Global Hydroxychloroquine Market to Reach US$ 2.5 Billion by 2032, Fueled by Rising Prevalence of Malaria

July 11, 2023 | Healthcare

According to the latest report by IMARC Group, titled “­­ Hydroxychloroquine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global hydroxychloroquine market size reached US$ 1.4 Billion in 2023. Hydroxychloroquine (HCQ) is a medication that belongs to the class of drugs known as antimalarials, primarily used for treating and preventing malaria, a parasitic infection transmitted through mosquito bites. It works by interfering with the parasites' ability to survive and multiply in the body. In addition to this, hydroxychloroquine has shown efficacy in managing various autoimmune diseases. It is commonly prescribed for rheumatoid arthritis and lupus erythematosus, where the immune system mistakenly attacks healthy tissues and organs. HCQ helps suppress the overactivity of the immune system, reducing inflammation and alleviating symptoms associated with these autoimmune disorders. It is currently available in tablet and intravenous forms. It is well-absorbed by the body and reaches therapeutic levels relatively quickly. The dosage and duration of HCQ vary depending on the specific condition and individual patient factors.

Global Hydroxychloroquine Market Trends:

The increasing prevalence of malaria around the world is fueling the demand for effective antimalarial drugs, such as hydroxychloroquine, primarily driving the market growth. Besides this, surging investments in the procurement and distribution of hydroxychloroquine by various government and healthcare organizations to combat this infectious disease are positively impacting the market growth. Moreover, the expanding product adoption for treating and managing autoimmune diseases, such as rheumatoid arthritis and lupus erythematosus, is presenting remunerative growth opportunities for the market. In addition to this, the growing use of hydroxychloroquine to treat porphyria cutanea tarda, where an individual suffers from painful and blistering skin due to sensitivity to sunlight, is acting as another significant growth-inducing factor. Furthermore, the extensive focus on research and development (R&D) activities in the thriving pharmaceutical sector to enhance the therapeutic applications of hydroxychloroquine is contributing to the market growth. Concurrent with this, ongoing studies investigating the potential use of the medication in conditions, such as cancer, human immunodeficiency virus (HIV), and viral infections, are aiding in market expansion. Looking forward, the market value is projected to reach US$ 2.5 Billion by 2032, expanding at a CAGR of 6.98% during 2024-2032.

Market Summary:

  • On the basis of the dosage type, the market has been divided into 200 mg, 300 mg, 400 mg, and others.
  • Based on the distribution, the market is classified into hospital pharmacies, retail pharmacies, and others. Currently, hospital pharmacies dominate the market, holding the largest share.
  • On the basis of the application, the market has been segregated into rheumatoid arthritis, lupus erythematosus, malaria, coronavirus (COVID-19), and others. Among these, malaria represents the biggest market segment.
  • Based on the grade, the market is categorized into USP standards grade, EP standards grade, pharmaceutical standards grade, and others.
  • On the basis of administration, the market is bifurcated into oral and intravenous. At present, oral accounts for the majority of the global share.
  • Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Amneal Pharmaceuticals Inc., Cipla Ltd., Ipca Laboratories Ltd., Laurus Labs, Lupin Limited, Mylan N.V., Prasco Laboratories, Dr. Reddy’s Laboratories Ltd., Sanofi S.A., Teva Pharmaceuticals USA Inc. (Teva Pharmaceutical Industries Ltd.), Torrent Pharmaceuticals Ltd., Zydus Lifesciences Limited, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Dosage Type, Distribution, Application, Grade, Route of Administration, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Amneal Pharmaceuticals Inc., Cipla Ltd., Ipca Laboratories Ltd., Laurus Labs, Lupin Limited, Mylan N.V., Prasco Laboratories, Dr. Reddy’s Laboratories Ltd., Sanofi S.A., Teva Pharmaceuticals USA Inc. (Teva Pharmaceutical Industries Ltd.), Torrent Pharmaceuticals Ltd. and Zydus Lifesciences Limited
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Global Hydroxychloroquine Market to Reach US$ 2.5 Billion by 2032, Fueled by Rising Prevalence of Malaria
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