Pharma-Grade Synthetic Camphor Market
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%
Meridian Market Consultants (MMC) has published a new report titled, "Pharma-Grade Synthetic Camphor Market: Opportunity Analysis and Future Assessment 2020-2028"
Global Pharma-Grade Synthetic Camphor Market, By Formulation Type (Topical and Inhalation), By Application (Respiratory Disorder, Muscular Rheumatism, Counterirritant and Antipruritic, and Others), By Distribution Channel (Conventional B2B {Tenders, Direct Procurement, and Wholesalers & Distributors} and Online B2B {Internal Channel and External Channel}) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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%.
Camphor was originally prepared by the distillation of the bark and wood of the camphor tree (natural camphor). However, in present can be prepared synthetically from turpentine oil. As per the report, the Pharma-grade synthetic camphor market is primarily driven by the upsurge in demand for self-medication that boosts the demand for camphor containing over the counter products in the market. For instance, Vicks VapoRub is among the largest OTC analgesic brands, containing camphor as one of the main ingredients.
Besides, factors like radial availability of these products coupled with the application of pharma-grade synthetic camphor in areas such as respiratory disorders, muscular rheumatism, counterirritant & antipruritic and the growing demand for camphor ointments used for treating chest congestion is also responsible in fuelling the market growth. On the contrary, the health risks associated with the overdosing of camphor are likely to retard the growth of the Pharma-grade synthetic camphor market during the forecast years.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the rising count of cases of infectious diseases is also elevating the need for Pharma-grade synthetic camphor among the pharmaceutical manufacturer across the globe. This synthetic camphor has proved beneficial in curing infectious diseases like cold & flu, nasal decongestants, topical expectorants etc. This further diminishes the need for clinical visits, thereby, influencing the growth of this market in a positive direction during the forecast years.
Furthermore, the adoption of business strategies, including the research and development activities for the invention of a new procedure to generate camphor in a cost-effective manner, among the key players to favor their business growth, which in turn is boosting the growth of pharma-grade synthetic camphor market.
MMC Study identifies some of the key participating players in pharma-grade synthetic camphor market globally are 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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