DUBAI, United Arab Emirates, March 06, 2022 (GLOBE NEWSWIRE) -- Acetaminophen Market is expected to reach US$ 14.07 Bn by 2031, expanding at a 4.1% CAGR over the assessment 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.
Data Points
Market Insights
Acetaminophen Market Value 2021
US$ 9.44 Bn
Acetaminophen Market Value 2031
US$ 14.06 Bn
Acetaminophen Market Value-based CAGR 2021-2031
4.1%
Acetaminophen Market Top 5 Countries % Share
58.2%
Acetaminophen Market Key Players
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, Sun Pharmaceutical Industries Ltd.
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.
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.
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, South Africa
Key Segments Covered
Product, Route of Administration, Sales Type, Distribution Channel and Region
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.
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.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
