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Hydroxychloroquine Market 2024 - By Size, Competitive Landscape, Upcoming Trends And Outlook By 2033
Hydroxychloroquine Market
According to The Business Research Company's, The hydroxychloroquine market size has grown strongly in recent years. It will grow from $2.07 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising prevalence of malaria, growing awareness of hydroxychloroquine, wide availability, autoimmune diseases.
The hydroxychloroquine market size is expected to see strongly grown in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing demand for combination therapies, increased government funding, growing patient population, increased access to healthcare, growing demand for personalized medicine. Major trends in the forecast period include targeted therapies, telemedicine, drug repurposing, sustainability and environmental impact, global health equity, biotechnology advancements.
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Market Drivers and Trends:
The increasing number of coronavirus cases has increased the demand for hydroxychloroquine market. The demand for hydroxychloroquine is growing attributing to its use in the treatment of COVID-19 patients and the ongoing clinical trials. The US Food and Drug Administration has authorized the emergency use of hydroxychloroquine for the treatment of COVID-19 patients in the hospital or enrolled in clinical trials. According to the World Health Organization (WHO) Coronavirus (COVID-19) Dashboard, as of September 21, 2023, there have been 770,778,396 confirmed cases of COVID-19, including 6,958,499 deaths, reported globally. USA, Brazil, Russia, UK, India, and Spain are the countries most affected by the virus. Therefore, the continuous increase in coronavirus cases across the globe is surging the demand for hydroxychloroquine, generating higher revenues for the hydroxychloroquine market during the period.
Major companies operating in the hydroxychloroquine market are investing in the development of hydrochloroquine to meet the growing demand for hydroxychloroquine and expand their product portfolios. For instance, in March 2021, Aspen Pharmaceutical Corporation, a South African-based pharmaceutical company, received $20 billion from BNDES (Brazilian Development Bank), a Brazil-based banking company, in connection with its hydroxychloroquine manufacturing. This loan was part of a larger $153 million investment that Aspen was making in its hydroxychloroquine manufacturing operations in Brazil. An investment was made in response to the growing demand for hydroxychloroquine during the COVID-19 pandemic. Aspen's investment in hydroxychloroquine manufacturing was seen as a positive step by the Brazilian government, as it would help to ensure that the country had a sufficient supply of the drug to meet the needs of its population.
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Major Key Players of the Market:
Bayer AG; Dr. Reddy's Laboratories Ltd.; Zydus Group; Ipca Laboratories Ltd.; Wallace Pharma; Teva Pharmaceuticals Inc.; Mylan Pharmaceuticals Inc.; Novartis AG; Intas Pharmaceuticals Ltd.; Lupin Limited; Shanghai Zhongxi Sanwei Pharmaceutical Co. Ltd.; Torrent Pharmaceuticals Ltd.; BSE healthcare; Hikma Pharmaceuticals plc; Sandoz International GmbH; Cipla Limited; Shenhua Pharmaceutical Co. Ltd.; Sanofi S.A.; Macleod Pharmaceuticals Ltd.; McW Healthcare; Laurus Labs; TAJ Pharmaceuticals; Wuhan Wuyao Pharmaceutical Co. Ltd.; MAAN Medex; Cinkate Corporation; Concordia Healthcare; Pfizer Inc.; Cadila Pharmaceuticals; Hetero Drugs Ltd.; Jubilant Generics Limited; Alembic Pharmaceuticals Limited; Sun Pharmaceutical Industries Ltd.; Aurobindo Pharma USA Inc.; Alkem Laboratories Ltd.; Glenmark Pharmaceuticals Ltd.; Unichem Laboratories Ltd.; Wockhardt Limited; Emcure Pharmaceuticals Ltd.; Strides Pharma Science Ltd.; Indoco Remedies Ltd.
Hydroxychloroquine Market 2024 Key Insights:
• The hydroxychloroquine market size will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Pandemic Drives Surge In Hydroxychloroquine Demand
• Major Pharmaceutical Companies Investing In Hydroxychloroquine Production To Address Increased Demand
• North America was the largest region in the hydroxychloroquine market in 2023
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