Ibuprofen Market to Grow with a CAGR of 4.7% through 2028
Increase in incidence and prevalence of cancer and
rise in demand for anti-inflammatory drugs is expected to drive the Global Ibuprofen
Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Ibuprofen Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Ibuprofen
Market stood at USD 108.12 million in 2022 and is anticipated to grow with a
CAGR of 4.7% in the forecast period, 2024-2028. The Global Ibuprofen Market is
witnessing growth during the forecast period due to several factors. These
include the rising prevalence of chronic diseases like CVS, cancer, rheumatoid
arthritis, osteoarthritis, and headache. Additionally, there is a growing
awareness among the public about these diseases, along with increased
urbanization and healthcare spending.
The
Global Ibuprofen Market is poised to witness significant growth in the coming
years due to the escalating incidence and prevalence of chronic diseases
including cardiovascular diseases, cancer, rheumatoid arthritis,
osteoarthritis, and headache. Factors such as heightened public awareness about
these diseases, urbanization, and increased healthcare spending are propelling
the growth of the Global Ibuprofen Market during the forecast period.
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"Global Ibuprofen Market”
One of the main
factors contributing to the rise in global pharmaceutical and biopharmaceutical
production is the flourishing ibuprofen market. The growth of this market is
propelled by an increased prevalence of a wide range of diseases, including
diabetes, heart disease, and kidney-related complications. These conditions
necessitate the use of ibuprofen as a therapeutic solution. Moreover, the
ibuprofen market is experiencing a surge due to the extensive use of advanced
technologies such as bioinformatics and high throughput combinatorial
chemistry. These technologies aid in the identification of more effective
drugs, further fueling the growth of the ibuprofen market. Additionally,
emerging technologies, heightened awareness about diseases and treatments,
lifestyle changes, increased healthcare spending, and a rise in research
project investment are all contributing to the positive impact on the ibuprofen
market.
Furthermore, the
global ibuprofen market is witnessing significant growth due to the demand for
analgesic drugs with analgesic and anti-inflammatory effects, particularly in
the treatment of rheumatoid arthritis and other non-rheumatoid arthropathies.
The effectiveness of ibuprofen as an antipyretic and analgesic in infants,
along with its safety for children and infants under six months of age, has
also contributed to the increased demand for ibuprofen in various applications
to treat diseases worldwide.
The high
availability of Ibuprofen as an over-the-counter (OTC) drug has revolutionized
the accessibility of medications in various parts of the world, even in remote
areas where access to healthcare resources may be limited. This widespread
availability, combined with the fact that Ibuprofen does not require a
prescription from physicians, has made it a popular choice for acute pain
relief among individuals of all age groups.
As a result, the
demand for Ibuprofen has witnessed a significant surge, leading to a projected
increase in revenues for the global pharmaceutical industry over the next
decade. This growth is expected to be further augmented by the emergence of
online pharmacy portals, such as drugs.com, dokteronline.com, mCHEMIST.com, and
Medidart.com, which provide easy access to both prescription and
non-prescription drugs.
The convenience
offered by these online platforms, coupled with the availability of Ibuprofen
and other medications, is likely to continue driving the growth of the global
Ibuprofen market. With the increasing ease of purchasing medications online,
individuals can now access the pain relief they need from the comfort of their
own homes, further contributing to the expansion of this industry.
Moreover, the
easy availability of ibuprofen at an affordable price in multiple forms such as
tablets, capsules, powder, and syrups is expected to propel the market's
growth. The rising population of patients suffering from chronic diseases such
as cancer and arthritis, coupled with an increase in the geriatric population
across various regions, presents profitable growth opportunities for market
players in the global ibuprofen market during the forecast period. However,
concerns regarding the adverse side effects associated with the use of
ibuprofen drugs are expected to hinder the market's growth over the forecast
period.
The Global Ibuprofen
Market is segmented into product type, route of administration, application,
source, end user, regional distribution, and company.
Based on product
type, the Tablet segment is projected to account for the highest revenue share
of the Global Ibuprofen Market in 2022 and is expected to maintain its
dominance over the forecast period. This is primarily attributed to the wide
range of applications of Ibuprofen tablets in the treatment of pain and fever.
By effectively reducing the levels of hormones in the body that cause
inflammation and pain, these tablets have become a popular choice among
individuals seeking relief from mild to moderate pain. They are readily
available over-the-counter (OTC) at pharmacies or can be obtained with a
doctor's prescription. Ibuprofen tablets are commonly used to alleviate various
types of discomfort, including aches associated with the common cold, flu, arthritis,
and menstrual cramps, among others. These factors collectively contribute to
the significant growth of the Tablet segment in the Ibuprofen Market.
Based on region,
North America segment is expected to grow during the forecast period. The
North American region is poised to become one of the most dynamic and thriving
regions in the future, driven by a multitude of factors. Firstly, the
increasing geriatric population is creating a demand for healthcare services
and products, leading to a rise in healthcare expenditure. Additionally, the
region is experiencing a shift in lifestyle, with a growing emphasis on
maintaining a healthy diet and overall wellness.
In this
promising market, the United States is expected to play a significant role in
terms of revenue contribution. The country has been witnessing remarkable
growth, fueled by the growing awareness among individuals about health and
wellness. Moreover, government initiatives aimed at boosting the pharmaceutical
industry, along with the expanding geriatric population, have further propelled
this growth.
Looking ahead,
Mexico is anticipated to emerge as an attractive destination for global players
seeking to outsource their research and development (R&D) activities. The
country boasts a large pool of talented workforce and offers competitive labor
costs, making it an appealing choice for R&D operations. Additionally,
Mexico's geographical proximity to the United States provides a strategic
advantage for companies operating on both sides of the border, offering cost
advantages over other locations.
With these
factors at play, the North American region is set to witness sustained growth
and present abundant opportunities for businesses operating in the healthcare
and pharmaceutical sectors.
Major companies
operating in Global Ibuprofen Market are:
- Novartis
AG
- Pfizer
Inc.
- Abbott
Laboratories Inc.
- Gilead
Sciences Inc.
- Merck
KGaA
- Astellas
Pharma Inc.
- Glenmark
Pharmaceuticals Ltd.
- NATCO
Pharma Ltd.
- Basilea
Pharmaceutical AG
- Leadiant
Biosciences Inc.
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“In recent
years, there has been a rapid increase in the availability of OTC medications
such as Ibuprofen on e-commerce portals. The emergence of e-commerce pharmacy
portals like dokteronline.com, drugs.com, cvs.com, vidal.ru,
consultaremedios.com.br, mCHEMIST.com, Medidart.com, and others, along with the
accessibility of prescription and non-prescription drugs on these platforms,
are all trends that are expected to continue driving significant revenue growth
in this global industry.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Ibuprofen Market Segmented By Product
Type (Tablet, Capsule, Syrup, and Injection), By Route of Administration (Oral
and Intravenous), By Application
(Rheumatoid Arthritis and Osteoarthritis, Ankylosing Spondylitis, Inflammatory Diseases,
Dysmenorrhea, Others), By Source (Contract Manufacturing Organizations (CMO),
In-House), By End User (Hospitals, Clinics, Others), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Ibuprofen Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Ibuprofen Market.
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