The Global Acetaminophen (Paracetamol) Market has witnessed significant growth due to several factors. The increased utilization and acceptance of intravenous paracetamol, NSAIDs, and narcotics for pain management have contributed to market expansion. These advanced treatments provide effective relief and have gained popularity among healthcare professionals and patients alike. The availability of advanced technologies and continuous developments in the field have also increased the lifespan of the population, particularly the elderly, creating a larger consumer base for acetaminophen products. Furthermore, the pain indication segment has dominated the market for years, generating substantial revenue due to the widespread use of acetaminophen for pain relief.
According to Data Bridge Market Research, the global acetaminophen (paracetamol) market is expected to reach USD 1,031.7 million by 2030, which was USD 731.05 million in 2022, and is expected to undergo a CAGR of 4.40% during the forecast period 2023 to 2030.
“Growing incidence of chronic diseases facilitate market growth”
The growing incidence of chronic diseases acts as a significant driver and restraint in the global acetaminophen (paracetamol) market. On one hand, the increasing prevalence of chronic conditions such as arthritis, back pain, and headaches drives the demand for pain relief medications, including acetaminophen. This contributes to market growth. On the other hand, the rise in chronic diseases also prompts the development of alternative treatments and therapies specific to these conditions. As a result, the availability of specialized treatments may divert some demand away from acetaminophen, impacting its market potential in certain segments of chronic disease management.
What restraints the growth of global acetaminophen (paracetamol) market?
“Unavailability of appropriate treatments”
The unavailability of appropriate treatments serves as a significant restraint in the global acetaminophen (paracetamol) market. While acetaminophen is a widely used medication for pain relief and fever reduction, there are certain medical conditions and scenarios where alternative treatments may be more suitable or preferred. In cases where individuals have specific contraindications or allergies to acetaminophen, or when there is a need for more targeted or specialized treatments, the unavailability of suitable alternatives can limit the market growth for acetaminophen. The lack of diverse treatment options hinders the broader reach and utilization of acetaminophen in certain circumstances.
Segmentation: Global Acetaminophen (Paracetamol) Market
The acetaminophen (paracetamol) market is segmented on the basis of type, product type, application, and role of administration.
- On the basis of type, the acetaminophen (paracetamol) market is segmented into veterinary drug grade and acetaminophen grade.
- On the basis of product type, the acetaminophen (paracetamol) market is segmented into tablet, capsule, liquid suspension, and powder.
- On the basis of application, the acetaminophen (paracetamol) market is segmented into chemical industry, pharma industry, and others.
- On the basis of role of administration, the acetaminophen (paracetamol) market is segmented into oral, rectal, and intravenous.
Regional Insights: North America dominates the Global Acetaminophen (Paracetamol) Market
North America dominates the market in the forecast period due to several factors. The region benefits from increasing healthcare spending, which allows for better access to pain management medications. Additionally, the availability of affordable drugs in North America contributes to the dominance of the market. The growing need to manage pain and increasing awareness of pain management techniques further drive the market's growth in this region.
Asia-Pacific is considered the most lucrative period due to various reasons. The region faces a rising burden of chronic diseases, which often require effective pain management strategies. The increasing need to manage pain, coupled with growing awareness about the importance of pain management, fuels the market's growth in Asia-Pacific. Additionally, the presence of major market players in the region further strengthens its position. The high incidence of conditions such as fever, headaches, and migraines in Asia-Pacific creates a significant demand for pain management products, contributing to market expansion.
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Recent Developments in Global Acetaminophen (Paracetamol) Market
- In 2022, IOL Chemicals and Pharmaceuticals commenced commercial production of paracetamol with a production capacity of 1800 metric tons per annum (MTPA). This initiative signifies their capability to manufacture paracetamol on a large scale. Particularly, they achieved backward integration by incorporating the production of Para Amino Phenol (PAP), a key raw material in paracetamol synthesis.
- In the same year, Paraveganio became one of the pioneering medicinal products worldwide to receive registration with The Vegan Society's Vegan Trademark. This certification attests that Paraveganio, containing 500mg of paracetamol as the active ingredient, is entirely vegan-friendly. This recognition is significant for consumers who adhere to a vegan lifestyle, as it assures them that the product aligns with their values and does not contain any animal-derived ingredients or involve animal testing.
The Prominent Key Players Operating in the Global Acetaminophen (Paracetamol) Market Include:
- Farmson Pharmaceutical Gujarat Pvt. Ltd. (India)
- Granules India Limited (India)
- Hebei Jiheng Pharmaceutical Co., Ltd (China)
- Mallinckrodt (U.K.)
- Zhengzhou Sino Chemical Products Co., Ltd (China)
- Haihang Industry (China)
- BOC Sciences (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global acetaminophen (paracetamol) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Acetaminophen (Paracetamol) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
