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Global Paracetamol Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Dosage Form, Application & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
As per our research report, the size of the global paracetamol market is forecasted to accelerate at a compound annual growth rate of 5.22% between 2021 to 2026.
COVID-19 impact on the global paracetamol market:
The year 2020 has been dominated by the COVID-19 pandemic, affecting over two million people with the coronavirus. On the one hand, diagnostics, PPE equipment, and critical medical supplies have seen unprecedented demand, while medical procedures have declined by 60%.
It is estimated that Chinese manufacturers produce around 40% of all paracetamol used in the world. Due to the foreclosure situation, most of the world's markets have faced a shortage of paracetamol, which has caused the prices of the drugs to increase and result from an increase in the black market. Amid the COVID-19 situation, governments of various authorities have supported local manufacturers to meet the needs. The post-pandemic situation will see an increase in the production of paracetamol through local market players and distribution during the forecast period.
KEY DRIVING FACTORS:
The increase in cases of chronic diseases and drugs of choice for pain management regularly intensifies the growth of the market. According to the World Health Organization, around 3.55 billion people are affected by oral diseases, often causing pain and discomfort. Paracetamol is widely used to treat mild to moderate pain, including headache, toothache, back pain, fever, osteoarthritis or muscular pain, and neurological discomfort. The need for pain reliever increases with an increase in pain. According to the UN report, there were 705 million people aged 65 and over in the world in 2019. The number of older people is projected to double to 1.55 billion by 2050. Paracetamol is an effective drug used as for antipyretic to reduce fever. The increasing burden of flu and the use of OTC products are driving the growth of the market. According to the Migraine Trust, migraine is one of the most common diseases, causing headaches and other complications.
Factors such as patient education about health, increase in the number of research and development in medicine to bring out more effectiveness, and growing recommendation of paracetamol by physicians as the first choice of NSAIDS are the significant factors driving the paracetamol market. In addition, increasing technological advancements and modernization of healthcare infrastructure, and booming emerging markets with a growing senior population will create new opportunities for the paracetamol market during the forecast period. The population aged 65 and over increased from 6.6% in 1990 to 9.6% in 2019. In addition, the World Health Organization estimates that worldwide, annual influenza causes between 3.2 and 5.2 million cases of complications and between over 3 million deaths.
However, factors such as the increasing availability of other pain killer drugs, counterfeit items, and the intense competition and increasing popularity of natural medicines are the major factors estimated to hamper the global paracetamol market growth during the forecast period. Moreover, specific side effects of paracetamol are likely to inhibit the development of the market. Some of the more common side effects of a paracetamol overdose are nausea, dizziness, thirst, stomach pain, loss of appetite, weakness, and kidney cancer.
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KEY MARKET INSIGHTS:
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