The global pharma-grade synthetic camphor market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The pharma-grade synthetic camphor consists of antibacterial and antifungal properties and is used in the production of over-the-counter (OTC) drugs. The rise in the prevalence of self-medication is anticipated to accelerate the growth of the global pharma-grade synthetic camphor market during the forecast period. According to the data published by National Center for Biotechnology Information (NCBI) in 2020, Self-medication is a common practice, with a prevalence of 32.5 % to 81.5% globally. Moreover, as of September 2020, there were 30,905,162 confirmed cases of COVID-19 and to date, no definitive treatment was available to prevent this viral infection. Thus, this situation has increased the influence of social media regarding the information about medications leading to increased use of self medications. Moreover as per NCBI, between January 2020 to June 2020, the increase in people’s interest in online self-medication information during the COVID-19 pandemic is reflected in the Google trend for searches on self-medication.
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According to data published by the Asthma and Allergy Foundation of America (AAFA) in 2021, approximately 25 million Americans have asthma (1 in 13 Americans) out of which 20 million belong to adults age 18 years and above and 5.1 million children under the age 18 years. Moreover, in 2019, 44.3% of children age 18 years and younger who had asthma reported having one or more asthma attacks in the past year. Further, according to the data published by the Office of Disease Prevention and Health promotion in 2020, approximately 14.8 million adults have been diagnosed with COPD and 12 million people have not been diagnosed in the US. Thus, the prevalence of respiratory disorders across the globe is anticipated to grow to propel the growth of the global pharma-grade synthetic camphor market.
Looking towards the demand for pharma-grade synthetic camphor, key market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2019, Palm Organix has launched a Zero THC 200mg CBD lotion infused with camphor, for the prevention of pains, aches, itching, and bruising. The launch aimed to expand their portfolio in the line of topical. Therefore, such product launches are anticipated to propel the growth of the market during the forecast period (2022-2028).
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Formulation Type
- By Application
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Merck KGaA, Aldon Corp., Rochem International, Inc., and Prinova Group LLC among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Pharma Grade Synthetic Camphor Market Report by Segment
By Formulation Type
- Topical
- Inhalation
By Application
- Respiratory Disorders
- Muscular Rheumatism
- Counterirritant and Antipruritic
- Others
By Distribution Channel
- Conventional B2B (tenders , wholesalers & retailers)
- Online B2B (Internal Channel and External Channel)
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