Increasing Rate of Self-medication to Foster Demand for Camphor Containing OTC Products
Increasing rate of self-medication among patients and availability of over the counter (OTC) drugs in the market is expected to increase adoption of OTC analgesics containing camphor. Several patients prefer using OTC decongestants for temporary relief from nasal and Eustachian tube congestion. Vicks VapoRub is one of the largest OTC analgesic brands that contain camphor as one of the main ingredients, reported a revenue of US$ 60,914 in 2016. The self-medication is also resulting in the adoption of such OTC products by large-scale pharmacy chains.
The increased rate of self-medication thus results in more consumption of camphor-containing OTC products. Increasing consumption of camphor-containing OTC products is expected to propel the growth of pharma-grade synthetic camphor market
Growing Incidence of Infectious Diseases to Create Growth Opportunities for Manufacturers of Pharma-grade Synthetic Camphor
The incidence of infectious diseases is increasing globally. Highly populated regions such as APAC and MEA and Latin America have a high incidence and prevalence of infectious diseases, which in turn is increasing demand for pharma-grade synthetic camphor based anti-inflammatory and anti-fungal medication. Growing incidence of infectious diseases such as cold & flue demands increased use of cold sore remedies, nasal decongestants, topical expectorants etc., which in turn would drive the growth of pharma-grade synthetic camphor market.
Camphor has always been used in alternative medicine systems such as traditional Chinese medicines and Ayurveda for treatment and prevention of common cold. For infections such as common cold, alternative medicines are still recommended in countries such as India and China.
Pharma-grade synthetic camphor is the main ingredient of various Ayurveda medicines such as cough remedies, chest rubs, oils for rheumatism treatment etc. Growing use of these medicines is expected to create demand for pharma-grade synthetic camphor and in turn, drive the market growth.
Surge in Use of Private Label Topical Products Containing Camphor to Aid Market Growth in North America
The private-labeled industry is witnessing immense growth opportunities in the U.S. market. The number of private-labeled OTC analgesics containing pharm-grade synthetic camphor are being launched into the U.S. market for the past few years. Examples of some private-labeled OTC analgesics contains pharma-grade synthetic camphor include Walgreens Ultra Strength Muscle Rub (4% camphor), Salonpas pain relieving patch (1.2% camphor), etc. These private label analgesics do not require FDA approval and thus are gaining more popularity in the U.S. market.
This is expected to drive the demand for pharma-grade synthetic camphor from manufacturers of such private labeled OTC analgesics. Retailers are also preferring to promote private-labeled products because they require lower investment in inventory and achieve higher turnover rates than named brands. This is expected to drive the demand for pharma-grade synthetic camphor.
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Rebound in Global Trade to Provide Growth Momentum for Camphor Exports
The global economic boom that started in mid 2016 has grown stronger and broader in past two years and according to International Monetary Fund (IMF) the global trade growth is expected to reach 3.9% in 2018. This economic growth is expected to aid recovery in certain commodity exports such as pharma-grade synthetic camphor.
The global upturn is thought to be attributed to investment recovery in mature markets, positive market sentiments in developing economies, partial recovery in commodity prices etc. Upsurge in economic growth expected to favor the growth of pharma-grade synthetic camphor market as increase in commodity exports.
Improvement in Supply Chain Provides Opportunity for Pharma-grade Synthetic Camphor Manufacturers to Penetrate the High Growth Markets in Asia Pacific
Pharma-grade synthetic camphor manufacturing companies are focusing on improving efficiency and effectiveness of the end-to-end supply chain. Major players in pharma-grade synthetic camphor are engaged in mergers and industry is consolidating rapidly. For instance, in 2016, pharma giant Merck acquired Sigma-Aldrich. In 2015, Camphor & Allied Products Ltd-a leading India based manufacturer of pharma grade camphor merged their business with oriental aromatics limited.
Moreover, small regional and domestic players have huge opportunity to improve their services and penetrate the high growth emerging markets or integrate themselves in the supply chain of pharma companies and reduce their working capital.
Pharma-grade Synthetic Camphor Manufacturers to Witness Growing Demand from Topical Pain Management Products
Pain management topical products are increasingly used to treat various minor and major conditions including arthritis, headache, joint and muscle pain, migraine and other conditions. Several factors such as the aging population and the increasing number of people suffering from chronic disease create high demand for pain management topical products. Camphor is a common ingredient in many topical pain relief products.
Pain management products such as Menphor, Tiger Balm, Icy Hot Arthritis Lotion, Tetramex contain camphor as a common ingredient. These products are experiencing significant growth due to expanded retail distribution and consumer preference towards topical as compare to oral painkillers as lesser side effects.
Competition section of the pharma-grade synthetic camphor market features profiles of key players operating in the industry based on their market shares, differential strategies, product offerings, marketing approach, and company dashboard.
Some of the key players featured in this report include Merck KGaA, Oriental Aromatics Limited, Saptagir Camphor Limited, Mangalam Organics Limited, Nippon Fine Chemical Co., Ltd., Rochem International, Inc., Spectrum Chemical Mfg. Corp., Aldon Corporation, Prinova Group LLC. And Fengchen Group Co., Ltd.
Many companies in pharma-grade synthetic camphor market are focusing on strengthen supply-chain to provide effective raw material to manufacture of Ayurveda medicine and pharmaceutical companies. Pharma-grade synthetic camphor manufacture is mainly concentrated in Asia Pacific regions mainly in India and China and they export their raw material to Europe or U.S.
Camphor is traditionally prepared by distilling the bark and wood of the camphor tree (natural camphor). However, today camphor is prepared synthetically from turpentine oil. Synthetic camphor generally contains racemic mixtures of d & l isoforms of camphor (DL-camphor). There are two varieties of synthetic camphor viz. Technical grade camphor (93-94% purity) and Pharmaceutical grade camphor (98% purity). The report includes the market value for pharmaceutical grade synthetic camphor.
About the Report
The company conducted a research study on pharma-grade synthetic camphor market for the forecast period 2018 to 2028. The pharma-grade synthetic camphor market report offers a comprehensive evaluation of the business opportunities prevailing in the pharma-grade synthetic camphor market along with insights on the import-export, consumption, and production of pharma-grade synthetic camphor. The report elaborates on the macroeconomic factors influencing the dynamics of pharma-grade synthetic camphor market and its futuristic potential.
Additional Questions Answered
Some of the additional questions addressed in this report on pharma-grade synthetic camphor market-
- What is the revenue potential of pharma-grade synthetic camphor across regions of North America and Europe?
- Who are the key competitors and production capacity in pharma-grade synthetic camphor market?
- What are major challenges influencing the growth of pharma-grade synthetic camphor market?
- How intervention from regulatory authority is shaping the pharma-grade synthetic camphor market growth?
The pharma-grade synthetic camphor market has been estimated based on supply-demand approach. The market was first calculated based on pharma-grade synthetic camphor volume consumption in different region/countries. The pharma-grade synthetic camphor volume was estimated based on the supply-demand in the top 20 countries globally. Other qualitative factors analyzed raw material consumption and production, regulatory policies related to pharma-grade synthetic camphor, and adoption of camphor based medications.
This information is further validated with rigorous primary research (including interviews, surveys, in-person interactions, and viewpoints of seasoned analysts) and secondary research (including verified paid sources, authentic trade journals, and resourceful databases).
The research study on pharma-grade synthetic camphor market also includes top trends and macro as well as microeconomic factors shaping the pharma-grade synthetic camphor market. With this approach, the report on pharma-grade synthetic camphor market anticipates the industry attractiveness of every major segment in pharma-grade synthetic camphor over the forecast period.
The report offers a comprehensive taxonomy of pharma-grade synthetic camphor market based on formulation, application, distribution channel, and region. Pharma-grade synthetic camphor is used in various type of medication. By application pharma-grade, synthetic camphor market is segmented by respiratory disorders, muscular rheumatism, counterirritant, and antipruritic and others.
By formulation, pharma-grade synthetic camphor market is segmented into topical and inhalation. Pharma-grade synthetic camphor is distributed through the different distribution channel, the report includes online B2B (further segmented and conventional B2B distribution channels.
Conventional B2B distribution channel includes tenders, direct procurement, and wholesaler & distributors. The pharma-grade synthetic camphor market has been analyzed across eight regions including North America, Latin America, Europe, Asia Pacific Excluding China & Japan, China, Japan, and MEA.