09 March 2021
Visiongain has published a new report on Acetaminophen (Paracetamol) Market Report to 2031: Forecasts by Type (Veterinary Drug Grade and Acetaminophen Grade), By Form (Tablet, Capsule, Liquid Suspension, and Powder), By Application (Pharmaceuticals, Dye Industries, and Chemical Industries) PLUS COVID-19 Recovery Scenarios.
Global Acetaminophen (Paracetamol) market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Acetaminophen (Paracetamol) Market
COVID-19 pandemic has poised an unprecedented sanitary risk. As there are no specific vaccines and anti-SARS-CoV-2 drugs available, drugs that may decrease the brutality of the infection and bound the high mortality rate. To this end, several medicines have been repurposed, including paracetamol. It can help to relieve patients with these symptoms, however, it is not a cure against COVID-19.
Paracetamol made news on the headlines in the initial phase of COVID-19 for the reason that some government bodies and organizations, including the World Health Organization, France, and the United Kingdom encouraged people with COVID-19 to take paracetamol instead of ibuprofen. Moreover, the pandemic has increased the demand for pharmaceutical drugs but also disturbed the entire pharmaceutical supply chain. Pharmacies have been running short of Acetaminophen and some shops have been limiting the sales of these drugs. Although, pharmaceutical companies have improved their production capacity significantly to keep pace with the growing demand for the drugs. In turn, it is projected to have a positive impact on the target industry growth.
Rising Prevalence of Chronic Diseases
Rising incidence and prevalence of cardiovascular diseases, osteoarthritis disorder, and multiple cancer are expected to be major driving factors for the growth of the acetaminophen (paracetamol) market during the forecast period. According to Cancer Australia estimates, around 1,405 new cases of brain cancer are expected in 2017. Furthermore, as per the World Health Organization (WHO), the common reason for death is cardiovascular diseases (CVD) across the world. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. Although chronic diseases are the major reason for death for men and women alike because women face unique health issues. Around 37% of women suffer from chronic diseases, compared to 30% of men. Moreover, according to the World Health Organization (WHO) estimates, by 2050, around 130 million people are expected to suffer from osteoarthritis worldwide. Thereby, the rising high prevalence of cardiovascular diseases and other chronic disorders demands proper treatment management to maximize patient outcomes. In turn, it is projected to attain substantial growth for the acetaminophen (paracetamol) market in the given time frame.
Growing Demand for Pain Management Drugs
There is an availability of sophisticated treatments and developments in technologies that have augmented lifespan universally, which has upsurged the elderly population. As old people are exceedingly prone to suffer from various kinds of pain, due to many reasons such as a growth in the prevalence of acute and chronic diseases such as stroke, heart disease, type II diabetes, and cancer, which pushes the pain management drug demand. According to the UN Population Division statistics, in 2019, the total proportion of people above 65 years has raised from 703 million in 2019 and is expected to be 1.5 billion by 2050, worldwide.
Rapidly Increasing Health Care Expenditure
Healthcare spending has increased drastically in the U.S. in the past few decades. As per the Journal of the American Medical Association (JAMA), healthcare expenditure in the U.S. upsurge near a trillion dollars between 1996 and 2015. The association told that healthcare expenditure in the U.S. during 2017 was around $3.5 trillion, i. e, $11,000 per person. These expenditures are projected to be $6 trillion—approximately $17,000 per person by 2027.
Key players operating in the global Acetaminophen (Paracetamol) market are Aknil biotech, Mallinckrodt, Captab biotech, Farmson, M.M. Pharma and Genesis Biotech, Granules India, SKPL, Glaxo SmithKline Pharmaceuticals Ltd, Atabay, Arika Healthcare, and Sino Chemical.
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