Paracetamol Market

Global Paracetamol Market Size (2023 to 2028)

The size of the global paracetamol market is predicted to register a CAGR of 5.22% from 2023 to 2028.

Acetaminophen, often known as paracetamol, is the most regularly used analgesic and antipyretic for pain relief and fever reduction. It's usually prescribed either alone or in conjunction with cold medicine. The name 'Paracetamol' is approved by the International Non-proprietary Organization, the United Kingdom, and Australia. It contains a pain reliever derived from coal tar that is safe in recommended quantities. It looks to be safe to use during pregnancy and breastfeeding as well. The medication is a moderate analgesic used to treat headaches, arthritis, and other minor aches and pains. Cold and flu medicines are also recommended. Headaches, menstrual periods, toothaches, backaches, osteoarthritis, or cold/flu aches and pains are all treated with paracetamol. Paracetamol is classified as a non-steroidal anti-inflammatory medicine because it is commonly used to treat inflammatory pain (NSAID). In paracetamol, a benzene ring core is substituted by one hydroxyl group and the nitrogen atom of an amide group.

Impact of COVID-19 on the global paracetamol market:

The COVID-19 pandemic is expected to have a significant impact on the global paracetamol market. Various healthcare agencies throughout the world, including the National Institute for Health and Care Excellence, the National Health Service (NHS), the CDC, and the Ministry of Health and Family Welfare (MOHFW) of the Government of India have suggested paracetamol for controlling fever in adults and children with COVID-19 due to its widespread availability. Initially, the COVID-19 pandemic caused a surge in demand for over-the-counter analgesics like paracetamol, causing local authorities to place export limits on key drugs while maintaining acceptable supply levels in their country.

Following COVID-19, the Indian chemists' organisation has agreed not to dispense cold, cough, and fever drugs to anyone without a prescription. Paracetamol was in short supply in most markets throughout the world due to the lockdown, leading in higher pricing for paracetamol tablets on the internet and in independent community pharmacies. The pandemic has raised pharmaceutical drug demand while also disrupting the entire pharmaceutical supply chain. Acetaminophen has been in low supply in pharmacies, and some stores have imposed sales restrictions. Pharmaceutical businesses, on the other hand, have greatly increased their production capacity in order to keep up with the rising demand for pharmaceuticals. As a result, it is expected to have a positive impact on the growth of the industry.

MARKET DRIVERS:

The growth of the global paracetamol market is predicted to driven by the rising prevalence of chronic diseases and the increased use of over-the-counter drugs.

During the forecast period, rising incidence and prevalence of cardiovascular diseases, osteoarthritis condition, and numerous cancers are likely to be crucial driving factors for the global paracetamol market. Despite the fact that chronic diseases are the leading cause of death for both men and women, women face distinct health complications. Rising cases of chronic diseases and conditions that necessitate pain management solutions on a regular basis, as well as rising demand for pain relief medicines, rising health awareness among consumers, rising applications of paracetamol in the dye and chemical industries, and rising doctor guidelines of acetaminophen for mild pain and fever, are among the major factors driving the paracetamol market growth.

The availability of advanced medicines and technological advancements have increased lifespan globally, resulting in an increase in the senior population. As people get older, they are more likely to experience various types of pain for a variety of causes, including an increase in the prevalence of acute and chronic disorders like stroke, heart disease, type 2 diabetes, and cancer, which drives up the need for pain management drugs. Expanding R&D efforts in the healthcare sector, and rising emerging markets with an increasing elderly population base will all generate new opportunities for the global paracetamol market.

MARKET RESTRAINTS:

Many regulatory agencies around the world restricted the use of paracetamol due to a lack of the drug during the pandemic. The increasing availability of generics, competitive intensity, and growing popularity of sustainable chemistry are among the primary factors that will obstruct market expansion and is estimated to further challenge the growth of the global paracetamol market.

REPORT COVERAGE:

This research report on the global paracetamol market has been segmented and sub-segmented based on dosage form, application & region.

Paracetamol Market – By Dosage Form:

• Tablet
• Capsules
• Others

The tablet dosage form is the most popular and is expected to occupy majority of the share in the global paracetamol market, followed by capsules. Because tablets and capsules are easy to take orally, these segments are expected to develop rapidly in the coming years. Because of its distinguishing attribute of being a rapid pain reliever, the pharmaceutical use is the main segment for Paracetamol.

Paracetamol Market – By Application:

• Headache and Fever
• Cold and Cough
• Muscle Cramps
• Others

The market for paracetamol is predicted to dominated by the cold and cough segment during the forecast period. Many different types of viruses can produce a typical cold. After most cases, the disease is painless, and the symptoms disappear forever in two weeks. Consumers rely on over-the-counter cough treatments as a first line of defence against cough symptoms. The sale of paracetamol medications for cough, cold, and flu has surged in high growing countries, such as India and China, because of the simplicity of procurement. Furthermore, an increase in the number of people suffering from pain and fever, as well as improved awareness, is one of the important causes for market advancement.

Paracetamol Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Throughout the forecast period, North America is expected to dominate the global paracetamol market. The presence of important companies, the high prevalence of fever, headaches, and migraine in the region, and the developed healthcare infrastructure are some of the key factors responsible for the market's huge share. During the projected period, market growth in the United States is expected to be strong. The country's market growth is likely to be boosted by an expanding patient pool and increased disposable income. Some of the reasons projected to fuel market expansion include positive government efforts and an increase in the number of research partnerships. Due to supporting healthcare regulations, higher per-tablet costs, a large number of patients, and an established healthcare sector, the United States holds the largest share in this region.

The paracetamol market is expanding as a result of the rising number of chronic diseases and conditions that necessitate pain management solutions on a daily basis. Asia-Pacific is the market leader in Paracetamol, owing to India and China's high growth rates.

KEY MARKET PARTICIPANTS:

Mallinckrodt, Anqiu Lu'an, Granules India, Zhejiang Kangle, Farmson, Hebei Jiheng, Novacyl, Anhui BBCA Likang, Anhui Fubore, SKPL, Atabay, Huzhou Konch, Changshu Huagang, Anhui Topsun and Sino Chemical are a few of the noteworthy companies in the global paracetamol market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• Johnson & Johnson stated in March 2020 that they are in plans to increase production of its trademark product Tylenol, an over-the-counter pain reliever.
• The Food and Drug Administration approved GlaxoSmithKline's Advil Dual Action with Acetaminophen as an over-the-counter (OTC) pain reliever in February 2020.