Ibuprofen API Market Facing the Heat of Worsening COVID-19 Crisis; Demand Hit by Export Restrictions, Finds FMI in a New Study

Future Market Insights, Dubai:  According to the latest report by FMI, the global ibuprofen API market revenue totaled US$ 573 Mn in 2019. Gains remain primarily driven by large-scale manufacturing and increased demand for low-cost non-steroidal anti-inflammatory drugs (NSAIDs). In the light of COVID-19 outbreak, ibuprofen is facing contradictory evidence, following an online furor over its effects on detecting new virus infection.

The COVID-19 pandemic has brought medical supply
chains into the spotlight. A typical pharmaceutical supply chain begins with
manufacturers of the active pharmaceutical ingredients (API), including
ibuprofen API. Concentration of API plants in China and India – which has
currently put export restrictions on 26 APIs and drugs – is expected to have a
massive impact on the market growth.

CMOs
to Contribute 50% of the Market Revenue

Greater volume handling by contract manufacturing
organizations as compared to pharmaceutical companies has been generating
significant revenue pockets which account for more than half of the total
market value. Moreover, pharmaceutical companies are heavily reliant on contract
manufacturing organizations (CMOs) for manufacturing API and finished products,
which continue to favor the market growth.

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“Ibuprofen
has come under intense scrutiny during the COVID-19 pandemic, as several
studies and news reports connected the use of NSAIDs such as Ibuprofen with
worsening COVID-19 symptoms. While lack of scientific evidence is expected to
derail the claims, plant shutdowns and supply chain disruptions are likely to
cause market revenue slowdown,”
says
the FMI analyst
.

The
Shift of COVID-19 Epicenter to the US

Increasing incidences of chronic diseases in
North America has long been accelerating the need for ibuprofen APIs. The
regional market will continue to maintain its lead with 37% revenue share in
2020. As the COVID-19 pandemic’s epicenter shifts from China to the US, the
region is witnessing an unprecedented spike in demand, which in turn will cause
shortages.

Reopening of factories and resuming of business
in China and its dominant role in production of a majority of drug ingredients
will open a window of opportunities for market players in East Asia. However,
efforts to counteract an over-reliance on Chinese imports – now hampered by
COVID-19 lockdowns – are likely to compel pharmaceutical manufacturers to
relocate their supply chains.

According
to the FMI study, the ibuprofen API market is still in its nascent stage and is
expected to record a moderate CAGR of 3% during the forecast period
(2019-2029). The
study emphasizes the impact of COVID-19 on ibuprofen API market
.

Source: Future
Market Insights

FMI Blog

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