Analyzing the Impact of COVID-19: Downtrend Prevails in Ibuprofen API Market; Supply Chains May Continue to Suffer Through 2020 – Future Market Insights
Active pharmaceutical ingredient (API) industry is witnessing a sharp decline in supply and demand during the COVID-19 outbreak. Ibuprofen API will witness a downfall in demand, owing to halted productions by major manufacturers, as suggested by a new Future Market Insights (FMI) report. Continuous demand for low-cost non-steroidal anti-inflammatory drugs (NSAIDs), and scale of manufacturing facilities remain the key drivers for global Ibuprofen market that has been projected to witness around 1.3X expansion in revenues during 2020-2029.
Emergence of cost-effective drug manufacturers in Asia, coupled with increasing API drug shortages, are further driving ibuprofen API market growth. Moreover, with China being the global manufacturing hub, is severely affected by the pandemic induced travel restrictions and lockdowns, eventually resulting in supply chain disruptions. The effects of COVID-19 are collectively resulting in a decline in sales. The downtrend is expected to prevail till the pandemic subsides.
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Contract Manufacturing Organizations (CMOs) will remain the primary end-use segment, owing to high reliance from prominent pharmaceutical companies for manufacturing APIs as well as final formulations. Furthermore, the integration of CMOs into the supply chain of pharmaceutical companies is gradually gaining traction, propelling the demand.
North America is currently the leading regional market for Ibuprofen API. The dominance is attributed to the strong presence of leading manufacturers, coupled with high adoption of non-steroidal anti-inflammatory drugs (NSAID). However, the region will end up shrinking its global market share owing to Asia’s proliferation.
Asian market is forecasted to grow at a promising rate and bestow lucrative opportunities for players in the ibuprofen API market. The growth is primarily attributed to the availability of cheap labor adequate raw materials. Moreover, with conducive regulatory environments being set up across manufacturing facilities, coupled with reduced taxation policies are fueling growth. China and India being leading regions, contribute to 80% of total anti-inflammatory APIs manufactured. This facet is further spurring market players to leverage the demand in the region. However, the pandemic is likely to hinder the swift growth of the market.
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End-use Industries: Contract Manufacturing Organizations and Pharmaceutical Companies
Regions: North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA
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