Number of pages: 120 | Report Format: PDF | Published date: 01 February, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global hydroxychloroquine market was pegged at ~US$ 681.8 million in 2020 and is expected to witness a CAGR of ~9.5% during the forecast period.
Hydroxychloroquine is an aminoquinoline and is also known as hydroxychloroquine sulfate. It is used to prevent or treat diseases such as malaria, arthritis, and lupus erythematosus. Hydroxychloroquine was granted FDA approval in April 1955. It is prescribed for the prophylaxis of malaria in regions where chloroquine resistance is not reported. This medicine is only available through prescriptions.
Frequent outbreaks of malaria, rising incidences of autoimmune diseases, and rising use of anti-malarial drugs in regions with a higher prevalence of malaria are some of the factors boosting the growth of the hydroxychloroquine market. Rising government initiatives to create awareness among the population are also propelling market growth. However, adverse effects of the drug and resistance towards hydroxychloroquine among the people in a few countries are some of the factors hindering the market growth to a certain extent.
The global hydroxychloroquine market has been analyzed from three perspectives: Disease Indication, Distribution Channel, and Region.
Hydroxychloroquine Market by Disease Indication
Based on disease indication, the hydroxychloroquine market has been segmented into malaria, systemic lupus erythematosus, rheumatoid arthritis, and others. Malaria segment held the largest share of the hydroxychloroquine market. Rising government initiatives to lower the burden of malaria in many countries and increasing the use of hydroxychloroquine drugs for the prevention and treatment of malaria are some of the major factors propelling the growth of this segment.
Hydroxychloroquine Market by Distribution Channel
Based on distribution channels, the hydroxychloroquine market has been segmented into hospital pharmacies, retail pharmacies, and online stores. Online stores segment is anticipated to be the fastest-growing segment during the forecast period. Factors such as rising penetration of e-commerce in the pharmaceutical sector, low availability of medicines in hospital and retail pharmacies, and convenience of home delivery are expected to boost the growth of this segment during the projected period.
Hydroxychloroquine Market by Region
Regionally, the global hydroxychloroquine market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia-Pacific region held the largest share of the global hydroxychloroquine market in 2020. India and China are two regions holding the majority share of the hydroxychloroquine market in the Asia-Pacific. Major factors attributing to the growth of the hydroxychloroquine market in these regions include the rising prevalence of malaria and auto-immune diseases and the increasing use of hydroxychloroquine as an anti-malarial drug. Moreover, rising government initiatives to prevent the spread of malaria in these regions is also a pivotal factor driving the growth of the hydroxychloroquine market in this region.
Some of the prominent players operating in the global hydroxychloroquine market includes:-