According to FutureWise analysis, the market for Hydroxychloroquine in 2023 is US$ 1.43 billion, and is expected to reach US$ 3.71 billion by 2031 at a CAGR of 12.66%.
The antiviral drug hydroxychloroquine is also known as hydroxychloroquine. It is prescribed to treat viral diseases such as malaria, and auto-immune conditions like lupus or rheumatoid arthritis. Global hydroxychloroquine demand is largely driven by the high prevalence of these conditions, particularly in developing nations such as Africa and Southeast Asia. It has also seen a sudden increase in demand due to limited-scale studies which have proven its efficacy. It will take a lot of tests and clinical trials before the drug is commercialized as a COVID-19 treatment. The market is expected to grow due to factors such as the growing population, increased health awareness, advancements in medical science, pharmaceutical R&D, and rising healthcare expenditure by both the government and the consumers. Hydroxychloroquine, a derivative of chloroquine that is safer, is available. Although it is useless for chloroquine-resistant malaria, hydroxychloroquine is a medication that suppresses the immune system and kills parasites.
Hydroxychloroquine can also be prescribed for autoimmune conditions such as discoid and systemic lupus and rheumatoid (acute or severe) arthritis when other medications are not working. The broad-spectrum hydroxychloroquine drug can be used for a variety of viruses. According to China's Ministry of Science and Technology, hydroxychloroquine was one of the drugs that showed promising results in blocking coronavirus during early clinical trials. Hydroxychloroquine, an antimalarial medication, is used to treat acute malaria attacks. It is also widely used as a disease-modifying antirheumatic (DMARD) drug. Recent attention has been drawn to hydroxychloroquine due to its efficacy in treating patients with COVID-19.
The global market is fragmented into dosage type, application, distribution channel and region. The dosage type segment is further classified into 100mg, 200mg and 400mg. The 400mg tablets are on a high demand as they can effectively be used for treating COVID-19 with once a week dosage. The application segment is further categorised into malaria, rheumatoid arthritis, COVID-19, Q fever, PCT and others. The COVID-19 segment shall escalate its growth throughout the forecast period with the emergence of this pandemic since December 2019 in Wuhan, China. Private and public hospitals across the world have started treating their COVID-19 patients with hydroxychloroquine. The distribution channel segment is bifurcated into hospital pharmacy, retail pharmacy, online pharmacy and specialty drug stores. The hospital pharmacy segment is predicted to hold the largest hydroxychloroquine market share over the forecast period. With the recent outbreak, administrations across the world have restrained the public sale of hydroxychloroquine, particularly without a prescription.