The global acetaminophen market, a key component of the pharmaceutical industry renowned for its pain-relieving properties, is poised for significant growth over the next decade. As of the end of 2022, the market is valued at USD 9.8 billion and is projected to expand at a compound annual growth rate (CAGR) of 4.2%, reaching USD 15.2 billion by the year 2033, according to a recent study by Future Market Insights.
Acetaminophen, also known as paracetamol, is widely recognized for its efficacy in managing pain and fever, making it a staple in both over-the-counter and prescription medications globally. The oral route of administration dominates the acetaminophen market, accounting for approximately 92.4% of the global market share in 2022.
The increasing prevalence of chronic pain conditions, growing awareness of pain management solutions, and the rising demand for over-the-counter analgesics are key factors driving market expansion. Additionally, the extensive use of acetaminophen in treating mild to moderate pain and its inclusion in various combination medications contribute to its sustained market growth.
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Global Health Issues:
The field of pain management is intricately linked to worldwide health issues, particularly the profound effects of cancer. Given that 19.3 million people would be impacted by cancer globally in 2020, the National Cancer Institute’s finding that 20% to 50% of cancer patients experience pain highlights how important efficient analgesics are. The aging population is expected to add 21.7 million more cancer cases globally by 2030, increasing the need for trustworthy pain management treatments.
After-Opioid Epidemic Transition:
In the aftermath of the USA opioid epidemic, nations worldwide are recalibrating their approach to opioid prescribing. Governments in industrialized nations are championing the adoption of non-opioid analgesics, presenting a unique opportunity for businesses to pioneer cutting-edge non-opioid medications.
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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About Future Market Insights (FMI)
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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