Ibuprofen is a non-steroidal anti-inflammatory drug which finds wide applications in treating fever, pain and bodily inflammation. The ibuprofen market size is predicted to increase at a CAGR of 2 percent in order to reach nearly 43000 metric tons of production. Ibuprofen prices have increased by a significant margin in the past few years owing to an increase in the cost of raw materials and an increase in the global demand for the drug. Major players in the ibuprofen industry are Granules Biocause, IOLCP, Shandong Xinhua, Shasun, and BASF.
Ibuprofen was discovered after rigorous research in the early 1950s and 1960s. The aim to find a safer and healthier alternative to Aspirin for pain-relief which is effective in treating inflammation led to the invention of Ibuprofen. The discovery of ibuprofen was made after a British manufacturer identified carboxylic acid as an active agent which gave aspirin its anti-inflammatory characteristics. Unlike aspirin, Ibuprofen provides pain relief without causing gastronomical problems. Ibuprofen was made available in the market in the year 1983.
A General Overview Of The Ibuprofen Market
Global ibuprofen market can be segmented on the basis of age group, country, and the type of ailment. The ibuprofen market is growing at a rapid rate with a rise in the technological innovation, inter-industry innovation and due to mergers and acquisitions between regional vendors and international players. The regional vendors are finding it hard to compete with the international big conglomerates over product reliability, quality, innovative technology, and a robust supply chain mechanism. Countries such as South Korea, Australia, Canada, and the U.S have a widespread market for ibuprofen.
China is the largest manufacturer of ibuprofen with an expanding base of manufacturers, potential investors, retailers, exporters, and distributors. The government of China is actively encouraging ibuprofen export across the world, especially to APAC markets. Many growing economies with sophisticated healthcare system are employing ibuprofen as a medicine for a wide variety of ailments. In spite of this, the drug is proven to anatomically decrease the density of blood in the body which keeps it from being used by patients who suffer from high blood pressure.
Trends In The Global Ibuprofen Market
Intravenous ibuprofen is emerging as one of the latest trends in the way ibuprofen is used in a growing number of markets across the globe. IV (Intravenous) route of the drug has proven to be better absorbed during the post-operative phase and in cases of acute pain. The demand for ibuprofen has further increased due to a rise in the side-effects caused by opioid analgesics. This drug helps treat respiratory depression, sedation, allergic reaction, and gastrointestinal issues.
The market of ibuprofen is however still developing. A lengthy approval of the drug coupled with its own exclusive side effects can be identified as factors which can hamper the growth of the ibuprofen market. Factors such as growing health problems and better diagnostic facilities in the medical sector are aiding the growth of a number of applications in the ibuprofen industry. An increase in the number of cases of cancer, headache, cardiovascular ailments, toothache, trauma, and arthritis is boosting the demand for ibuprofen in the developing regions.