The global paracetamol market is expected to reach US$ 14.254 billion in 2030 from US$ 9.993 billion in 2022. The market is estimated to grow with a CAGR of 4.5% from 2022 to 2030.

Key factors driving the paracetamol market growth are high prevalence of pain and fever conditions and rising consumer preference for over-the-counter (OTC) medications. However, the side effects due to overdose of paracetamol hinders market growth.

Market Drivers of the Paracetamol Market

Consumers are increasingly preferring over-the-counter drugs, such as paracetamol, due to the convenience of having access to these items without a prescription. Paracetamol is available as an over-the-counter drug in many locations, making it easier for consumers to get relief from mild to moderate pain and fever. Furthermore, the growing demand for online medicine delivery is boosting the sales of OTC medicines. Various online delivery channels are providing OTC medicines through doorstep delivery. For instance, in June 2023, Uber Health launched OTC medicine delivery services as the company plans to extend its business into the healthcare segment. Previously, in March 2023, Uber's healthcare business launched same-day prescription delivery on its centralized platform, which enabled pharmacies to ship medications to patients' homes quickly. Over recent years, Healthcare organizations have been actively using online platforms for various services, including patient appointments and online medication delivery. Thus, the preference for self-medication and the convenience of having access to paracetamol without a doctor's visit or prescription contribute to the growth of the paracetamol market.

Restraint of the Paracetamol Market

On the basis of paracetamol market analysis, potential side effects have significant implications for the paracetamol market. Paracetamol, or acetaminophen, is used for pain and fever relief. Although paracetamol is widely used and considered to be generally safe when used as directed, several specific side effects and concerns are associated with its use. One of the most significant side effects associated with paracetamol is the risk of liver damage in case of overdosing or when used inappropriately. This is a major concern and can impact consumer confidence in the product, potentially leading to decreased usage. According to the study, "Potential deleterious effects of paracetamol dose regime used in Nigeria versus that of the United States of America," published in 2022 in ScienceDirect Journal, paracetamol is one of the known causes of acute liver failure in the US and Europe. The same source reported that paracetamol poisoning is likely the cause of liver disorders in Nigeria. Thus, the side effects of paracetamol hinder the growth of the paracetamol market.

Opportunities in the Paracetamol Market

On the basis of paracetamol market analysis, emerging countries such as India, China, Argentina, Brazil, UAE, and South Africa are expected to offer significant growth opportunities for pharmaceutical market players due to rising disposable incomes, expanding patient population, increasing R&D activities, improving healthcare infrastructure, growing disease awareness, and relatively lenient manufacturing guidelines compared to developed countries. According to the World Economic Forum, as of 2022, Russia, Brazil, China, India, and South Africa collectively accounted for a third of global health spending. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019.

Furthermore, there has been an upsurge in drug development in emerging markets over the past decade, resulting in the growth of paracetamol production. For instance, according to the India Brand Equity Foundation (IBEF), India is the largest supplier of generic drugs globally, and the country has the third-largest pharmaceutical industry by volume. The Indian pharmaceutical sector is differentiated into several segments, including generic drugs, over-the-counter medications, bulk drugs, vaccines, biosimilars, and biologics. India has the most pharmaceutical production facilities that comply with the US Food and Drug Administration (USFDA) and 500 API producers, accounting for approximately 8% of the global API industry. India's globally competitive efficacy has resulted in a demand for its pharmaceuticals and biopharmaceuticals among global consumers. Thus, the emerging pharmaceutical industry in emerging nations will increase the demand for over-the-counter drugs, boosting the paracetamol market growth.

Paracetamol Market: Segmental Overview

Based on dosage form, the paracetamol market is differentiated into tablets, capsules, and others. The tablet segment held the largest market share in 2022 and the same segment is anticipated to register the highest CAGR during 2022-2030.

Based on indication, the paracetamol market is segmented into fever, cold and cough, mild and moderate pain, and others. The fever segment held the largest market share in 2022. However, mild and moderate segment is anticipated to register the highest CAGR from 2022 to 2030.

Based on route of administration, the paracetamol market is differentiated into enteral and parenteral. In 2022, the enteral segment held the largest market share, and the same segment is anticipated to register the highest CAGR during 2022-2030.

Based on distribution channel, the paracetamol market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. In 2022, the retail pharmacies segment held the largest market share and the same segment is anticipated to register the highest CAGR during 2022-2030.

Paracetamol Market: Geographical Overview

Asia Pacific is estimated to register the highest CAGR during 2022-2030. Countries in the Asia Pacific, such as India and China, hold significant potential for the paracetamol market growth. Developing countries in the region with improving healthcare infrastructure, increasing healthcare expenditure, and a rising focus on adopting advanced medical technologies offer opportunities for market expansion.

In 2022, North America held the largest share of the global paracetamol market size. The developments in medical infrastructure, the prevalence of infectious diseases, and the increasing expenditure on healthcare services across the United States are driving the growth of the paracetamol market in the country. For instance, according to the US Department of Health & Human Services, between 3% and 11% of the US population gets infected and develops flu symptoms annually. Furthermore, according to the findings derived from the Global Burden of Disease study published in July 2020, there is a large and increasing burden of noncommunicable and infectious diseases in the US. According to Johns Hopkins University, the cases of diseases such as SARS, Lyme disease, dengue fever, West Nile virus, and Zika virus infection have increased rapidly in the last two decades in the US. Also, the same source affirmed an increase in the incidence of re-emerging diseases such as malaria, tuberculosis, cholera, pertussis, influenza, pneumococcal disease, and gonorrhea. Thus, an increasing number of infectious diseases in the US will boost the consumption of paracetamol and other drugs to reduce fever and other symptoms, fueling the paracetamol market growth.

A few of the major primary and secondary sources referred to while preparing the paracetamol market report are the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).