Paracetamol Market Size (2024 - 2029)

Paracetamol Market Analysis

The Paracetamol Market size is estimated at USD 11.06 billion in 2024, and is expected to reach USD 13.72 billion by 2029, growing at a CAGR of 4.41% during the forecast period (2024-2029).

The COVID-19 pandemic had a significant impact on the market. Paracetamol, due to its widespread availability, was recommended by various healthcare authorities across the world, such as the NICE, the NHS, the CDC, and the MOHFW of the Government of India, for managing fever in adults and children with COVID-19. The COVID-19 pandemic initially created a high demand for OTC analgesics, such as paracetamol, which led to restrictions on the export of essential drugs by local authorities while maintaining sufficient stock in their country. However, the majority of paracetamol API was exported from India and China. Amid the COVID-19 situation, the governments of various authorities supported the local manufacturing of paracetamol, which strengthened the local market players and their competitiveness around the world. For instance, following the COVID-19 crisis, France planned to produce more medicines nationally, starting with paracetamol. In a joint statement, health minister Oliver Véran and junior economy minister Agnès Pannier-Runacher stated on June 18, 2020, that the government is collaborating with French pharmaceutical companies Seqens, Upsa, and Sanofi to ensure the local manufacturing of and market for paracetamol. However, post-pandemic, the increased production of paracetamol through the local market players and initiatives to encourage availability is expected to drive the market's growth over the forecast period.

There are many factors responsible for the growth of the market. The rising prevalence of conditions like headaches, flu, etc., and the increasing demand for pain management drugs are some of the major ones. Paracetamol is widely used to treat mild to moderate pains, including headaches, menstrual periods, toothaches, backaches, osteoarthritis, and cold or flu aches. Furthermore, it is an effective antipyretic used to reduce fever. The growing burden of the indicative conditions and OTC use of the products is driving the market's growth. For instance, according to the Migraine Trust, migraine is the third most common disease in the world (behind dental caries and tension-type headaches). Migraine is more prevalent than diabetes, epilepsy, and asthma combined. Similarly, according to the WHO's March 2022 update, it is estimated that oral diseases affect nearly 3.5 billion people, often leading to pain and discomfort. Furthermore, according to World Population Prospects 2022, the share of the global population aged 65 years or older is projected to rise from 10% in 2022 to 16 percent in 2050. By 2050, the number of persons aged 65 or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. The market is expected to witness growth as the older population is more susceptible to osteoarthritis, toothache, and other indicative diseases.

Furthermore, paracetamol is extensively used by people suffering from high temperatures and the aches and pains associated with the flu. In tropical areas, influenza occurs throughout the year. In the Northern Hemisphere, the influenza season typically starts in early fall, peaks in mid-February, and ends in the late spring of the following year. The duration and severity of influenza epidemics vary, depending on the virus subtype involved. Also, the WHO, January 2022 update, the WHO GISRS laboratories tested more than 317,198 specimens from 27th December 2021 to 9th January 2022. There were 16,862 people who tested positive for influenza viruses, of whom 10,744 (63.7%) were typed as influenza A and 6,118 (36.3%) as influenza B.

Consequently, the market for paracetamol is anticipated to develop at a significant rate throughout the forecast period as the frequency and burden of certain diseases and disorders continue to rise. Paracetamol's overdose effects, however, could slow the market's expansion.

Paracetamol Industry Segmentation

As per the scope of the report, paracetamol is the most widely used analgesic and antipyretic that relieves pain and reduces fever. The paracetamol market is segmented by Dosage Form (Tablet, Capsules, Others), Application (Headache and Fever, Cold and Cough, Muscle Cramps, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.