asia. For instance, according to the WHO’s factsheet of March 2023, there were approximately 247 million malaria cases and 619,000 deaths in 2021. Moreover, hydroxychloroquine is generally considered a low-cost medication, which can be a significant driver for its use in specific markets. It may sometimes be preferred over other treatment options due to its affordability.
However, hydroxychloroquine is not the only treatment option for autoimmune diseases, malaria, or COVID-19, and it faces competition from other medications and therapies. In some cases, newer drugs with improved efficacy and safety profiles may replace hydroxychloroquine as the preferred treatment option. Moreover, the patent for hydroxychloroquine has expired, which has led to the availability of generic versions of the drug. While this may increase access to the medication, it can also lead to lower prices and reduced profitability for companies that manufacture and sell hydroxychloroquine. Additionally, competition and patent expiration impede the overall hydroxychloroquine market growth.
Hydroxychloroquine Market Ecosystem
The global hydroxychloroquine market is analyzed from the following perspectives: disease indication, distribution channel, and region.
Hydroxychloroquine Market by Disease Indication
Based on the disease indication, the global hydroxychloroquine market is segmented into malaria, systemic lupus erythematosus, rheumatoid arthritis, and others.
The malaria segment dominated the market with a top revenue share of approximately 44.3% in 2022, as the medication is a well-established treatment for the disease. Malaria is a parasitic infection transmitted by mosquitos in many tropical and subtropical regions worldwide. It can cause various symptoms, including fever, chills, headache, and fatigue. Malaria can lead to severe complications, including organ failure and death, if left untreated. Hydroxychloroquine is a widely used medication for treating uncomplicated malaria caused by Plasmodium falciparum and other species of malaria parasites. The drug works by inhibiting the growth and replication of parasites within the human body. These aspects contribute to the growth of the malaria segment.
The rheumatoid arthritis (RA) segment accounts for a significant market revenue share, owing to the rising prevalence of rheumatoid arthritis globally. For instance, according to the National Center for Biotechnology Information’s article of May 2021, between 1980 and 2019, the global prevalence of RA was 460 per 100,000 individuals. RA is a chronic inflammatory disease that affects the joints, causing pain, stiffness, and swelling. Hydroxychloroquine is often prescribed as part of a treatment regimen for RA to help control symptoms and slow disease progression. Hydroxychloroquine is considered a first-line treatment for mild to moderate RA. It is often prescribed in combination with other medications, such as nonsteroidal anti-inflammatory drugs (NSAIDs) or disease-modifying antirheumatic drugs (DMARDs). These aspects contribute to the growth of the rheumatoid arthritis segment.
Hydroxychloroquine Market by Distribution Channel
Based on the distribution channel, the global hydroxychloroquine market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The online pharmacies segment is expected to grow with the fastest CAGR of 6.7% during the forecast period, owing to more people turning to online sources for their medication needs. Online pharmacies offer several benefits, including convenience, affordability, and access to a wider range of medications. Online pharmacies offer a convenient way for patients to access the drug without visiting a physical pharmacy or doctor's office. This is particularly important for patients who live in rural or remote areas or who have difficulty leaving their homes due to illness or mobility issues. Online pharmacies may also offer lower prices for hydroxychloroquine compared to traditional pharmacies. This can be especially beneficial for patients who are uninsured or underinsured, as well as those who need to take the medication for extended periods. These factors contribute to the growth of the online pharmacies segment.
Similarly, retail pharmacies also account for a prominent market revenue share. Retail pharmacies are typically community-based pharmacies accessible to the public and provide a range of prescription and over-the-counter medications. Retail pharmacies may dispense the drug to patients who have a prescription from a healthcare provider for treating conditions such as rheumatoid arthritis, lupus, or malaria. Retail pharmacies may also dispense hydroxychloroquine for off-label uses, such as the potential treatment of COVID-19. However, regulatory actions and supply chain disruptions have impacted the availability of the drug for this indication.
Hydroxychloroquine Market by Region
Geographically, the global hydroxychloroquine market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global hydroxychloroquine market with the largest revenue share in 2022, attributed to increased patient knowledge of available treatments, growing prevalence of RA and COVID-19, and high public and private healthcare spending. Furthermore, simple access to high-quality healthcare, favorable reimbursement regulations, a robust clinical pipeline, and the approval of innovative medications are also expected to drive revenue growth in North America. According to the National Center for Biotechnology Information’s report of January 2020, autoimmune diseases affect approximately 5-8 % or 15/20 million individuals.
Additionally, companies across the region are continuously involved in partnerships, mergers, and acquisitions, which are also expected to improve the hydroxychloroquine market outlook. For instance, in January 2022, Rafael Pharmaceuticals, Inc. completed the first cohort of dose escalation with no dose-limiting toxicity (DLT) in the APOLLO 613 Phase 1/2 clinical trial of CPI-613 (devimistat) in combination with hydroxychloroquine. This clinical trial is focused on the growing field of cancer metabolism-based therapeutics and aims to treat patients with relapsed clear cell sarcoma. CPI-613 is Rafael's first-in-class clinical lead compound, which targets enzymes in the mitochondria of cancer cells involved in cancer cell energy metabolism.
Asia Pacific accounted for the largest revenue share of the global hydroxychloroquine market in 2020. India and China are two countries accounting for the majority of market revenue share in Asia Pacific. The rising prevalence of malaria and autoimmune diseases and the increasing usage of hydroxychloroquine as an anti-malarial drug drive revenue growth in the Asia Pacific market. Moreover, increasing government initiatives to prevent the spread of malaria is also a pivotal factor driving revenue growth in the Asia Pacific hydroxychloroquine market.
Hydroxychloroquine Market Competitive Landscape
The prominent players operating in the global hydroxychloroquine market are:
Hydroxychloroquine Market Strategic Developments
Hydroxychloroquine is a medication used to treat certain autoimmune diseases such as rheumatoid arthritis, lupus, and certain types of malaria.
The malaria segment led the global hydroxychloroquine market.
Competition and patent expiration are some factors restricting the global market growth to its full potential.
The revenue CAGR of the hydroxychloroquine market during the forecast period will be 6.5% from 2023 to 2031.
Some prominent players operating in the global hydroxychloroquine market areNovartis AG, Zydus Group, Bristol Laboratories Ltd, Wallace Pharma, Icannex Healthcare, and Accord Healthcare.
*Insights on financial performance are subject to the availability of information in the public domain