The global acetaminophen market is set to experience substantial growth, with projections indicating it will be valued at approximately USD 9.8 billion by the end of 2023. According to a recent study by Future Market Insights, this market is expected to grow at a compound annual growth rate (CAGR) of 4.2%, reaching an estimated USD 15.2 billion by 2033.
The report highlights that the oral route of administration is poised to dominate the global acetaminophen market, accounting for around 92.4% of the total market share in 2022. This trend underscores the continued preference among consumers and healthcare providers for oral medications, known for their ease of use and effectiveness.
The report also points to the rising geriatric population and the corresponding increase in chronic diseases as key factors contributing to market expansion. Furthermore, ongoing innovations in formulation and delivery methods are likely to enhance the efficacy and appeal of acetaminophen, attracting a broader consumer base.
As the acetaminophen market continues to grow, stakeholders across the pharmaceutical industry are encouraged to explore opportunities for innovation and collaboration to meet the evolving needs of consumers worldwide.
Here are the key takeaways from the provided text:
Market Growth and Value:
- The global acetaminophen market is projected to grow significantly.
- It is expected to reach a value of USD 9.8 billion by the end of 2023.
- The market is estimated to grow at a CAGR of 4.2%, reaching USD 15.2 billion by 2033.
Regional Market Dynamics:
- The USA dominates the North American market, holding a 90.3% share in 2022.
- China is poised for significant growth in the global market, with a projected CAGR of 5.3%.
- India holds a substantial share of the South Asia market (45.5% in 2022) and is expected to experience strong growth.
Product and Delivery Method:
- Acetaminophen is the leading segment due to its efficacy and availability.
- Oral administration is the most common delivery method, accounting for 92.3% of the market share.
Sales Channel:
- The over-the-counter (OTC) sector dominates sales, holding a 91.6% share in 2023.
- Retail pharmacies are a major sales channel, accounting for 28.8% of the market share.
“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.
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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.
Acetaminophen Market by Category Product Type:
- Acetaminophen
- Acetaminophen with Opioids
- Others
Route of Administration:
- Oral
- Injectable
- Others
Sales Type:
- OTC (Over-the-counter)
- Rx (Prescription)
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- E-commerce
- Others
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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