Enjoy complimentary customisation on priority with our Enterprise License!
The compound camphor ointment market size is forecast to increase by USD 3.81 billion, at a CAGR of 11.64% between 2023 and 2028. The market is experiencing significant growth due to its effective use in treating various conditions such as neuralgia, rheumatism, and sprains. The increasing aging population is a major factor driving this demand, as older adults often experience these health issues. Furthermore, the pharmaceutical industry is investing heavily in Research and Development (R&D) to create new drugs, with some focusing on improving existing formulations of compound camphor ointment. This trend is expected to continue, providing opportunities for market expansion. The compound camphor ointment market's growth is also fueled by its affordability and wide availability, making it a popular choice for consumers seeking relief from pain and inflammation.
For More Highlights About this Report, Request Free Sample
The market is significantly influenced by advancements in pain relief solutions and preventive healthcare. These solutions address a range of issues including chronic pain, musculoskeletal diseases, and conditions like osteoporosis and heart disease symptoms. The increasing geriatric population and sedentary lifestyle contribute to the rising demand for effective pain relief and muscle relaxant products. Innovations in topical use treatments for conditions such as chest congestion, fungal infections, cold sores, warts, and burns are crucial. Additionally, internal use options are being explored for body pain, swelling, and obesity-related issues. These solutions are designed to address workplace-related injuries, spinal cord injuries, and overdose accidents. Investment pockets are emerging in the development of products for anti-itching, fungal infection, and other pain relief areas. This includes addressing hemorrhoids, toenails, and itching from various fungal infections, all while improving consumer confidence in pain relief solutions.
One of the key factors driving the global compound camphor ointment market growth is the growing demand for compound camphor ointment. The American Academy of Dermatology Association recommends ointments or creams with camphor for relieving psoriasis-related itching. For instance, Blue Star Ointment is a cream that contains 1.2% of camphor oil, which can be used for symptoms such as itching, scaly, dry skin, eczema, rashes, ringworm, jock itch, and athlete's foot. The growing prevalence of arthritis, especially in North America, will significantly contribute to the demand for compound camphor ointment. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, 1 in 4 adults in the US had arthritis, and it is estimated that by 2040, 78 million US adults will have arthritis. Also, globally, more than 350 million people had arthritis in 2021. Thus, such factors will boost the demand for compound camphor ointment during the forecast period.
Significant Market Trends
Growing prominence of online retailing is one of the key compound camphor ointment market trends that is expected to impact the industry positively in the forecast period. Online and e-commerce channels support both business-to-consumer (B2C) and business-to-business (B2B) operations. Some prominent e-commerce players operating in the global compound camphor ointment are Amazon.com and eBay. Essential oil manufacturers, including camphor oil producers, are focusing on Internet-savvy customers and experimenting with online retail formats to attract more customers. This mode of business will help vendors cut down on their operating and overhead costs. In the online retailing format, these costs are much lower than in the physical store format. Such factors will further support the market growth in the coming years.
Major Market Challenge
One of the key challenges to the global compound camphor ointment market growth is the government regulations for and health hazards of using camphor. It is mandatory for manufacturers to adhere to the standards implemented by government bodies across the world. For instance, as per the European Chemicals Agency (ECHA), under the EC list no 616-922-7, camphor is termed fatal if swallowed and enters the airway in the human body. It is toxic to aquatic life due to its long-lasting effects, causes serious eye irritation, is flammable both in liquid and vapor form, causes skin irritation, may cause an allergic skin reaction, and may cause respiratory irritation. Moreover, camphor can cause some minor side effects, such as skin redness and irritation. For instance, in July 2021, a pediatrician in Nigeria cautioned parents against using mentholated ointment on their children besides keeping their newborn babies' clothes in camphor. Such health hazards can limit the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amrutanjan Health Care Ltd.: The company is involved in offering pain balm extra power which provide relaxant for day to day stress and gives relief from headaches and cold related body pains.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The internal use segments is estimated to witness significant growth during the forecast period. Camphor is a terpene (organic compound) that is commonly used in creams, ointments, and lotions. The internal use of compound camphor ointment includes its inhalation to relieve coughing. Inhaling the vapors of compound camphor ointment provides temporary relief to cough triggered by irritation in the throat or lungs.
Get a glance at the market share of various regions Download the PDF Sample
The internal use segments accounted for USD 2.62 billion in 2018 and showed a gradual increase during the forecast period. However, taking camphor orally can cause trouble in breathing, seizures, and death. High doses of camphor, either inhaled or used on the skin, can also be risky, as it can cause skin irritation or seizures. Moreover, swallowing camphor can be very hazardous for children since camphor poisoning in children is a serious risk. Thus, it is recommended that parents should not have camphor products in their homes, especially within reach of children. Thus, these side effects of camphor may hamper the segment and, in turn, the growth of the market in focus during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The compound camphor ointment market in APAC is expected to witness a steady growth rate during the forecast period due to the increasing use of camphor oil in pharmaceutical products across China and India. India and China are the leading consumers of compound camphor ointment in APAC owing to the increase in demand for compound camphor ointment among patients with arthritis. In India, a large part of the total population has arthritis; for instance, in India, approximately 1% of the population suffers from rheumatoid arthritis.
Also, arthritis affects more than 180 million people in India, and its prevalence is higher than even diabetes, AIDS, and cancer. Additionally, according to a study by the National Statistical Office (NSO), the population of the elderly that is above 60 in India has been increasing steadily over the past few decades. According to the Elderly in India 2021 report of the Technical Group on Population Projections for India and States 2011-2036, there were nearly 138 million (13.8 crore) elderly persons in India in 2021, comprising 67 million males and 71 million females. Thus, this aging population is more vulnerable to joint diseases such as arthritis. Thereby, the application of compound camphor ointment for temporarily relieving pain among people with arthritis will propel the demand for compound camphor ointment during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
1. Camphor Oil Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, Germany, China, Japan - Size and Forecast
2. Color Cosmetics Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, Brazil - Size and Forecast
3. Isobutanol Market by Product, Application, and Geography - Forecast and Analysis
The market is increasingly intertwined with advancements in drug delivery systems and pain relief solutions. As healthcare expenditure rises, there's a growing focus on analgesics drugs to manage obesity and osteoarthritis. Both men and women are seeking effective analgesic options available through retail pharmacies and OTC channels. The pain relief segment is expanding with innovative drug delivery systems that enhance the efficacy of analgesics drugs. These systems are designed to address chronic conditions, providing targeted relief and improving quality of life. The shift towards over-the-counter solutions reflects a broader trend towards accessible healthcare options, driven by increasing healthcare expenditure. As analgesic treatments become more advanced, the market is benefiting from these developments, which contribute to more effective pain relief and better management of conditions such as obesity and osteoarthritis.
Market Scope |
|
Report Coverage |
Details |
Page number |
134 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.64% |
Market growth 2024-2028 |
USD 3.81 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.12 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
China, US, Germany, India, and Mexico |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amrutanjan Health Care Ltd., Caribe Natural LLC, China Resources Pharmaceutical Group Ltd., DLC Laboratories Inc., DWD Pharmaceuticals Ltd., Emu Joy, Focus Consumer Healthcare, Haw Par Corp. Ltd., Indiana Botanic Gardens Inc., ROHTO Pharmaceutical Co. Ltd, Strides Pharma Science Ltd., The J.R. Watkins Co. , The Procter and Gamble Co., Trifecta Pharmaceuticals USA LLC, and World Perfumes Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Formulation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.