Paracetamol also known as acetaminophen or APAP is an active ingredient in hundreds of over-the-counter (OTC) and prescription medicines. It relieves pain and fever. And, it is also combined with other active ingredients in medicines that treat allergy, cough, colds, flu, and sleeplessness. In prescription medicines, acetaminophen is found with other active ingredients to treat moderate to severe pain. Acetaminophen can cause serious liver damage if more than directed is used.
According to the new market research report "Paracetamol - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030", published by QYResearch, the global Paracetamol market size is projected to grow from USD 1180.72 million in 2023 to USD 1371.42 million by 2029, at a CAGR of 2.53% during the forecast period.
- Global Paracetamol MarketSize(US$ Million), 2018-2029
Source: QYResearch, "Paracetamol - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
Market Drivers:
Paracetamol is widely used to treat mild to moderate pains, including headaches, menstrual periods, toothaches, backaches, osteoarthritis, or cold/flu aches and pains. Moreover, it is an effective antipyretic used to reduce fever. The rising burden of the indicative conditions and OTC use of the products are driving the market’s growth. For instance, according to the Migraine Trust, migraine is the third most common disease in the world (behind dental caries and tension-type headaches). Migraine is more prevalent than diabetes, epilepsy, and asthma combined.
Similarly, according to the World Health Organization (2020), It is estimated that oral diseases affect nearly 3.5 billion people, often leading to pain and discomfort. According to the UN report 2019, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. As the older population is more prone to osteoarthritis toothache and other indicative diseases, the market is expected to grow.
However, paracetamol is extensively used by people suffering from high temperatures and aches and pains associated with flu. In tropical areas, influenza occurs throughout the year. In the Northern Hemisphere, the influenza season typically starts in early fall, peaks in mid-February, and ends in the late spring of the following year. The duration and severity of influenza epidemics vary, however, depending on the virus subtype involved. Also, the World Health Organization (2018) estimates that worldwide, annual influenza epidemics result in about 3-5 million cases of severe illness and about 250,000 to 500,000 deaths.
Therefore, owing to the growing prevalence and burden of indicative diseases and conditions, the market for paracetamol is expected to witness the growth rate over the forecast period.
Restraint:
- Competition and Substitutes: There are many other over-the-counter drugs and alternative treatments in the paracetamol market, such as ibuprofen, aspirin, etc. Consumers may choose different medications based on personal needs and medical advice, which may lead to competition for market share.
- Adverse events and side effects: Although paracetamol is a relatively safe drug, long-term or misuse may cause some side effects, such as liver damage. These security issues may affect consumer trust and thus market demand.
- Global Paracetamol Top10Players Ranking and Market Share（Continually updated）
Source: QYResearch, "Paracetamol - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
This report profiles key players of Paracetamol such as Mallinckrodt, Anqiu Lu'an, Hebei Jiheng Pharmaceutical, Farmson, Granules India, etc.
In 2022, the global top five Paracetamol players account for 57.63% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Paracetamol.
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