Global Acetaminophen (Paracetamol) Market to Reach USD 1,432.6 Million By 2028

 Posted on: Nov-2022 | Healthcare

The Global Acetaminophen (Paracetamol) Market Was Worth Around USD 1099.5 Million in 2021 and is Predicted to Reach Around USD 1,432.6 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.8% Over the Forecast Period.
global Acetaminophen Market is primarily driven by the continuous prevalence of chronic pain in populations across the globe. Another major driver is the cheap cost of acetaminophen which helps the growth of the acetaminophen market. However, side effects and the presence of alternatives are the major restraint that may limit the growth of the market. As well, long-term dose is very important for the geriatric patients as they suffer from chronic joint pain, back pain and others, thus using alternative pain relievers over acetaminophen (paracetamol) due to the side effects associated with its long-term usage. These factors act as restraints that are affecting the growth of the acetaminophen market. Nonetheless, rise in the geriatric population is likely to disclose the new avenues for the growth of the acetaminophen market in the near future. 

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Acetaminophen Market Drivers
Increasing Prevalence of Chronic Pain Enhances the Growth of Acetaminophen (Paracetamol) Market

Pain management in patients with chronic diseases is a difficult clinical challenge for healthcare professionals. Acetaminophen has been used safely and effectively for many years to manage pain and fever in patients of all ages. Globally, more than 1.5 billion people suffer from chronic pain. Chronic pain conditions often affect older adults. Complaints from chronic pain include headaches, cancer pain, arthritis pain, back pain, arthritis pain, migraine, menstrual pain, and neurogenic pains because of damage to the central and peripheral nerves. Back pain is one of the most common presentations of chronic pain. 

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Severe chronic pain is a considerable health issue, profoundly affecting the quality of patients, social and working lives. Thus, the increasing prevalence of chronic pain is continuously responsible for the growth of the acetaminophen (paracetamol) market. 
Acetaminophen Market Opportunities
The global age structure of the population is expected to change over the coming decade which focuses on the older population in terms of age, sex, race, and region. The projected growth of the older population in developed as well as developing regions is a challenge for social security and medical care. People aged 65 and above are considered elderly, geriatric, or aged. 
In 2012, the global population was about 7 billion which included 562 million (8%) older population. In 2015, the older population reached 8.5% of total population. In the next 10 years, there will be increase of about 236 million geriatric population worldwide and further, it is projected to almost double from 2025 to 2050. Paracetamol is a commonly used medicine by most people for treating pain and reducing a high temperature (fever) and is often recommended by doctors as one of the first-line treatments for pain. Thus, the rise in geriatric population and the prevalence of pain in older people offers opportunities for the growth of acetaminophen (paracetamol) market.
Acetaminophen Market Scope and segmentation

Attribute

Details

Market Size in 2021

1099.5 USD Million

Estimated Market Size in 2028

1,432.6 USD Million

CAGR Growth Rate

4.8% CAGR

Historical Year

2016 to 2021

Forecast Years

2022-2028

Segment Covered

By Form

BY Application

Major Regions Covered

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • UK
    • Germany
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • The Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East & Africa

Report Coverage

Revenue forecast, company share, growth factors, and recent trends

Segment insight 
•    Based on the Form type, tablets dominated the global acetaminophen market in 2022 In addition to this, the medicine acetaminophen is offered in a variety of dosage forms, but extended-release tablets are the most common form for demonstrating analgesic effects. These medications are given to patients who are habituated to ingesting salicylates as well as those suffering from hypersensitive tendencies such as bronchial asthmatics.
•    Based on the end-user industry, The pharmaceutical industry dominates the acetaminophen market in 2021. The same segment is expected to grow at the highest rate during the forecast period. The pharmaceutical market has matured rapidly and is considered a major factor in the growth of the acetaminophen market. Apart from its scope in the treatment of mild headache, fever, and muscle aches, acetaminophen is also used in combination with another analgesic like ibuprofen to treat chronic pain of obstetric practices.
Regional Insights
North America, is expected to account for a substantial share of the acetaminophen market in 2021 and it held more than 32% share in terms of value. This is mainly due to rising percentage of the geriatric population coupled with favorable government initiatives for acetaminophen in this region followed by Europe. Asia Pacific is projected to be the most devious market during the forecast period. Asia Pacific is expected to witness fastest growth in the near future. The growth of this region is attributed due to its population size and the universal segment of drugs. The sale of paracetamol drugs for cough, cold, and flu has increased, particularly in highly emerging markets, such as India and China. Moreover, the rising population suffering from pain and fever and rising awareness also help as a primary driver for market growth in this region. Latin America market is dependent on imports from India and China API manufacturers. Increasing investment in the healthcare industry coupled with development of production facilities is anticipated to fuel market growth in the Latin America region.

Acetaminophen Key Market Players  
The major companies operating in the global acetaminophen market are Glaxo SmithKline Pharmaceuticals Ltd., Sigma-Aldrich Co. LLC., Granules India Limited, Angene International Limited, Mallinckrodt Pharmaceuticals Granules India Ltd., Farmson Pharmaceutical Gujarat Pvt. Ltd., Cipla, Haihang Industry Co., and BOC Sciences among others.
This section of the report will provide you with extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence, among others. Moreover, the report will also include an extensive analysis of key strategies adopted by market players, such as new solution/product launches, R&D, partnerships, mergers & acquisitions, regional expansions, technical innovation partnerships, and collaborations & joint ventures. 

Recent Developments:
May 2022: GSK plc announced that it had entered into a definitive agreement to acquire Affinivax, Inc. (Affinivax), a clinical-stage biopharmaceutical company based in Cambridge, Boston, Massachusetts. Affinivax is pioneering the development of a novel class of vaccines, the most advanced of which are next-generation pneumococcal vaccines.

Segments Covered in the Report:
By Form

•    Tablet
•    Capsule
•    Liquid Suspension
•    Powder
By Application
•    Chemical Industry
•    Pharmaceuticals Industry
•    Others

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