Acetaminophen Market Is Anticipated to Grow Significantly to Reach US$ 14.06 Billion During the Forecast Period 2021-2031
According to a recent study by Future Market Insights (FMI), the global acetaminophen market is expected to grow from US$ 9.4 Bn in 2021, to over US$ 14.1 Bn by 2031, expanding at a 4.1% CAGR over the forecast period 2021-2031.
Acetaminophen/ paracetamol is widely being adopted by individuals and healthcare providers and are sold over the counter, which is boosting sales in the market. Paracetamol is widely consumed as it is suitable to all age groups i.e. adults, children’s, pediatrics and geriatrics to treat mild to moderate pain. Paracetamol is the most efficient and safe drug to manage pain when consumed in a controlled dosage.
The most prescribed OTC (over the counter) drug is acetaminophen, which is widely used as the first line of treatment. As chronic disorders have symptoms of pain, demand is projected to increase over the forecast period.
According to the CDC, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities. Similarly, in the U.K., around 26% of patients with diabetes were found to have peripheral neuropathic pain. Paracetamol can be combined with other pain management drugs that are sold through prescription only, which is expected to continue boosting sales.
Further, increasing awareness regarding palliative care in terminally ill patients is boosting the adoption of analgesics for pain management. Since the prevalence of pain is over 75% in advanced disease conditions, sales are expected to gain traction in the forthcoming years.
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In the U.S., palliative care services are delivered following government and commercial reimbursement policies. Hospital palliative care programs in the U.S. include palliative care consultation teams and dedicated in-patient care units. Non-hospital palliative care programs include ambulatory care, and office and home-based palliative care programs.
Healthcare companies are collaborating with healthcare professionals, healthcare service providers, and hospitals to improve quality care for the patients. In addition to this, manufacturers are investing in product development to improve sales in the market. For instance, in 2020, Haihe Pharmaceutical Co. Ltd. outsourced the China rights to its non-opioid analgesic candidates, RMX-1001 and RMX-1002, to 3D Biomedicine Science & Technology Co. Ltd.
- Based on product type, the acetaminophen segment is projected to growt at a 4.1% CAGR through 2031.
- The oral route of administration segment accounted for 92.4% of the total market share in 2021.
- In terms of sales type, the OTC (over the counter) segment accounted for 91.6% of the global market share in 2021.
- Sales through retail pharmacies will continue gaining traction. In 2021, the segment accounted for 28.5% of the total market share.
- North America held the largest share of 33.0% of the global acetaminophen market in 2021, and the trend is expected to continue over the assessment period.
“Growing demand for self-aid and cost-effective OTC pain relievers, along with increasing usage of acetaminophen as the first line of treatment for pain management are the key factors projected to drive the market in the forthcoming years,” says the FMI analyst.
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Leading players operating in the global acetaminophen market are Abbott, Janssen Pharmaceuticals, Inc. [Johnson & Johnson], Bristol-Myers Squibb and Company, Cardinal Health Inc., Viatris, Procter & Gamble Company, Sanofi, Novartis AG, Bayer AG, Teva Pharmaceutical Industries Ltd, Perrigo Company, Mallinckrodt Pharmaceuticals, Glaxo SmithKline Pharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, and Sun Pharmaceutical Industries Ltd.
Some of the leading companies of the acetaminophen market are focusing on product launch collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence. For instance:
- Johnson & Johnson, In March 2020, announced that it will be boosting up production of its flagship product Tylenol which is an over-the-counter pain killer
- GlaxoSmithKline, In February 2020 was approval by the Food and Drug Administration for Advil Dual Action, with acetaminophen as an over-the-counter (OTC) product for pain relief.
More Insights into Acetaminophen Market Report
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global acetaminophen market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights into the acetaminophen market. The Market is segmented into four parts based on product (acetaminophen, acetaminophen with opioids, others) based on the route of administration (oral, injectable, others) based on sales type (OTC (over the counter) and RX (prescription) based on the distribution channel (hospital pharmacies, retail pharmacies, drug stores, e-commerce, others) and across seven major regions.
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Acetaminophen Market By Category
Product Type :
- Acetaminophen with Opioids
Route of Administration :
Sales Type :
- OTC (Over-the-counter)
- Rx (Prescription)
Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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