Rising Demand for Acetaminophen | Key Factors Driving Market Expansion

The Global Acetaminophen Market Size was worth US$ 9.8 billion at the end of 2022 and is predicted to increase at a CAGR of 4.2% to US$ 15.2 billion by 2033. According to a recent Future Market Insights analysis, the oral method of administration will command 92.4% of the market in 2022.

Acetaminophen/paracetamol is widely used by individuals and healthcare providers and is available over the counter, which is increasing market sales.  Paracetamol is commonly used to relieve mild to moderate pain in people of all ages, including adults, children, paediatrics, and the elderly. When used in a controlled dose, paracetamol is the most effective and safe pain reliever.

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Acetaminophen is the most commonly prescribed OTC (over-the-counter) medicine, and it is commonly used as the first line of treatment. Because chronic illnesses involve pain symptoms, demand is expected to rise over the projection period.

Furthermore, increased knowledge of palliative care in terminally ill patients is increasing the use of analgesics for pain control. Because pain is present in more than 75% of advanced disease conditions, sales are projected to increase in the future years.

Palliative care services are provided in the United States in accordance with government and commercial reimbursement rules. Palliative care consultation teams and dedicated in-patient care units are part of hospital palliative care programmes in the United States. Ambulatory care, as well as office and home-based palliative care programmes, are examples of non-hospital palliative care programmes.

Key Takeaways:

• With a total market share of roughly 90.3% in 2022, the United States dominates the North American region, and this trend is expected to continue throughout the forecast period.
• During the forecast period, China is expected to grow at a CAGR of around 5.3% in the worldwide acetaminophen market.
• Because of its superior efficacy and widespread availability in North America and Europe, the acetaminophen segment is predicted to retain the largest market share of approximately 62.1% in 2023.
• Oral administration is anticipated to account for 92.3% of the market in 2023.
• In 2023, the over-the-counter (OTC) segment is expected to account for 91.6% of total market sales.

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Competition Landscape:

Leading firms in the global paracetamol market are investing in collaborations, partnerships, and distribution contracts to enhance their global presence.

Because there are so many cases of untreated pain, analgesic makers are focusing their efforts in Asia-Pacific and Africa. Because of the increased opioid abuse, the big players are also focusing on developing opioid-free medicine formulations.

Major Players:

1. Pfizer Inc.
2. Sanofi
3. Janssen Pharmaceuticals.
4. Bayer AG
5. GlaxoSmithKline plc
6. Bristol-Myers Squibb and Company
7. Teva Pharmaceutical Industries Ltd
8. Cardinal Health

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Key Market Segments Covered in Acetaminophen Drugs Industry Research

By Product:

• Acetaminophen
• Acetaminophen with Opioids
• Others

By Route of Administration:

• Oral
• Injectable
• Others

By Sales:

• OTC (Over-the-counter)
• Rx (Prescription)

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Drug Stores
• E-commerce
• Others

About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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