The global acetaminophen market is thriving and expected to be valued US$9.8 billion by the end of 2022. A recent Future Market Insights analysis projects this momentum to continue, with a predicted Compound Annual Growth Rate (CAGR) of 4.2%. The market is projected to grow to an astounding $15,2 billion by 2033.
Factors Driving Market Expansion
Several key trends are propelling the acetaminophen market forward:
- Chronic Conditions: The rising prevalence of chronic illnesses like cancer and COPD is increasing demand for pain management solutions, positively impacting the acetaminophen market.
- Post-Surgical Pain Relief: The use of acetaminophen in combination with prescription pain medication for post-surgical pain management is contributing to market growth.
- Safe and Effective for All Ages: Unlike many medications, acetaminophen can be safely used by all age groups, including infants and children, at recommended dosages. Its safety profile even extends to pregnancy.
- Broad Spectrum Pain Relief: The effectiveness of acetaminophen in treating a wide range of everyday pain conditions, including toothaches, migraines, neuralgia, sore throat, colds, flu, backaches, menstrual cramps, and rheumatic pain, is a significant driver of market growth. The increasing prevalence of these conditions further bolsters market demand.
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Key Takeaways:
- 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.
Competition Landscape:
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.
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Key Companies Profiled:
- Pfizer Inc.
- Sanofi
- Janssen Pharmaceuticals.
- Bayer AG
- GlaxoSmithKline plc
- Bristol-Myers Squibb and Company
- Teva Pharmaceutical Industries Ltd
- Cardinal Health Inc.
- Perrigo Company.
- Novartis AG
- Sun Pharmaceutical Industries Ltd
- Abbott
- Mallinckrodt Pharmaceuticals
- Procter & Gamble Company
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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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