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Acetaminophen (paracetamol), also referred to as Tylenol, is an analgesic and antipyretic drug used as a first-line therapy in pain management. There is an increasing prevalence of chronic disorders such as cancer, cardiovascular disease, and others that requires surgery as a treatment procedure which could lead to unbearable pain among patients. This is leading to an increasing diagnosis rate for these chronic disorders among the patients further increasing the prescription of this drug. Thus, increasing prescriptions is increasing the demand for pain-relieving medications such as acetaminophen among patients. Also, rising rates of hospital acquired-infection leading to fever as a defence mechanism by the body are further increasing the adoption of acetaminophen among the patient population.
Additionally, the effectiveness of acetaminophen in managing pain and fever, along with its compatibility with different age groups, including infants and children, contributes to the increasing adoption of acetaminophen among patients. Also, this drug is associated with a low risk of allergic reactions, making it suitable for administering this drug in patients.
Thus, the benefits of acetaminophen in pain management owing to its effectiveness, rapid absorption in the gastrointestinal tract, long-time effect, and others are some factors contributing to the rising adoption of the drug in the market. According to a 2022 article published in NCBI, it is reported that acetaminophen has a good pathophysiology profile as it reaches its therapeutic level in 30 minutes to 2 hours owing to sustained drug release which allows for prolonged effect within the body. Also, key players are focusing towards the launch of novel drugs with lesser side effects, and high efficacy to make the drug safer for patients which is expected to raise the demand for these drugs into the upcoming years.
The COVID-19 pandemic has positively impacted the acetaminophen market. The sales of acetaminophen increased rapidly as many patients suffered from high fever during the pandemic, which increased the prescription of these drugs among patients. Also, the large availability of this drug enabled patients to purchase these drugs directly from the online pharmacies and without prescription due to the restrictions imposed during the pandemic. Along with this, the introduction of various acetaminophen drugs by the key players operating in the market contributed positively to the growth of the market.
Thus, increased sales of acetaminophen among patients during the pandemic have further led the focus of key players to increase their production capacity with an aim to meet the increasing demand of the patient.
Based on the product, the market is bifurcated into acetaminophen, and acetaminophen with other active ingredients. Amongst these, acetaminophen is dominant in the market owing to the increasing demand for paracetamol among patients to treat pain and fever. The effectiveness of these drugs in treating pain and fever leads to the segment's growth.
On the other hand, acetaminophen with other active ingredients can be used to treat cough, allergy, flu, sleeplessness, and others. The increasing patient population suffering from fever and cough leads to the rising demand for novel drugs. This is allowing the key players to introduce more novel drugs into the market to meet the increasing demand of patients.
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North America market holds the largest share owing to the rising prevalence of chronic disorders requiring pain-relieving medications post-surgery. The increasing prevalence of these disorders further leads to increased diagnosis of these conditions which increases the prescriptions for these drugs. This contributes to the increasing demand for novel drug introduction in the market and further leads the key players to focus on receiving regulatory approvals to introduce these drugs into the market.
On the other hand, Asia Pacific is anticipated to register a considerable CAGR. This is attributed to the increasing prescription of acetaminophen and combination drugs of acetaminophen among patients. This, along with growing awareness about medications and rising healthcare expenditure is leading to the region's growth in the market.
The report will include the profiles of key players such as Sanofi, Bayer AG, Teva Pharmaceutical Industries Ltd., Abbott, Novartis AG, Procter & Gamble, and others.
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