As per a recent report published by Fact.MR, the global hydroxychloroquine market is poised to grow at a CAGR of 4% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 3.75 Billion in 2022, expected to close at a valuation of US$ 5.6 Billion.
The prevalence of COVID-19 pandemic and malaria in several countries are likely to provide a pool of growth opportunities for manufacturers of HCQ drugs. During the early days, it was considered as the impact medicine against the covid19, thereby several hospitals burgeoned the usage of HCQ on their patients since the cure wasn’t available.
From 2015 to 2021, the market for Hydroxychloroquine grew at a CAGR of 3%, closing at a value of US$ 5.6 Billion. As of 2022, the industry is likely to reach US$ 3.75 Billion. Several research institutions are discovering the cure for covid19, although no success yet. The HCQ drugs may impact the heart’s health if taken a high dosage, thereby scientists recommend the controlled usage of these drugs.
Key Takeaways from the Market Study
- Global hydroxychloroquine market to flourish 1.8x from 2022-2032
- Anti-malarial Hydroxychloroquine to be a top-selling category, capturing more than 50% market and flourishing at a 5% CAGR until 2032
- By application, Anti-COVID Hydroxychloroquine drugs segment to expand at a CAGR of 5.2%
- S to emerge as the fastest-growing Hydroxychloroquine market, documenting a 5.5% CAGR
- India to be the most valuable market, expected to be valued at US$ 4.2 Billion in 2032
“With the ongoing crisis of COVID-19 across the globe, researchers and scientists are working tirelessly to discover the cure of covid-19, thereby fostering the demand for hydroxychloroquine drugs as a primary treatment,” comments a Fact.MR analyst.
Competitive Landscape
The global market for hydroxychloroquine is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- On March 5th, 2021, Aspen Pharmaceutical Corporation received R $20 Billion from BNDES in connection with its hydroxychloroquine manufacturing. A total of R $ 153 Billion was invested in research activities and expanded production capacity by the company in 2020 as part of two loan agreements with BNDES. Two firms had already reached several agreements concerning the manufacture of drugs on the market.
- In July 2021, Sanofi and Asahi Kasei Pharma signed a license agreement to transfer sales rights for Plaquenil tablets 200 mg, an immunomodulator in Japan. The merger centered on treating cutaneous lupus erythematosus and systemic lupus erythematosus in Japan. Upon the execution of the agreement, the company will transfer the marketing rights to Plaquenil® to Asahi Kasei Pharma on October 1, 2021
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Hydroxychloroquine market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Product type (Anti-malarial Hydroxychloroquine Drug, Anti-rheumatic Hydroxychloroquine Drug, Lupus Suppressant Hydroxychloroquine Drug, Anti-COVID 19 Hydroxychloroquine Drug and Other Hydroxychloroquine Drugs) across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemical & Materials
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical & material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.