Paracetamol Market Size, Share, Growth, and Industry Analysis by Type (Powder and Granules) By Application (Tablet Drug, Granules Drug, Oral Solution, and Others), Regional Insights, and Forecast From 2024 To 2032

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Paracetamol Market Report Overview

The global paracetamol market size was valued at USD 1.36 billion in 2023 and is projected to grow from USD 1.4 billion in 2024 to USD 1.69 billion by 2032, exhibiting a CAGR of 2.4% during the forecast period. Asia-Pacific holds leading position in paracetamol market share in 2023.

The most popular analgesic and antipyretic for reducing fever and relieving pain is paracetamol, which is also frequently referred to as acetaminophen. The medication was shown to be effective for treating mild to moderate pain in 1877. Typically, it is administered either on its own or in conjunction with cold medicine. In contrast to Acetaminophen, which is recognized and used in the U.S.and Japan, the term "Paracetamol" is recognized by the International Non-proprietary, Britain, and Australia.

Among the most significant are the increased incidence of ailments like the flu, headaches, and others, as well as the rising need for painkillers. The medication paracetamol is frequently used to treat mild to moderate symptoms, such as headaches, cramps from menstruation, toothaches, backaches, osteoarthritis, or aches from the common cold or flu. It is also a powerful antipyretic that is used to lower fever. The increasing burden of indicated conditions and OTC product use are fueling the market's expansion. For example, the Migraine Trust reports that migraine is the third most prevalent ailment worldwide (behind dental caries and tension-type headaches).

Asthma, diabetes, and epilepsy together are less common than migraine. Similar to this, the March 2022 update from the World Health Organization estimates that approximately 3.5 billion people worldwide are affected by oral disorders, which frequently cause pain and suffering. The World Ageing Population, 2020 Highlights report by the UN estimates that 727 million people worldwide will be 65 or older by that year. In 2050, there will be 1.5 billion older people, a more than doubling of the current population. The market is anticipated to expand due to the elderly population's increased susceptibility to illnesses including osteoarthritis, toothaches, and other related conditions.

COVID-19 Impact: Global Competitiveness To Propel During The Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with paracetamol experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Due to the initial spike in demand for OTC analgesics like paracetamol brought on by the COVID-19 pandemic, local authorities had to impose export limits on certain life-saving medications while still keeping enough supplies in country. However, China and India are the countries that export the most paracetamol API. The governments of different authorities encouraged domestic paracetamol production in the midst of the COVID-19 scenario, boosting local market participants' strength and global competitiveness.

LATEST TRENDS

"Cough and Cold Cases to Boost the Market"

A common cold can be brought on by several viral strains. The ailment is often innocuous, and symptoms disappear in two weeks or less. As a first line of defense against cough symptoms, consumers rely on OTC cough medications. The sale of paracetamol medications for cough, cold, and flu has surged because to the ease of procurement, especially in large growing markets like India and China. Additionally, a major factor in the market's expansion is the rising number of people who experience discomfort and fever, as well as the rising level of public awareness.

The Indian Chemists Association resolved not to give out cold, cough, and fever medications to anybody without a prescription. However, after the pandemic, the increasing production of paracetamol by regional market participants and attempts to promote availability are anticipated to fuel the sector development during the projection period. For instance, in June 2021, SEQENS formally began work on a proposal to construct a new paracetamol production facility in collaboration with Sanofi, UPSA, and with funding from the France Reliance program. The plant will have a manufacturing capacity of 10,000 tonnes of paracetamol annually.

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Paracetamol Market Segmentation

• By Type Analysis

By type, market is segmented into powder and granules. The powder segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into tablet drug, granules drug, oral solution and others. The tablet drug segment will lead the global share through 2028.

DRIVING FACTORS

"Increasing Geriatric Population Levels Boost the Market Demand"

In the anticipated period of 2021–2028, increasing geriatric population levels, rising emerging markets, increasing research and development activities in the healthcare sector, and rising technological advancements and modernization in the production of paracetamol will all further create new opportunities for the paracetamol market.

Painkillers like acetaminophen (paracetamol) can also ease cold-related symptoms like headache, earache, and joint discomfort. A fever can be reduced by these painkillers. The regulatory body's endorsement of such medications is a further factor fueling the market's expansion. For instance, Advil Dual Action, which combines acetaminophen and acetaminophen, was approved as an over-the-counter (OTC) pain reliever by the US Food and Drug Administration in February 2020.

"Increasing Use of Painkillers to Accelerate the Market"

Rising health awareness among consumers, increasing use of painkillers, increasing use of paracetamol in the dye and chemical industries, and increasing doctor recommendations of paracetamol for mild pain and fever are the main factors, among others, that are propelling the paracetamol market. Rising chronic disease and condition cases that require pain management solutions on a regular basis are another important factor escalating the market growth.

RESTRAINING FACTORS

"Increasing Availability of Generic Medicines to Lead to Market’s Decline"

One of the main aspects that will hinder market growth and present additional difficulties for the paracetamol industry is the increasing availability of several generic medications, tough rivalry, and growing popularity of sustainable chemistry.

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Paracetamol Market Regional Insights

"Asia Pacific’s Global Paracetamol Market to Grow Exponentially with the Given Forecast period."

Due to the region's increased chronic illness burden, growing need to control pain, and rising level of knowledge, Asia-Pacific currently holds a monopoly on the global paracetamol market. Due to increased healthcare costs and the availability of reasonably priced medications in this area, North America is the second largest region in terms of growth in the paracetamol market. The market for paracetamol is predicted to rise in Europe due to the region's growing awareness and increased need to control pain.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP PARACETAMOL COMPANIES

• Mallinckrodt (UK.)
• Anqiu Lu'an (China)
• Granules India (India)
• Zhejiang Kangle (China)
• Farmson (India)
• Hebei Jiheng (China)
• Novacyl (France)
• Anhui BBCA Likang (China)
• Anhui Fubore (China)
• SKPL (India)
• Atabay (Turkey)
• Huzhou Konch (China)
• Changshu Huagang (China)
• Anhui Topsun (China)
• Sino Chemical (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.