PORTLAND, Ore., Aug. 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Ibuprofen Market by Type (Tablet, Capsule, Syrup, Injection, and Other), Application (Rheumatoid Arthritis and Osteoarthritis, Cancer, Pain/Fever/Dysmenorrhea, Inflammatory Diseases, Headache, and Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2024-2033.". According to the report, the ibuprofen market was valued at $100.0 million in 2023, and is estimated to reach $213.6 million by 2033, growing at a CAGR of 7.9% from 2024 to 2033.
Prime Determinants of Growth
The global ibuprofen market is experiencing growth due to widespread adoption of the nonsteroidal anti-inflammatory drug such as ibuprofen for pain management, rise in geriatric population, and surge in prevalence of chronic disease. Furthermore, the availability of over-the-counter ibuprofen is expected to further increase the adoption of ibuprofen among its users.
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Segment Highlights
The Ibuprofen market is segmented into type, application, distribution channel and region. By type, the market is divided into tablet, capsule, syrup, injection, and others. By application, the market is classified into rheumatoid arthritis and osteoarthritis, cancer, pain/fever/dysmenorrhea, inflammatory diseases, headache, and others. By distribution channel, the market is categorized into hospital pharmacies, retail pharmacies and online pharmacies.
By type, the tablet segment dominated the market share in 2023 attributed to the fact that tablets are one of the most common and widely accepted dosage forms for oral medications, offering convenience, ease of administration, and accurate dosing for patients. Ibuprofen tablets are available in various strengths, ranging from over-the-counter (OTC) formulations for mild pain and fever to prescription-strength tablets for more severe conditions such as arthritis and inflammation. This versatility allows healthcare providers to prescribe Ibuprofen tablets according to the specific needs and severity of patients' symptoms, contributing to their widespread use and market dominance.
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By application, the rheumatoid arthritis segment dominated the market share in 2023. This is attributed to high prevalence of rheumatoid arthritis. The increase in incidence of rheumatoid arthritis, particularly among the aging population, has surged the need for advanced therapeutic solutions. Furthermore, rheumatoid arthritis treatments often require long-term pain management medication, resulting in sustained demand for ibuprofen over extended periods.
By distribution channel, the hospital pharmacies segment dominated the market share. This is attributed to the fact that hospitals are primary healthcare facilities that handle a broad spectrum of medical conditions, ranging from acute injuries to chronic diseases, where pain management is an essential component of patient care. Ibuprofen, being a versatile and widely used nonsteroidal anti-inflammatory drug (NSAID), is frequently administered in hospitals to manage pain and reduce inflammation in various clinical settings, including post-surgical recovery, emergency care, and treatment of chronic conditions like arthritis.
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Regional Outlook
Emerging economies like India and China are witnessing rapid development of healthcare infrastructure, growth in geriatric population, and rise in chronic conditions such as arthritis. In addition, North America is expected to dominate the market share, owing to the developed healthcare infrastructure, and strong presence of major key players.
Key Players
- Abbott Laboratories Ltd.
- Solara Active Pharma Sciences Ltd.
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- BASF SE
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- Biocause Inc.
The report provides a detailed analysis of these key players in the global Ibuprofen market. These players have adopted different strategies such as collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In July 2023, BASF SE and Recipharm, announced collaboration. The two companies joined forces to pioneer the development of innovative ibuprofen formulations. Leveraging BASF's expertise in ibuprofen synthesis and Recipharm's proficiency in drug formulation, the partnership aims to create formulations that are more effective, exhibit fewer side effects, and are easier to administer.
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