(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 26, 2021, 06:44 /Comserve / -- Paracetamol Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Paracetamol Market is poised to grow at a CAGR of 4.3% during the forecast period (2021-2026).
The COVID-19 pandemic is expected to have a significant impact on the market. Paracetamol, due to its widespread availability, has been recommended by various healthcare authorities across the world, such as the National Institute for Health and Care Excellence (NICE), the National Health Service (NHS), the CDC, and the Ministry of Health and Family Welfare (MOHFW) of the Government of India, for managing fever in adults and children with COVID-19. COVID-19 pandemic has initially created the high demand for the OTC analgesics, such as paracetamol, which led restriction in export of essential drugs by local authorities, while maintaining the sufficient stock in their country. However, majority of paracetamol API are exported from the India and China. France's National Pharmaceutical Academy estimates the EU imports 80% of its“active pharmaceutical ingredients,” mostly from China and India. The UK medicines regulator estimates that the Chinese manufacturers make around 40% of all APIs used worldwide. Due to the lockdown situation, most of the markets worldwide faced shortage of paracetamol, leading to increased prices for paracetamol tablets online and in independent community pharmacies. Amid COVID-19 situation, the governments of various authorities supported the local manufacturing of paracetamol, which will strengthen the local market players and competitiveness around the world. For instance, following the COVID-19 crisis, France plans to produce more medicines nationally, starting with paracetamol. In a joint statement, health minister, Oliver Véran and junior economy minister, Agnès Pannier-Runacher, on 18th June 2020 stated that the government is collaborating with French pharmaceutical companies, Seqens, Upsa, and Sanofi, to ensure the local manufacturing of, and market for, paracetamol. Similarly, such initiatives, collaborations, and strengthening of local manufacturers are expected to bring considerable changes in the paracetamol market worldwide leading to its growth.
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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 in treatment of mild to moderate pains, including headaches, menstrual periods, toothaches, backaches, osteoarthritis, or cold/flu aches, and pains. Furthermore, it is an effective antipyretic used to reduce fever. Growing burden of the indicative conditions and OTC use of the products are 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 headache). Migraine is more prevalent than diabetes, epilepsy, and asthma combined. Similarly, According to the World Health Organization (2020), It is estimated that oral diseases affect nearly 3.5 billion people, often leading to pain and discomfort. According to the UN report 2019, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. As the older population is more prone to osteoarthritis toothache and other indicative diseases, the market is expected to witness growth.
Furthermore, paracetamol is extensively used by people suffering with high temperature and aches and pains associated with 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, however, depending on the virus subtype involved. Also, the World Health Organization (2018) estimates that worldwide, annual influenza epidemics result in about 3-5 million cases of severe illness and about 250,000 to 500,000 deaths.
Hence, owing to the growing prevalence and burden of indicative diseases and conditions, the market for paracetamol is expected to witness notable growth rate over forecast period.
Key Market Trends
Cold and Cough Segment is Dominating the Paracetamol Market
A common cold can be caused by many different types of viruses. The condition is generally harmless, and symptoms usually resolve within two weeks. Consumers depend on OTC cough medicines as a first response to get relief from cough symptoms. Owing to the ease of procurement, the sale of paracetamol drugs for cough, cold, and flu has increased particularly in the high emerging markets, such as India and China. Moreover, the rising population suffering from pain and fever, along with growing awaremess also serves as one of the primary drivers for the market growth.
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Furthermore, according to the Center for Disease control and Prevention, worldwide, there are an estimated 24.1 million cases of pertussis and about 160,700 deaths per year. On the other hand, due to the shortage of the medicine during the pandemic, many of the regulatory bodies across the world restricted the usage of paracetamol. For instance, in the wake of COVID-19, the chemists association in India has decided to not dispense medicines specific to cold, cough, and fever to anyone without a prescription. However, post pandemic situation, the increased production of paracetamol through the local market players and initiatives to encourage availability is expected to drive the segment growth over forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall paracetamol market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of fever, headaches, migraine in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. The market growth in the United States is expected to be robust during the forecast period. According to the Migraine Research Foundation, more than 4 million adults experience chronic daily migraine, with at least 15 migraine days per month, in the United States. As per the statistics, the increasing patient pool and increasing disposable revenue in this country are expected to boost the market's growth of the country.
Furthermore, beneficial government initiatives and increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, higher per tablet cost, high number of patients, and a developed healthcare market. In April 2018, Altan Pharma Limited, an Irish specialty pharmaceutical company, announced that the United States Patent and Trademark Office granted two patents to Altan, covering its intravenous formulation of acetaminophen (paracetamol).
The Paracetamol market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are GlaxoSmithKline plc, Teva Pharmaceuticals USA, Inc., Genesis Biotec Inc., Mallinckrodt Pharmaceuticals, Geno Pharma, Biological E, CFL Pharma, Cipla, Dr. Reddy's Labs.
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