New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydroxychloroquine Global Market Report 2023" - https://www.reportlinker.com/p06241860/?utm_source=GNW
Major players in the hydroxychloroquine market are Bayer AG, Dr. Reddy’s Laboratories, Zydus Cadila, Ipca Laboratories Ltd., Wallace Pharma, Teva, Mylan, Novartis, and Intas Pharmaceuticals.
The global hydroxychloroquine market is expected to grow from $1.68 billion in 2021 to $1.80 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hydroxychloroquine market is expected to reach $2.38 billion in 2026 at a CAGR of 7.2%.
The hydroxychloroquine market consists of sales of plaquenil, antimalarials, and immunosuppressants.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hydroxychloroquine refers to a quinolone-derived medication that is used to treat malaria.In countries or regions where it is recognised that other medications (such chloroquine) may not be effective, it is also used to prevent malaria infection.
In some hospitalised individuals, hydroxychloroquine may also be used to treat coronavirus (COVID-19).
North America is the largest region in the hydroxychloroquine market in 2022.Middle East is expected to be the fastest growing region.
The regions covered in the hydroxychloroquine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drug activities in hydroxychloroquine are anti-malarial, anti-rheumatic, lupus suppressant, anti-COVID-19, and others.Antimalarial drugs, or simply antimalarials, are antiparasitic chemical agents which can be utilized to cure or prevent malaria.
They are generally organically sourced.The different formulations include tablets, and injections and are used in malaria, rheumatoid arthritis, lupus erythematosus, COVID-19, and others.
It is distributed through various channels such as hospital pharmacies, online pharmacies, specialty drug stores, and retail pharmacies.
The increasing number of coronavirus cases has increased the demand for hydroxychloroquine in 2020.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), there were more than 10 million confirmed cases of COVID-19, including more than 500,000 deaths reported as of 3rd July 2020, 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 market during the period.
Side effects associated with the use of hydroxychloroquine drugs are predicted to limit market growth.The side effects associated with the use of hydroxychloroquine for the treatment of COVID patients include serious and potentially life-threatening heart rhythm problems.
In April 2020, the US Food and Drug Administration warned against the side effects of hydroxychloroquine and issued a safety communication regarding the side effects of using the drug for COVID-19 outside of hospital settings or clinical trials.Moreover, the World Health Organization (WHO) suspended the clinical trials of hydroxychloroquine over safety concerns on the 25th of May 2020.
However, the trials have been resumed by WHO on the 3rd of June 2020 after reviewing safety concerns. Nonetheless, the potential side effects restrict the use of hydroxychloroquine outside the hospital and clinical settings, thereby hindering the growth of the hydroxychloroquine market going forward.
Major players operating in the market are undertaking various strategic initiatives such as increasing production capacity and the expansion of manufacturing plants to meet the augmented global demand.For instance, in April 2020, Zydus Cadila announced that the company has ramped up its production capacity by 10 times for the production of hydroxychloroquine post the COVID-19 outbreak.
Moreover, other manufacturers including IPCA Laboratories increased their monthly hydroxychloroquine production capacity five to six times during May 2020. Thus, the ramp-up of production capacities by major companies is a major trend shaping the hydroxychloroquine market.
In March 2020, Rising Pharma Holdings, Inc., a US-based pharmaceutical company, and Lauras Labs Ltd., an India-based pharmaceutical and biotechnology company, entered into a collaboration agreement on a clinical trial exploring the use of hydroxychloroquine as a preventive treatment for coronavirus illness with the Department of Infectious Disease at the University of Minnesota (COVID-19). Hydroxychloroquine is a medicine for rheumatoid arthritis, lupus, and porphyria cutanea tarda, as well as for the prevention and treatment of some forms of malaria. The University of Minnesota is a US-based public research university pioneering research programs for undergraduates and graduates.
The countries covered in the hydroxychloroquine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The hydroxychloroquine market research report is one of a series of new reports that provides hydroxychloroquine market statistics, including hydroxychloroquine industry global market size, regional shares, competitors with a hydroxychloroquine market share, detailed hydroxychloroquine market segments, market trends and opportunities, and any further data you may need to thrive in the hydroxychloroquine industry. This hydroxychloroquine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241860/?utm_source=GNW
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