Paracetamol Market

Global Paracetamol Market Size (2024 to 2029)

The size of the global paracetamol market is predicted to be worth USD 100 million in 2023 and is expected to reach USD 190 million by 2029 with a CAGR of 5.22% from 2024 to 2029.

Acetaminophen, often known as paracetamol, is the most regularly used analgesic and antipyretic for pain relief and fever reduction. It is usually prescribed either alone or in combination 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 is also considered safe to use during pregnancy and breastfeeding. The medication is a moderate analgesic for headaches, arthritis, and other minor aches and pains. 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.

Current Scenario of the Global Paracetamol Market 

The manufacture, distribution, and production of paracetamol are two of the main focal points in the global economy and play a crucial role in the global paracetamol market. Paracetamol is an over-the-counter (OTC) non-opioid analgesic and antipyretic medication used in treating fever and mild-to-moderate pain, propelling the market growth. The global paracetamol market has witnessed a colossal market share in the past years and is anticipated to grow significantly during the forecast period. The rising consumer awareness regarding OTC medications and the vast consumption of paracetamol during the pandemic promoted global market expansion. According to the U.S. Food and Drug Administration (FDA), acetaminophen is the most preferred drug to treat fever and pain. World Health Organization (WHO) data states that seasonal influenza causes 290,000-650,000 deaths annually worldwide. The wide availability of paracetamol and its huge therapeutic effects, as well as the expanding pharmaceutical industry, are estimated to enhance the market growth opportunities.

MARKET DRIVERS

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

During the forecast period, the rising incidence and prevalence of cardiovascular diseases, osteoarthritis conditions, and numerous cancers are likely to be crucial driving factors for the global paracetamol market. Although 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 regularly, 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 significant factors driving the paracetamol market growth. According to CDC data, the cases of illnesses caused by influenza rose from 9.4 million to 41 million in the U.S. from 2010-2022. The escalating demand for combination therapies where paracetamol in combination shows improved therapeutic effects, boosting the market growth opportunities. The increasing demand for pediatric paracetamol formulations and combination therapies is accelerating the market size expansion. 

The availability of advanced medicines and technological advancements have increased lifespan globally, increasing the senior population. As people get older, they are more likely to experience various types of pain with different 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. The expanding healthcare expenditure in emerging economies is enhancing the demand for over-the-counter and prescribed medications, fueling the expansion of the global market. The increasing number of product and drug approvals by the United States Food and Drug Administration (USFDA) is multiplying the market revenue. 

MARKET RESTRAINTS

The increasing availability of generics, competitive intensity, and growing popularity of sustainable chemistry are among the primary factors that will obstruct market expansion and are estimated further to challenge the growth of the global paracetamol market. The primary factor restraining the global paracetamol market is the side effects associated with the overconsumption of paracetamol. Even though paracetamol is the most widely used drug, several specific side effects are noted with its use; the most significant side effect is a risk of liver damage in cases of overdosing or cases of inappropriate usage. This is estimated to hamper the global market expansion, restricting the adoption among people. A study reported that "Potential deleterious effects of paracetamol dose regime used in Nigeria versus United States of America," published in 2022 in ScienceDirect Journal, stated that paracetamol is one of the known causes of acute liver failure in the U.S. and Europe. It also stated that paracetamol poisoning is likely the cause of liver disorders in Nigeria. Various challenges in manufacturing and regulatory approvals for manufacturers are expected to hinder the market expansion.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Paracetamol Market Analysis By Dosage Form

The tablet dosage form is the most popular and is expected to occupy most of 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. Their distinguishing attribute of being a rapid pain reliever and ease of administration drives the segment growth. 

The other segment involves intravenous and intramuscular, which are expected to grow prominently in the forecast period due to their wide adoption in treatment courses. Long-term treatment and hospital stays prefer intravenous paracetamol to reduce the patient's high temperature as it shows rapid results. 

Global Paracetamol Market Analysis By Application

The market for paracetamol is predicted to dominate 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 defense against cough symptoms. The sale of paracetamol medications for cough, cold, and flu has surged in 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 essential causes for market advancement.

The headache and fever segment will have a dominant share in the coming years due to the vast usage of paracetamol in controlling the temperature, as it has antipyretic and analgesic effects. The muscle cramps segment will record a steady growth rate during the forecast period.

REGIONAL ANALYSIS

North America dominated the global paracetamol market with a significant market share. The presence of the principal, the high prevalence of fever, headaches, and migraine in the region, and the developed healthcare infrastructure are critical factors responsible for the market's colossal share. The country's market growth will likely 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. According to the American Migraine Foundation January 2021 article, there are more than 4 million adults who experience chronic daily migraine with at least 15 headache days per month. The rising patient pool and enhancing disposable incomes are expected to boost regional market growth. The enlargement in government investments in pharmaceuticals, the presence of advanced healthcare infrastructure, and increasing regulatory approvals fuel the regional market growth. 

The Asia Pacific region is projected to have the fastest growth in the coming years due to the enhanced healthcare and pharmaceutical industries across countries like Japan, China, and India. Rising chronic diseases, growing consumer awareness, and increased demand for over-the-counter drugs are boosting the regional market growth opportunities. 

The European region is estimated to grow steadily in the coming years. Rising technological advancements, a geriatric population, an advanced healthcare industry, and the presence of major market players will drive the market. 

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

• In April 2022, IOL Chemicals and Pharmaceuticals started commercial production of paracetamol with an installed capacity of 1800 MTPA and backward integration of Para Amino Phenol (PAP).
• In March 2022, Paraveganio became one of the first medicinal products in the world to be registered with The Vegan Society's Vegan Trademark. The certified vegan drug contains 500 mg of the proven active ingredient paracetamol. 
• Johnson & Johnson stated in March 2020 that they plan 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.

DETAILED SEGMENTATION OF THE GLOBAL PARACETAMOL MARKET INCLUDED IN THIS REPORT

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

By Dosage Form

• Tablet
• Capsules
• Others

By Application

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

By Region

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