Market Trends of PAP and Paracetamol Industry
This section covers the major market trends shaping the PAP & Paracetamol Market according to our research experts:
Tablet Drug Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The tablet drug segment is anticipated to garner a substantial market share over the analysis period. The increasing prevalence of flu, the availability and popularity of these formulations, and the growing number of prescriptions are some of the key factors boosting the segment's growth.
The CDC annually estimates the total number of flu cases in the United States population. According to CDC data for 2021-2022, the number of flu illnesses in the United States was between 8-13 million cases. Among these, 3.7-6.1 million sought care from their healthcare provider, and 82,000-170,000 were hospitalized. Thus, such a high prevalence of flu is one of the key factors driving the segment's growth.
Furthermore, the increased production of PAP and paracetamol tablets through local market players and initiatives to encourage availability is expected to drive segment growth over the forecast period. For instance, in June 2021, SEQENS launched the project to build a new paracetamol production unit in partnership with Sanofi and UPSA and with the support of the France Reliance program. It also reported that the unit will have a capacity of production of 10,000 tonnes of paracetamol per year.
Thus, such initiatives and advantages offered by tablet formulations are expected to increase market growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the overall PAP and paracetamol market throughout the forecast period. Factors such as the presence of key players, the high prevalence of fever, headaches, and migraines in the region, and the established healthcare infrastructure, which are some of the key factors responsible for its large market share, are responsible for the market's growth.
The market growth in the United States is expected to be robust during the forecast period. According to the American Migraine Foundation January 2021 article, more than 4 million adults in the United States experience chronic daily migraine, with at least 15 headache days per month. As per the statistics, the increasing patient pool and disposable revenue in this country are expected to boost the market's growth in the region. Similarly, in November 2022, the Government of Canada published a Weekly Influenza Report stating that in week 47, a total of 8,242 laboratory detections (8,226 influenza A and 16 influenza B) were reported. Among the subtyped influenza A detections in week 47, 95% (2,214) were influenza A (H3N2), and 5% (119) were influenza A (H1N1). Among the detections for which age information was required in week 47 (5,096), 2,339 (46%) were in individuals aged 0-19 years old. Thus, increasing flu is expected to increase the consumption of PAP and paracetamol formulations in the region, which is expected to increase the market growth.
Additionally, in November 2021, the US FDA accepted the New Drug Application (NDA) for Maxigesic IV by Hyloris Pharmaceuticals SA. It is a unique combination of 1000 mg paracetamol and 300mg ibuprofen solution for infusion for the treatment of postoperative pain. Such application acceptance by the regulatory authorities may lead to the entrance of new products into the market in the future, thereby leading to market growth in the region.
