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Drug Price Trends for HM IBUPROFEN
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Average Pharmacy Cost for HM IBUPROFEN
Drug Name | NDC | Price/Unit ($) | Unit | Date |
---|---|---|---|---|
HM IBUPROFEN 200 MG SOFTGEL | 62011-0399-01 | 0.07896 | EACH | 2025-01-22 |
HM IBUPROFEN 200 MG SOFTGEL | 62011-0368-01 | 0.07896 | EACH | 2025-01-22 |
HM IBUPROFEN 200 MG SOFTGEL | 62011-0368-01 | 0.08093 | EACH | 2024-12-18 |
HM IBUPROFEN 200 MG SOFTGEL | 62011-0399-01 | 0.08093 | EACH | 2024-12-18 |
HM IBUPROFEN 200 MG SOFTGEL | 62011-0368-01 | 0.07882 | EACH | 2024-11-20 |
>Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Global Ibuprofen Market Analysis and Price Projections
Introduction to Ibuprofen Market
Ibuprofen, a widely used nonsteroidal anti-inflammatory drug (NSAID), is a staple in the pharmaceutical industry, known for its analgesic, anti-inflammatory, and antipyretic properties. The global ibuprofen market is driven by several key factors, including the increasing prevalence of chronic diseases, rising healthcare expenditures, and growing consumer awareness of over-the-counter (OTC) medications.
Market Size and Growth Projections
The global ibuprofen market is valued at different levels depending on the source, but all indicate a positive growth trajectory.
- As of 2023, the global ibuprofen market size was valued at approximately USD 1.43 billion and is expected to reach USD 1.76 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 2.44% during the forecast period (2024-2032)[1].
- Another report estimates the market size to be USD 121.6 million in 2024, projected to expand to USD 215.24 million by 2031 with a CAGR of 8.50% from 2024 to 2031[3].
- A more conservative estimate places the market size at USD 92.16 million in 2024, expected to reach USD 111.41 million by 2031, with a CAGR of 2.40% from 2024 to 2031[4].
Regional Market Analysis
The global ibuprofen market is segmented into several regions, each with its own growth dynamics.
- Asia-Pacific is the largest and fastest-growing region, driven by cost-efficient manufacturing in countries like China and India. The region's healthcare expenditures have been rising significantly, with trends indicating an increase from over 5% in 2020 to approximately 11% in 2023 compared to the previous year[1].
- North America is also expected to see substantial growth, though it faces challenges such as recent dockworkers' strikes and transportation bottlenecks, which can impact supply chains and prices[2].
Drivers of Market Growth
Several factors are driving the growth of the global ibuprofen market:
- Increasing Prevalence of Chronic Diseases: Conditions such as rheumatoid arthritis, osteoarthritis, headaches, and cardiovascular diseases are becoming more prevalent, leading to higher demand for ibuprofen[1][4][5].
- Rising Healthcare Expenditures: Growing healthcare spending globally, particularly in the Asia-Pacific region, is a significant driver of the market[1][5].
- Growing Consumer Awareness: Increased awareness about OTC medications and the trend towards self-medication for minor ailments are boosting demand for ibuprofen[1].
- Demographic Changes: The aging population, especially in countries like India, is contributing to the increased demand for ibuprofen. For instance, India's elderly population is expected to rise from 137.9 million in 2021 to 193.8 million by 2031[1].
Challenges and Price Pressures
Despite the positive growth outlook, the ibuprofen market faces several challenges that are impacting prices.
- Manufacturing Setbacks: Recent operational hurdles in major production facilities in India and China, including raw material shortages and reduced capacity during China's Golden Week holiday, have led to a surge in ibuprofen prices. The average wholesale price has jumped by 15% since September 2024[2].
- Supply Chain Disruptions: Transportation bottlenecks, particularly at major Asian ports, and the first major dockworkers' strike in nearly 50 years in the U.S. have created significant delays and increased costs[2].
- Raw Material Costs: A 2.9% price increase in propionic acid, a crucial raw material for ibuprofen production, has further elevated production costs. This is partly due to increased demand from food preservative manufacturers and the surge in upstream crude oil prices[2].
Price Projections
Given the current challenges, market experts anticipate additional price pressures through November 2024 and potentially beyond.
- Short-Term Increases: The recent surge in prices, with average increases of $2-3 per standard package in North America and even steeper hikes in European markets, is expected to continue due to ongoing supply chain issues and raw material cost increases[2].
- Long-Term Trends: Despite short-term fluctuations, the overall market growth and increasing demand are likely to stabilize prices in the long term, although they may remain higher than pre-2024 levels due to sustained demand and production costs[1][4].
Competitive Landscape
The global ibuprofen market is highly competitive, with several key players operating in the space.
- Manufacturing Hubs: Countries like China and India are attracting significant investment from pharmaceutical and biotechnological companies due to their low manufacturing costs and favorable regulatory environments[1][5].
- Market Players: The competitive landscape includes both large pharmaceutical companies and smaller, regional players. The market is expected to see continued competition as new entrants seek to capitalize on the growing demand for ibuprofen[4].
Future Outlook
The future of the global ibuprofen market looks promising, driven by the increasing prevalence of chronic diseases and rising healthcare expenditures.
- Growth Opportunities: Emerging economies, particularly in the Asia-Pacific region, offer significant growth opportunities due to their large and growing populations and increasing healthcare spending[1][5].
- Challenges Ahead: The market will need to navigate ongoing supply chain disruptions, raw material cost increases, and potential regulatory changes to maintain its growth trajectory[2].
Key Takeaways
- The global ibuprofen market is valued at approximately USD 1.43 billion in 2023 and is expected to grow to USD 1.76 billion by 2032.
- Asia-Pacific is the largest and fastest-growing region, driven by cost-efficient manufacturing and rising healthcare expenditures.
- The market faces challenges such as manufacturing setbacks, supply chain disruptions, and raw material cost increases, leading to short-term price pressures.
- Long-term growth is driven by the increasing prevalence of chronic diseases and growing consumer awareness of OTC medications.
FAQs
Q: What is the current global ibuprofen market size? A: The global ibuprofen market size was valued at approximately USD 1.43 billion in 2023[1].
Q: What is the projected growth rate of the global ibuprofen market? A: The market is expected to grow at a CAGR of 2.44% from 2024 to 2032[1].
Q: Which region is the largest market for ibuprofen? A: The Asia-Pacific region is the largest and fastest-growing market for ibuprofen[1].
Q: What are the main drivers of the global ibuprofen market growth? A: The main drivers include the increasing prevalence of chronic diseases, rising healthcare expenditures, and growing consumer awareness of OTC medications[1][4][5].
Q: Why are ibuprofen prices surging in 2024? A: Ibuprofen prices are surging due to manufacturing setbacks, supply chain disruptions, and raw material cost increases[2].
Sources
- Straits Research: Global Ibuprofen Market Size, Top Share, CAGR of 2.44%, Report ...
- ChemAnalyst: Global Ibuprofen Prices surge in October 2024
- Cognitive Market Research: Global ibuprofen market size is USD 121.6 million in 2024.
- Verified Market Research: Ibuprofen Market Size, Share, Scope, Trends, Growth & Forecast
- Grand View Research: Ibuprofen API Market Size, Share & Growth Report, 2030
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