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Paracetamol Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4997604
The Paracetamol Market is poised to grow at a CAGR of 4.3% during the forecast period (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the market. Paracetamol, due to its widespread availability, has been recommended by various healthcare authorities across the world, such as the National Institute for Health and Care Excellence (NICE), the National Health Service (NHS), the CDC, and the Ministry of Health and Family Welfare (MOHFW) of the Government of India, for managing fever in adults and children with COVID-19. COVID-19 pandemic has initially created a high demand for the OTC analgesics, such as paracetamol, which led to restrictions in the export of essential drugs by local authorities while maintaining sufficient stock in their country. However, majority of paracetamol API is exported from India and China. France’s National Pharmaceutical Academy estimates the EU imports 80% of its “active pharmaceutical ingredients,” mostly from China and India. The UK medicines regulator estimates that Chinese manufacturers make around 40% of all APIs used worldwide. Due to the lockdown situation, most markets worldwide faced a shortage of paracetamol, leading to increased prices for paracetamol tablets online and in independent community pharmacies. Amid the COVID-19 situation, the governments of various authorities supported the local manufacturing of paracetamol, which will strengthen the local market players and competitiveness around the world. For instance, following the COVID-19 crisis, France plans to produce more medicines nationally, starting with paracetamol. In a joint statement, health minister Oliver Véran and junior economy minister Agnès Pannier-Runacher, on 18th June 2020, stated that the government is collaborating with French pharmaceutical companies, Seqens, Upsa, and Sanofi, to ensure the local manufacturing of, and market for, paracetamol. Similarly, such initiatives, collaborations, and strengthening of local manufacturers are expected to bring considerable changes in the paracetamol market worldwide, leading to its growth.

There are many factors responsible for the growth of the market. The rising prevalence of conditions like headaches, flu, etc., and the increasing demand for pain management drugs are some of the major ones. Paracetamol is widely used to treat mild to moderate pains, including headaches, menstrual periods, toothaches, backaches, osteoarthritis, or cold/flu aches. Furthermore, it is an effective antipyretic used to reduce fever. The growing 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. The market is expected to witness growth as the older population is more prone to osteoarthritis toothache and other indicative diseases.

Furthermore, 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, depending on the virus subtype involved. Also, the World Health Organization (2022) the WHO GISRS laboratories tested more than 317198 specimens during 2021-2022. Sixteen thousand eight hundred sixty-two were positive for influenza viruses, of which 10744 (63.7%) were typed as influenza A and 6118 (36.3%) as influenza B.

Hence, owing to the growing prevalence and burden of indicative diseases and conditions, the market for paracetamol is expected to witness a notable growth rate over the forecast period.

Key Market Trends

Cold and Cough Segment is Dominating the Paracetamol Market

Many different types of viruses can cause a common cold. The condition is generally harmless, and symptoms usually resolve within two weeks. Consumers depend on OTC cough medicines as a first response to get relief from cough symptoms. Owing to the ease of procurement, the sale of paracetamol drugs for cough, cold, and flu has increased, particularly in high emerging markets, such as India and China. Moreover, the rising population suffering from pain and fever and growing awareness also serve as a primary drivers for market growth.

Furthermore, according to the Center for Disease Control and Prevention 2020, there are an estimated 24.1 million cases of pertussis and about 160,700 deaths per year. On the other hand, due to the shortage of medicine during the pandemic, many regulatory bodies across the world restricted the usage of paracetamol. For instance, in the wake of COVID-19, the chemists association in India has decided not to dispense medicines specific to cold, cough, and fever to anyone without a prescription. However, post-pandemic, the increased production of paracetamol through the local market players and initiatives to encourage availability is expected to drive the segment growth over the forecast period. In February 2020, GlaxoSmithKline got approval from the Food and Drug Administration for Advil Dual Action, with Acetaminophen as an over-the-counter (OTC) product for pain relief.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall paracetamol market throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of fever, headaches, and migraine in the region, and established healthcare infrastructure are some of the key factors accountable for its large share in the market. The market growth in the United States is expected to be robust during the forecast period. According to the Migraine Research Foundation, more than 4 million adults in the United States experience chronic daily migraine, with at least 15 migraine days per month. As per the statistics, the increasing patient pool and increasing disposable revenue in this country are expected to boost the market’s growth of the country.

Furthermore, beneficial government initiatives and increased research partnerships are some of the drivers expected to increase the market growth. The United States has the maximum share in this region due to supportive healthcare policies, higher per tablet cost, a high number of patients, and a developed healthcare market.

Competitive Landscape

The Paracetamol market is moderately competitive and consists of several major players. Some companies currently dominating the market are GlaxoSmithKline plc, Teva Pharmaceuticals USA, Inc., Genesis Biotec Inc., Mallinckrodt Pharmaceuticals, Geno Pharma, Biological E, CFL Pharma, Cipla, and Dr. Reddy's Labs.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Conditions like Headaches, Flu etc.
4.2.2 Increasing Demand for Pain Management Drugs
4.3 Market Restraints
4.3.1 Side Effects of Overdosage of Paracetamol
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Dosage Form
5.1.1 Tablet
5.1.2 Capsules
5.1.3 Others
5.2 By Application
5.2.1 Headache and Fever
5.2.2 Cold and Cough
5.2.3 Muscle Cramps
5.2.4 Others
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 GlaxoSmithKline plc
6.1.2 Mallinckrodt Pharmaceuticals
6.1.3 Sanofi
6.1.4 Sun Pharmaceuticals Industries ltd
6.1.5 Teva Pharmaceuticals USA Inc.
6.1.6 Dr. Reddy's Laboratories
6.1.7 Biological E
6.1.8 CFL Pharma
6.1.9 Cipla
6.1.10 Genesis Biotec Inc.
6.1.11 Granules India
6.1.12 Hebei Jiheng (Group) Pharmaceutical Co. Ltd

Companies Mentioned

A selection of companies mentioned in this report includes:

  • GlaxoSmithKline plc
  • Mallinckrodt Pharmaceuticals
  • Sanofi
  • Sun Pharmaceuticals Industries ltd
  • Teva Pharmaceuticals USA Inc.
  • Dr. Reddy's Laboratories
  • Biological E
  • CFL Pharma
  • Cipla
  • Genesis Biotec Inc.
  • Granules India
  • Hebei Jiheng (Group) Pharmaceutical Co. Ltd