Global Paracetamol Market Size, Share, Trends, Impact and Growth Analysis Report of COVID-19 – Segmented by Dosage Form, Application and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
According to our research report, the global Paracetamol market size is expected to accelerate at a compound annual growth rate of 5.22% between 2021 and 2026.
Impact of COVID-19 on the global paracetamol market:
The year 2020 was dominated by the COVID-19 pandemic, affecting more than two million people with the coronavirus. On the one hand, diagnostics, PPE equipment and essential medical supplies have seen unprecedented demand, while medical procedures have fallen by 60%.
It is estimated that Chinese manufacturers produce around 40% of all paracetamol used in the world. Due to the foreclosure situation, most of the world markets have faced a shortage of paracetamol, which has led to an increase in drug prices and resulting in an increase in the black market. Amid the COVID-19 situation, governments from various authorities have supported local manufacturers to meet the needs. The post-pandemic situation will see an increase in the production of paracetamol through local market players and distribution during the forecast period.
The increase in cases of chronic diseases and drugs of choice for pain management is steadily intensifying the growth of the market. According to the World Health Organization, around 3.55 billion people are affected by oral diseases, often causing pain and discomfort. Paracetamol is widely used to treat mild to moderate pain, including headache, toothache, back pain, fever, osteoarthritis or muscle pain, and neurological discomfort. The need for pain relievers increases with increasing pain. According to the UN report, there were 705 million people aged 65 and over in the world in 2019. The number of older people is expected to double to 1.55 billion by 2050. Paracetamol is a medicine effective used as an antipyretic to reduce fever. The growing burden of influenza and the use of over-the-counter products are driving the growth of the market. According to the Migraine Trust, migraine is one of the most common illnesses, causing headaches and other complications.
Factors such as patient health education, the increase in research and development in medicine to increase efficacy, and the growing recommendation of paracetamol by physicians as the first choice of NSAIDs are the important factors driving the paracetamol market. In addition, increasing technological advancements and modernization of healthcare infrastructure, along with booming emerging markets with growing elderly population will create new opportunities for Paracetamol market during the forecast period. The population aged 65 and over increased from 6.6% in 1990 to 9.6% in 2019. In addition, the World Health Organization estimates that worldwide, annual influenza causes between 3.2 and 5.2 million cases of complications and between more than 3 million deaths.
However, factors such as increasing availability of other pain relievers, counterfeit items, intense competition, and growing popularity of natural medicines are the major factors that are estimated to be hindering the growth of the global Paracetamol market over the past decade. forecast period. In addition, specific side effects of paracetamol are likely to inhibit the development of the market. Some of the more common side effects of paracetamol overdose are nausea, dizziness, thirst, stomach pain, loss of appetite, weakness, and kidney cancer.
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KEY MARKET OVERVIEW:
- Based on the application, The common cold and cough segment is expected to hold the largest share of the global paracetamol market during the forecast period. The sale of paracetamol as a cough, cold and flu medicine has increased rapidly due to the increasing number of cases of infection and cross-contamination, especially in emerging economies like India and China. Moreover, the growing population suffering from pain and fever and the growing awareness are also the major drivers for the growth of the market.
- Depending on the end user, The retail segment is expected to dominate the global paracetamol market during the forecast period. Paracetamol tablets are readily available in retail pharmacies as a generic drug. In addition, retail pharmacies offer convenient services including home delivery of over-the-counter drugs and availability on the e-commerce platform.
- Depending on the region, In 2020, the North American region dominated the paracetamol market due to the increasing burden of chronic disease, improving healthcare facilities, growing need for effective pain management, and large population. On the other hand, APAC is expected to experience good and steady growth, attributed to the increase in health spending and the diversity of the market in this region.
- The global paracetamol market is home to a large number of well-known national and international companies. Most of them constantly strive to compete with their competitors by launching innovative products with a moderate level of competitiveness.
- Companies playing a leading role in the global paracetamol market are Mallinckrodt, Anqiu Lu’an, Granules India, Zhejiang Kangle, Farmson, Hebei Jiheng, Novacyl, Anhui BBCA Likang, Anhui Fubore, SKPL, Atabay, Huzhou Konch, Changshu Huagang, Anhui Topsun, and Sino Chemical.
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MARKET SEGMENTATION :
By dosage form:
- Headache and fever
- Cold and cough
- Muscle cramps
- North America
- Asia Pacific
- Latin America
- Middle East and Africa