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The paracetamol market size is estimated to increase by USD 929.4 million and grow at a CAGR of 9.42% between 2023 and 2028. The growth of the market depends on several factors, including the effective use of paracetamol as API in a large number of OTC drugs, the wide application as first-line therapy for symptomatic relief, and the rising prevalence of chronic conditions and prescription drug use.
The France Reliance program represents a strategic initiative aimed at enhancing reliance on domestic manufacturing, potentially influencing the paracetamol market through localized production efforts. Acetaminophen (paracetamol) serves as a fundamental analgesic and antipyretic, significantly driving demand within the market. Regulatory oversight by authorities such as the regulatory authority ensures adherence to quality standards, thereby shaping market dynamics.
Pharmaceutical giants like GlaxoSmithKline play a pivotal role in the manufacturing and distribution of paracetamol-based medications, exerting considerable influence on market trends.f As initiatives like the France Reliance program continue to emphasize domestic manufacturing, the paracetamol market may witness shifts in production and distribution strategies, impacting both local and global market dynamics.
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The market is witnessing significant growth due to several driving factors and emerging trends. One prominent factor is the increasing demand for pain management drugs, driven by the rising prevalence of conditions such as migraines, chronic pain, and osteoarthritis. As the population ages, there is a higher incidence of chronic daily migraines and osteoarthritis, contributing to the sustained demand for paracetamol. Additionally, the prevalence of influenza and the common cold further fuels the market, as paracetamol is widely used to alleviate symptoms like fever, aches, and pains associated with these conditions.
Moreover, ongoing product innovation and formulation efforts, particularly in intravenous paracetamol formulations by companies like GlaxoSmithKline, enhance the market's growth prospects. Regulatory oversight and quality assurance initiatives, such as the France Reliance program, ensure compliance and quality standards, instilling consumer confidence. Awareness campaigns led by organizations like the Migraine Trust also play a vital role in driving demand by educating the public about effective migraine management strategies. These factors collectively contribute to the robust growth of the Paracetamol Market, catering to the increasing needs of individuals seeking relief from various pain-related conditions.
The growing use of paracetamol as an API in OTC drugs will drive the growth. Patients with cough, common cold, and slight allergies often avoid consulting doctors as these health conditions can be self-medicated with OTC drugs. These drugs do not require a prescription from a healthcare professional and can be directly purchased from pharmacies. Paracetamol/acetaminophen is one of the most common APIs used across a variety of OTC drugs offered in the form of syrups, tablets, injections, and suppositories. Paracetamol is combined with other formulations in about 600 OTC medications used for the treatment of various health conditions, such as allergies, common colds, sleeping disorders, and pain. Patients with such health conditions often avoid visiting doctors as these conditions can be easily treated using paracetamol-based OTC drugs.
Moreover, the France Reliance program underscores a strategic initiative aimed at bolstering reliance on domestic manufacturing, potentially impacting the paracetamol market through localized production efforts. Acetaminophen (paracetamol) stands as a cornerstone analgesic and antipyretic, driving demand within the market. Regulatory oversight by authorities such as the regulatory authority ensures quality standards, shaping market dynamics. Pharmaceutical giants like GlaxoSmithKline play a pivotal role in manufacturing and distributing paracetamol-based medications, influencing market trends. The market's trajectory is further influenced by the rising incidence of migraines and chronic conditions, necessitating the use of pain management drugs like paracetamol and ibuprofen. Healthcare infrastructure advancements augment accessibility, driving market expansion, particularly in addressing chronic daily migraines and other persistent ailments prevalent among the elderly population. The versatility of paracetamol formulations, including powder, rectal, and intravenous preparations, caters to diverse patient needs, contributing to market growth.
Developments in new applications are a key trend influencing the market growth. Researchers around the world are constantly improving the analgesic properties of acetaminophen to use it as an important pain reliever to treat health conditions such as atherosclerosis and cardiovascular disease. Researchers use acetaminophen as an antioxidant to prevent these diseases by inhibiting the oxidation of lipoproteins. Drug manufacturers achieve rapid absorption rates for rapid action. Modifications to the chemical properties of paracetamol are expected to enhance the absorption of the active substance and extend the duration of action with regular long-term use.
Moreover, there is also a growing demand for improved dosing for patients requiring rectal administration. The advent of intravenous acetaminophen products has helped expand the use of this drug as an alternative to pain relievers that may be used in intensive care units. Intravenous paracetamol availability in all countries and rising volatility are expected to provide tremendous growth potential to the market during the forecast period.
The presence of highly concentrated production facilities is challenging market growth. The market is highly competitive, and vendors often compete by improving their product quality, production technology, inorganic growth strategies, product approvals, and competitive pricing strategies, which also contribute to the growth of the market. The majority of manufacturers are based in China and India.
However, the presence of low-cost labor, efficient manufacturing units, and a skilled workforce are driving production in these countries. China and India offer paracetamol at very competitive prices compared to their European and North American counterparts causing disruptions in the European and North American markets.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anhui Fubore Pharmaceutical And Chemical Co. Ltd: The company is involved in the manufacturing of paracetamol, glucuronolactone, acetylacetone, and pyrazolone.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the surgical segment will be significant during the forecast period. The surgical segment of the market relates to the perioperative use for pain management in surgical patients. It has been used in surgical settings for many years as an analgesic, providing pain relief without the risks of addiction and respiratory depression associated with opioid drugs. It is used in surgical patients to treat pain after surgery and can be given intravenously or orally alone or in combination with other analgesics, such as opioids. Studies have shown that this drug is particularly useful in the treatment of mild to moderate pain and can reduce the need for postoperative opioids.
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The surgical segment was valued at USD 624.90 million in 2018. The surgical segment of the market comprises surgical specialties, and surgical specialties utilize drugs in varying amounts and in different ways. For example, it is commonly used in orthopedic surgery, and postoperative pain management is particularly important because of the pain associated with surgery. Additionally, the demand in the surgical segment will increase during the forecast period due to the increasing volume of surgical procedures worldwide and the growing awareness of the importance of effective pain management in improving patient outcomes. Additionally, the safety profile of acetaminophen makes it a desirable option for surgical patients at high risk of opioid-related side effects. The surgical segment, therefore, represents an important application of drugs in providing safe and effective pain relief to patients undergoing various surgical procedures. Rising demand for paracetamol, therefore, drives the growth of the surgical segment of the market during the forecast period.
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Asia is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. North America dominates the market, with the United States and Canada generating the largest revenues due to increasing demand as an API for the manufacture of numerous analgesic and antipyretic-based OTC drugs. Additionally, increasing use of acetaminophen-based medications as first-line treatment for symptomatic treatment of colds and flu, headaches, sprains, and sleep disorders is supporting the market growth analysis. Manufacturers of paracetamol-based medicines are constantly focused on developing new combination therapies by investing the majority of their capital expenditures in research. The range of OTC drugs based on paracetamol is steadily expanding with increasing approval of combination therapies by the US approval body FDA. Such approvals have accelerated the expansion of acetaminophen-based medicines into the regional OTC drug market, increasing demand for acetaminophen powders and granules in North America.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is influenced by various factors and stakeholders across the globe. Organizations like NICE, NHS, CDC, and MOHFW play pivotal roles in guiding healthcare policies and regulations concerning OTC analgesics and essential drugs, ensuring their accessibility and safety. Paracetamol, commonly used for pain management in conditions ranging from mild to moderate pains such as menstrual periods, toothaches, and backaches, to fever associated with cold or flu in both tropical areas and the Northern Hemisphere during the influenza season. It is often relied upon by local market players and supported by regulatory authorities like the FDA for its efficacy and safety profile.
Moreover, Paracetamol holds a significant position in the Cold and Cough Segment, offering relief from symptoms caused by viruses such as the common cold. With its availability in various formulations including OTC cough medicines, ibuprofen, and acetaminophen, Paracetamol caters to diverse consumer needs. Its role extends to addressing chronic pain, including migraines, and is an essential component in treatment management for various conditions like cancer and cardiovascular diseases. With commercial production facilitated by companies like IOL Chemicals and Pharmaceuticals, Paracetamol continues to be a cornerstone in pain management and healthcare globally, ensuring longevity and quality of life for the elderly and individuals across different pain indication segments.
Similarly, the market is bolstered by various factors such as local manufacturing and the availability of pain management drugs for common ailments like cold or flu aches, diabetes, epilepsy, and asthma. It's a crucial component in treating aches and pains associated with various conditions. Organizations like WHO GISRS laboratories play a pivotal role in monitoring diseases like influenza, where pain and fever are common symptoms. Regulatory bodies such as the FDA ensure quality standards for OTC (Over-the-Counter) drugs like paracetamol, which is manufactured by companies like Geno Pharma and Upsa. With its antibiotic properties and diverse treatment options, paracetamol remains integral in managing various health issues, underscoring its significance in the healthcare infrastructure.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.42% |
Market growth 2024-2028 |
USD 929.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.39 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Asia at 37% |
Key countries |
US, China, UK, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anhui Fubore Pharmaceutical And Chemical Co. Ltd., Anqiu Luan Pharmaceutical Co. Ltd., ATABAY KIMYA SANAYI TICARET AS, Biological E. Ltd., Cipla Inc., GlaxoSmithKline Plc, Granules India Ltd., Mallinckrodt Plc, Sanofi SA, SEQENS GROUP, Sri Krishna Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Trugen Pharmaceuticals Pvt Ltd., Zhejiang Kangle Pharmaceutical Co. Ltd., and Zhengzhou Sino Chemical Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecast, market research and growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Formulation
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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