The report is titled as ‘Pharma-Grade Synthetic Camphor Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the pharma-grade synthetic camphor market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The pharma-grade synthetic camphor market is expected to grow with a significant rate in the near future.
The global pharma-grade synthetic camphor market in 2020 is estimated for more than US$ 167.3 Mn and expected to reach a value of US$ 236.1 Mn by 2028 with a significant CAGR of 4.4%.
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Pharma-Grade Synthetic Camphor Market Dynamics
Factor like the growing demand for the private labeled topical products containing camphor is expected to boost the market growth in developed regions like North America. For instance, the demand for OTC analgesics containing pharma-grade synthetic camphor includes Walgreens Ultra Strength Muscle Rub (4% camphor), Salonpas pain relieving patch (1.2% camphor), etc. These are among private label analgesics and they do not require FDA approval and thus are gaining more popularity in the U.S. market.
Also, the rebound in global trade promoting growth for camphor exports coupled with the growing trend of self-medication amongst the patients is also responsible for fueling the demand for pharma-grade synthetic camphor in the global market, thereby propelling the market growth.
Furthermore, improving supply chain management is also providing growth opportunities for pharma-grade synthetic camphor manufacturers, as it influences high growth in emerging regions like in the Asia Pacific. For instance, Merck acquired Sigma-Aldrich in 2016. Similarly, Camphor & Allied Products Ltd., a leading Indian manufacturer of pharma grade camphor, merged their business with Oriental Aromatics Limited in 2015.
Pharma-grade synthetic camphor manufacturers also witness rising demand from topical pain management products, owing to the growth recorded in the aging population coupled with the increasing count of people suffering from chronic disease. This creates a high demand for pain management topical products, thereby boosting the market growth.
Moreover, the widespread end-users applications of products like Vicks VapoRub and the beneficial properties of pharmaceutical-grade synthetic camphor, including anti-fungal and anti-inflammatory can also be considered as the revenue-generating factors for the global pharma-grade synthetic camphor market in the projected time frame.
On the contrary, the availability of substitutes and the health risks linked with the high level of camphor are likely to hamper the demand for pharmaceutical grade synthetic camphor across the globe.
Nevertheless, the on-going research and development activities to innovate new application scope for camphor along with the mounting count of the population in emerging economies such as China, India and others is creating opportunities for growth of the global market.
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Pharma-Grade Synthetic Camphor Market Segmentation
The global pharma-grade synthetic camphor market is segmented on the basis of formulation type, application, distribution channel, and by region.
By Formulation Type:
- Topical
- Inhalation
By Application:
- Respiratory Disorder
- Muscular Rheumatism
- Counterirritant and Antipruritic
- Others
By Distribution Channel:
- Conventional B2B
- Tenders
- Direct Procurement
- Wholesalers & Distributors
- Online B2B
- Internal Channel
- External Channel
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
Pharma-Grade Synthetic Camphor Market Key Players
Key players operating in the global pharma-grade synthetic camphor market include Aldon Corporation, Fengchen Group Co., Ltd., Mangalam Organics Limited, Merck KGaA, Nippon Fine Chemical Co., Ltd., Oriental Aromatics Limited, Prinova Group LLC, Rochem International, Inc., Saptagir Camphor Limited, and Spectrum Chemical Mfg. Corp.
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