Rockville, MD., July 23, 2024 (GLOBE NEWSWIRE) -- The global Hydroxychloroquine Market is expected to reach a size of US$ 4.21 billion in 2024. According to this recently updated report by Fact.MR, revenue in the market is projected to increase at 5% CAGR from 2024 to 2034. Market growth is being bolstered by the fact that hydroxychloroquine is known for its effectiveness in treating a variety of health conditions.
Expansion of the market is a reflection of the global healthcare sector’s dynamic nature. The recent COVID-19 health crisis further heightened the importance of hydroxychloroquine. Growth of the market is not just limited to existing applications of hydroxychloroquine. Ongoing research and development activities are continuously exploring new potential uses for the drug, which is projected to further fuel market growth. These developments indicate a promising future for the hydroxychloroquine market.
The market also faces several challenges such as regulatory concerns often pose significant obstacles, and the side effects associated with long-term use of the drug can also impact market growth. Increasing healthcare expenditure worldwide and growing awareness about autoimmune diseases are expected to drive demand for hydroxychloroquine. At the same time, advancements in medical research are expected to lead to the discovery of new applications for the drug by opening up new opportunities for market expansion.
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While the market faces certain challenges, its prospects remain bright. The favorable safety profile, affordability, and efficacy of hydroxychloroquine have rendered it a preferred lupus suppressant among rheumatologists. It serves as a reminder of the continuous efforts being made to improve healthcare outcomes and the role that effective medications such as hydroxychloroquine play in this sector.
Key Takeaways from the Hydroxychloroquine Market Study:
- The global hydroxychloroquine market is forecasted to reach a value of US$ 6.85 billion by 2034-end.
- The North American market is forecasted to expand at 4.3% CAGR from 2024 to 2034.
- East Asia is calculated to occupy 26.9% of the global market share by 2034-end.
- Sales of hydroxychloroquine in Japan are forecasted to increase at 4.6% CAGR from 2024 to 2034.
- Sales of lupus suppressants are poised to reach US$ 1.58 billion in 2024.
- The market in Canada is projected to expand at 3.5% CAGR through 2034.
“Regulatory concerns and side effects associated with long-term use of hydroxychloroquine expected to pose a threat to market growth. On the brighter side, new formulations and delivery methods aimed at improving patient compliance and reducing side effects are complementing market growth by enhancing treatment experiences,” says a Fact.MR analyst.
Market Developments:
The hydroxychloroquine market is highly competitive with several companies aiming to capture a leading market share. Key players in this market are Abcam Plc., Advanz Pharma Group, Amneal Pharmaceuticals Inc., Bayer AG, and Dr. Reddy’s Laboratories.
Sales for lupus-suppressant drug formulations are rising they remain a mainstay treatment for managing the symptoms and flare-ups associated with several autoimmune disorders by providing effective relief.
Key countries such as the United States and countries in East Asia have approved the use of this drug for the treatment of various autoimmune diseases. China is a key market for hydroxychloroquine and has ramped up production capacities of the drug to meet its growing demand.
Leading Players Driving Innovation in the Hydroxychloroquine Market:
The key players in the hydroxychloroquine industry are Abcam Plc.; Advanz Pharma Group; Amneal Pharmaceuticals Inc.; Bayer AG; Dr. Reddy’s Laboratories.; Prasco Laboratories; Sun Pharmaceutical Industries Ltd.; Teva Pharmaceutical Industries Ltd.
Hydroxychloroquine Industry News:
The hydroxychloroquine market's major players are making the most of their strong production capabilities, extensive distribution networks, and creative product development. These rivals are engaged in intense rivalry and are basing their business plans on offering top-notch goods at competitive prices with outstanding customer service.
- In this updated market study, Fact.MR offers comprehensive details regarding the pricing points of major global hydroxychloroquine producers, sales growth, and speculative technological advancement.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Drug Type:
- Anti-Material
- Anti-Rheumatic
- Lupus Suppressant
- Anti-COVID-19
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the hydroxychloroquine market for 2019 to 2023 and forecasts market statistics for 2024 to 2034.
The study divulges essential insights into the market based on drug type (anti-malarial, anti-rheumatic, lupus suppressant, anti-COVID-19) and distribution channel (hospital pharmacies, and retail pharmacies), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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