Paracetamol Market Size and Competitive Analysis by 2030

[Research Report] The Paracetamol market is projected to grow from US$ 9,993.29 million in 2022 to US$ 14,254.44 million by 2030; the market is estimated to record a CAGR of 4.5% during 2022–2030.

Market Insights and Analyst View:

Paracetamol is an over the counter non-opioid analgesic and antipyretic medication. It is widely used to treat fever and mild-to-moderate pain. Paracetamol is sold in various forms, including tablets, capsules, soluble powders, and liquids. A few of the common brands of paracetamol include Calpol, Disprol, Hedex, Medinol, and Panadol. The high prevalence of pain and fever conditions, and rising consumer preference for over-the-counter (OTC) medications are the key factors driving the paracetamol market growth. However, the effects of paracetamol overdose hinder the market progress.

Growth Drivers and Restraints:

The growing incidence of pain-related ailments and fever propels the paracetamol market size. Paracetamol is commonly utilized for alleviating mild to moderate pain and controlling fever with significant efficacy. According to the US Food and Drug Administration (FDA), acetaminophen (paracetamol) is the most preferred drug to treat fever and pain. The high prevalence of infectious diseases fuels the demand for paracetamol. According to the World Health Organization (WHO), seasonal influenza causes 290,000–650,000 deaths annually across the world. Similarly, as per CDC estimates, the cases of illnesses caused by influenza rose from 9.4 million to 41 million in the US during 2010–2022. Paracetamol is combined with other medications to treat conditions such as cough, cold, flu, and allergy. Similarly, drugs containing a combination of paracetamol and other active ingredients are widely prescribed to treat severe pain. For instance, its combination with nimesulide or diclofenac is used for the treatment of conditions such as fever, muscle pain, dental pain, headache, ankylosing spondylitis, mild migraine, rheumatoid arthritis, osteoarthritis, and painful menses. Similarly, paracetamol, in combination with aceclofenac and serratiopeptidase, is used to lower swelling and relieve pain in muscle pain, postoperative pain, joint pain, and other conditions. Therefore, as the prevalence of such health issues continues to rise globally, the demand for paracetamol as a widely trusted and accessible pain relief option contributes significantly to its demand.

However, potential side effects have significant implications for the paracetamol market. Paracetamol, or acetaminophen, is used for pain and fever relief. Although paracetamol is widely used and considered to be generally safe when used as directed, several specific side effects and concerns are associated with its use. One of the most significant side effects associated with paracetamol is the risk of liver damage in case of overdosing or when used inappropriately. This is a major concern and can impact consumer confidence in the product, potentially leading to decreased usage. According to the study, “Potential deleterious effects of paracetamol dose regime used in Nigeria versus that of the United States of America,” published in 2022 in ScienceDirect Journal, paracetamol is one of the known causes of acute liver failure in the US and Europe. The same source reported that paracetamol poisoning is likely the cause of liver disorders in Nigeria. Thus, the side effects of paracetamol hinder the paracetamol market growth.

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Paracetamol Market: Strategic Insights

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Report Segmentation and Scope:

The “paracetamol market analysis” has been carried out by considering the following segments: dosage form, indication, route of administration, and distribution channel. Based on dosage form, the paracetamol market is differentiated into tablets, capsules, and others. By indication, the market is divided into fever, cold and cough, mild and moderate pain, and others. Based on route of administration, the market is differentiated into enteral and parenteral. In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Geographically, the market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

Based on dosage form, the paracetamol market is segmented into tablets, capsules, and others. The tablets segment accounted for the largest market share in 2022 and is estimated to register the highest CAGR during 2022–2030.  

Based on indication, the market is segmented into fever, cold and cough, mild and moderate pain, and others. The fever segment held the largest market share in 2022. The mild and moderate segment is anticipated to register the highest CAGR from 2022 to 2030.

Based on the route of administration, the paracetamol market is bifurcated into enteral and parenteral. In 2022, the enteral segment held a larger market share and is anticipated to register a higher CAGR during 2022–2030.

Based on distribution channel, the paracetamol market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. In 2022, the retail pharmacies segment held the largest market share and is anticipated to register the highest CAGR during 2022–2030.

Regional Analysis:

The scope of the paracetamol market report entails North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest global paracetamol market share. Developments in medical infrastructure, the prevalence of infectious diseases, and the increasing spending on healthcare services across the US are the growth enablers of the market in this region. According to the US Department of Health & Human Services, 3–11% of the US population gets infected and develops flu symptoms annually. As per the findings derived from the Global Burden of Disease study published in July 2020, there is a large and increasing burden of noncommunicable and infectious diseases in the US. According to Johns Hopkins University, the cases of diseases such as SARS, Lyme disease, dengue fever, West Nile virus, and Zika virus infection have increased rapidly in the last two decades in the US. The same source affirmed an increase in the incidence of re-emerging diseases such as malaria, tuberculosis, cholera, pertussis, influenza, pneumococcal disease, and gonorrhea. Paracetamol and other drugs indicated to curb fever and similar symptoms are prescribed as a part of treatments for infectious diseases. Thus, a rising incidence of infectious diseases boosts the demand for paracetamol in the US, facilitating the expansion of the paracetamol market share.

Paracetamol Market Regional Insights

The regional trends and factors influencing the Paracetamol Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Paracetamol Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Paracetamol Market Report Scope

Paracetamol Market Players Density: Understanding Its Impact on Business Dynamics

The Paracetamol Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Paracetamol Market are:

1. Mallinckrodt Pharmaceuticals
2. GSK plc
3. Teva Pharmaceutical Industries Ltd.
4. Sun Pharmaceuticals
5. Sanofi

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities:

The paracetamol market forecast can help stakeholders in this marketplace plan their growth strategies. A few initiatives taken by key players operating in the global paracetamol market are listed below:

1. In October 2023, the Minister for Mental Health and Older People in Ireland launched a new campaign to promote safe paracetamol sales in pharmacy and non-pharmacy retail settings. The campaign has been launched to make new sets of information available for employees from these settings. The program also intends to raise awareness of paracetamol-related intentional drug overdose among pharmacy and non-pharmacy retail staff in Ireland.
2. In April 2022, IOL Chemicals & Pharmaceuticals Ltd commenced the commercial production of “Paracetamol” with an installed capacity of 1800 MTPA and backward integration of Para Amino Phenol (PAP). The company manufactures Paracetamol in its existing Unit No. 4, which has been converted as a multiproduct facility, costing ~US$ 1.2 million (nearly INR 100 lakh). On the other hand, PAP is being manufactured in a part of Unit No 9. The company shall continue to use Unit 4 and Unit 9 to manufacture other products as per market conditions.
3. In March 2022, Paraveganio became the world's first medicinal product registered under the Vegan Trademark approved by the Vegan Society. Paracetamol tablets generally have magnesium stearate, which acts as a flow regulator. It is a stearic acid and magnesium salt that may be derived from animals. Axunio's Paraveganio contains magnesium stearate derived entirely from vegetables.
4. In July 2021, Hyloris Pharmaceuticals SA announced the launch of Maxigesic IV in Germany and Austria. Maxigesic IV is a novel, patented, non-opioid treatment for postoperative pain and is a unique combination of 1,000 mg paracetamol and 300 mg ibuprofen solution for infusion. Hyloris and AFT Pharmaceuticals (a partner of Hyloris) have various distribution partners with strong local presence, which help them commercialize the product worldwide.

Competitive Landscape and Key Companies:

Mallinckrodt Pharmaceuticals; GSK plc; Teva Pharmaceutical Industries Ltd.; Sun Pharmaceuticals; Sanofi; Micro Labs Limited; Cipla Inc.; B. Braun Medical Inc.; Dr. Reddy’s Laboratories Ltd; and Fresenius Kabi are among the prominent players profiled in the paracetamol market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.