In 2021, The Global Acetaminophen (Paracetamol) Market Was Valued at Approximately USD 1099.5 Million, and It Is Forecast to Reach Approximately USD 1,432.6 Million by 2028 at A CAGR Of About 4.8%.
Paracetamol, also known as Acetaminophen, is the most widely used analgesic and antipyretic. Acetaminophen discovered in 1877, is commonly used for mild to moderate pain. It is prescribed either alone or in combination with cold medication. Paracetamol is the name that is allowed by the International Nonproprietary Organization, Australia, and Britain. Acetaminophen is the name that is approved and used in the United States and Japan. At present, Acetaminophen is commonly used to treat many clinical conditions such as headache, muscle aches, arthritis, backache, toothaches, colds, and fevers.
Acetaminophen is available in many forms, including tablets, capsules, liquids, and suspensions. Under recommended dosages, it is considered safe, but overdose results in drug toxicity, including nausea, vomiting, and sweating. However, high doses of acetaminophen can also cause liver damage.
Acetaminophen (Paracetamol) Market Driver
Easy Availability with low price
Paracetamol is an effective antipyretic and analgesic agent with weak anti-inflammatory effects. It has been around the world for more than 30 years. The patent for Acetaminophen (Paracetamol) expired in 2007 after which numerous alternative versions have been developed and sold under various brand names, due to which it serves as an active ingredient in hundreds of over-the-counter (OTC) medicines. On average, the cost of a generic drug is reduced by 80-85% more than the brand name product. As well, multiple generic companies produce paracetamol, lowering the overall price of Acetaminophen tablets.
Due to fierce competition in the market, tablets are easily available. Additionally, the price is very low because of the low costs of advertising, marketing, and promotion of the product. As it has various benefits and fewer side effects, it is prescribed as first-line therapy for relieving pain. It is the most commonly used medicine for pain relief around the world.
Thus, due to easy availability in the market at a cheap price, the market for Acetaminophen (paracetamol) is expected to boom in the coming future.
Acetaminophen (Paracetamol) Market Restraints
Acetaminophen is a pain reliever and a fever reducer. It is used to treat many conditions such as headaches, muscle aches, arthritis, backache, toothaches, colds, and fevers. Although this molecule is considered the safest pain reliever, it lacks anti-inflammatory properties. Large and long-term doses of acetaminophen are also proven to produce various adverse effects on body organs which include the heart, liver, kidney, etc. Recently technological advancements like sustained release and microencapsulation have made a huge transformation in the pharmaceutical industry. Several painkillers that act specifically on COX1, COX2, and COX3 are proven to better relieve pain in older patients. Acetaminophen possesses exceptional antipyretic activity but weak analgesic activity. This is owing to its mechanism of action. Hence the presence of various alternatives in the market such as aceclofenac, ibuprofen, and others, acts as a major restraint for the acetaminophen market.
Acetaminophen (Paracetamol) Market Segmentation
Form Type Insights
By form, the acetaminophen (paracetamol) market has been segmented into tablets, capsules, liquid suspensions, and powder. In 2021, the tablets segment held the largest market share of XX% of the overall global market for acetaminophen (paracetamol). Tablets and capsules can be easily managed verbally, so these forms are anticipated to show robust growth in upcoming years and register a higher CAGR during the forecast period.
End-User Insight
By end-user, the market for acetaminophen (paracetamol) has been segmented into Chemical Industry, Pharmaceutical Industry, and Others. In 2021, pharmaceutical was the largest application in the acetaminophen market accounting for more than 82% share of the overall market. The largest share is owing to the growing prevalence of fractures, injury, and pain-related diseases coupled with the easy availability of the drug and the increasing geriatric population. The rising need for pain relief and increasing health awareness will help nurture the pharmaceutical industry in the acetaminophen market. Chemical Industry is another key segment of this market and is expected to experience exponential growth in the years to come.
Regional Insights
In 2021, North America emerged as the second largest region for the acetaminophen market and it accounted for more than 32% market share of total revenue generated. Market growth is due to factors such as the presence of key players, as well as the high incidence of fever, migraine, and headaches, in the region. The dominance of North America is expected to diminish in the years to come. This is due to the risk of heart attack and liver damage due to high consumption, rising awareness of side effects, and strict regulations. The European market is also expected to show moderate growth in the coming years. This growth is mainly attributed to the large patient pool owing to the increasing geriatric population. The share of older people is due to increased life expectancy which has been observed for several decades.
Asia Pacific accounted for XX% share of the total market in 2016 and is expected to witness the fastest growth in the near future. This growth is mainly due to the rising aging population coupled with increasing healthcare expenditures and the easy availability of acetaminophen as an over-the-counter (OTC) drug. As per the NIH report, the Asia-Pacific region is at the forefront of the speed of aging. There are currently about 341.4 million people aged 65 and over, which is projected to increase to 587.3 million by 2030. Also, the world’s two largest population countries India and China have contributed to the growth of the market. The Middle East & Africa is expected to show steady growth in the years to come. The increasing prevalence of pain-related diseases such as arthritis, and osteoporosis in the aging population will drive the market in the forecast period.
Competitive Landscape
The report covers a detailed competitive outlook including company profiles of the key participants operating in the global acetaminophen market.
- Sigma-Aldrich Co. LLC.
- Glaxo SmithKline Pharmaceuticals Ltd
- Granules India Limited
- Angene International Limited
- Mallinckrodt Pharmaceuticals Granules India Ltd.
- Farmson Pharmaceutical Gujarat Pvt. Ltd.
- Cipla
- Haihang Industry Co.,
- BOC Sciences
Key Industry Developments
April 2022: IOL Chemicals & Pharmaceuticals announced that it has started the commercial production of 'Paracetamol' with an installed capacity of 1,800 MTPA and backward integration of Para Amino Phenol (PAP).
Acetaminophen Market Scope and segmentation
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Attribute
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Details
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Market Size in 2021
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1,099.5 USD Million
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Estimated Market Size in 2028
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1,432.6 USD Million
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CAGR Growth Rate
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4.8% CAGR
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Historical Year
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2016 to 2021
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Forecast Years
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2022-2028
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Segmentation
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Form, Application, and Region
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By Form
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- Tablet
- Capsule
- Liquid Suspension
- Powder
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By End-User
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- Chemical Industry
- Pharmaceuticals Industry
- Others
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Report Coverage
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Revenue forecast, company share, growth factors, and recent trends
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Free customization scope (equivalent to 5 analysts working days)
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If you want detailed information, that is not currently within the scope of the report, we will provide it to you as part of the customization process.
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