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The paracetamol market size is estimated to grow at a CAGR of 8.78% between 2022 and 2027. The market size is forecast to increase by USD 791.9 million. 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 of paracetamol as first-line therapy for symptomatic relief, and the rising prevalence of chronic conditions and prescription drug use.
This paracetamol market report extensively covers market segmentation by application (surgical and non-surgical), formulation (powder and granules), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising prevalence of chronic conditions and prescription drug use is notably driving the market growth, although the presence of highly concentrated production facilities may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising prevalence of chronic conditions and prescription drug use is notably driving the paracetamol market growth. The healthcare sector is constantly expanding due to rising chronic diseases and popular pain relievers. According to the World Health Organization, oral diseases are a common cause of pain and suffering, affecting approximately 3.55 billion people worldwide. Paracetamol is commonly used to treat mild to severe pain, including headache, toothache, back pain, fever, osteoarthritis, muscle pain, and neuropathy. As pain increases, the need for pain relievers increases. According to the World Bank Group, the population aged 65 and over has increased by 10% in 2021 compared to 2020. By 2050, there will be 1.55 billion older people, projected to increase by 50%. The drug paracetamol works well as an antipyretic to reduce fever.
The market is expanding due to influenza epidemics and the use of over-the-counter drugs. The Migraine Trust lists migraine as one of the most common conditions that can lead to headaches and other consequences. Therefore, the increasing prevalence of chronic diseases and consumption of prescription drugs are expected to drive the growth of the market during the forecast period.
Developments in new paracetamol applications are a key trend influencing the paracetamol market growth. Researchers around the world are constantly improving the analgesic properties of acetaminophen in order 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. 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 the paracetamol 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 paracetamol manufacturers are based in China and India. The presence of low-cost labor, efficient manufacturing units, and a skilled workforce are driving the production of paracetamol 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.
European and North American countries such as France are among the top consumers of paracetamol, leading to high demand for importing the product. Hence, the presence of highly concentrated manufacturing facilities is one of the major challenges to the growth of the market during the forecast period.
The 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 growth strategies.
Global Paracetamol Market Customer Landscape
Vendors 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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 of paracetamol for pain management in surgical patients. Paracetamol 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. Paracetamol 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 582.47 million in 2017 and continued to grow until 2021. The surgical segment of the market comprises surgical specialties, and surgical specialties utilize drugs in varying amounts and in different ways. For example, paracetamol is commonly used in orthopedic surgery, and postoperative pain management is particularly important because of the pain associated with surgery. Additionally, the demand for paracetamol 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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North America is estimated to contribute 37% to the growth of the global paracetamol market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America dominates the market, with the United States and Canada generating the largest revenues due to increasing demand for paracetamol 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. 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 had a positive experience in the COVID-19 pandemic in 2020. During the pandemic, the demand for medicines based on paracetamol increased rapidly. The rapid increase in the number of COVID-19 cases has resulted in increased demand for paracetamol-based medicines, creating a significant supply and demand gap. To meet the growing demand, manufacturers of acetaminophen-based drugs ramped up production to full capacity. Therefore, the pandemic had a positive impact on the market in 2020. However, the launch of large-scale vaccination campaigns across the world in late 2021 further occupied the paracetamol market.
The paracetamol market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global paracetamol market as a part of the global pharmaceuticals market within the overall healthcare industry. The parent, the global pharmaceuticals, market includes products and companies engaged in research and development or manufacturing of generic, non-generic, and veterinary drugs.
Paracetamol Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.78% |
Market growth 2023-2027 |
USD 791.9 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.98 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, UK, Germany, China, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 Ltd., 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 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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