The global compound camphor ointment market is expected to register a CAGR of 4.1% over the forecast period. The increasing prevalence of diseases that cause pain and itching, such as chest congestion, cold sores, toenails, warts, hemorrhoids, and osteoarthritis, is expected to drive the growth of the market. In addition, a huge population inclined toward a sedentary lifestyle and obesity is also expected to drive the growth of the market.
A key trend observed in the market is a significant rise in geriatric population, on the heels of increasing demand for pain relief solutions. Osteoarthritis primarily affects the elderly population. It is a major cause of disability in older adults worldwide. According to the World Health Organization (WHO), 9.6% of men and 18.0% of women aged 60 years or above have symptomatic osteoarthritis. This trend is expected to continue positively, influencing the demand for compound camphor ointment.
The demand for OTC-related compound camphor ointment is expected to increase during the forecast period, due to the easy availability of these products in retail pharmacies. Patients with acute muscle pain prefer availing products with OTC. These products facilitate rapid treatment and reduce the recovery time for damaged parts of muscles and joints.
The growing demand of these ointment is driven by technological advancement in the field of drug delivery systems, the cost efficiency of OTC analgesics drugs, and increasing awareness amongst patients. The wide range of application possessing high probability to provide lucrative growth opportunities to studied market. Some of the applications includes headache, muscle strain, bruising, or arthritis for recovering the modest pain. However, stringent government regulations & overdose accidents of compound camphor ointments may restrict the market.
Key Market Trends
The Pain Relief from Application Segment is Expected To Post The Highest CAGR During the Forecast Period
The pain relief segment is expected to register a lucrative CAGR during the forecast period. The growth of the pain relief vertical is majorly due to the well-established business of pain reliever ointment as the first line of treatment. There has been an increase in the number of targeted ailments that cause pain, itching, swelling, etc. globally. This is a major factor driving the growth of the respective segment.
The demand for pain relief ointment over oral drugs and surgical interventions is also expected to be a factor driving the market over the forecast period. In addition, this growth is supplemented by the increasing aging population. Positive patient outcomes can be attributed to significant improvements in pain relief.
The high growth potential attained is a consequence of healthcare expenditure in developing countries such as India, China, and Brazil, where the number of surgeries performed has been on a steady rise.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America held the largest share in the market, owing to the significant number of pain-related disorders and demand for the treatment of chronic back and joint pain in the U.S. This has been adding to the growing healthcare expenditures of the nations in the region. Increasing product adoption & cognizance and incremental rise in the number of patients has also been accelerating market growth in the region.
Asia-Pacific is expected to witness the fastest growth over the forecast period. The growth is attributed to the increasing volume of the geriatric population and the growing use of the product in pain management. Japan is also a significant contributor to the market, owing to the presence of advanced manufacturing facilities and technologies. This factor is expected to augment the growth of the market over the forecast period.
The global compound camphor ointments market is highly competitive and consists of several major players. The existing major players in the compound camphor ointments market employ strong competitive strategies, leading to high rivalry among them. Some of the key players in the market are Cigna, DLC Laboratories Inc., Emu Joy, McKesson Canada, and Thera Wise, among others. Product advancements and improvement in effective therapeutics by the major players are stiffening the competitive rivalry in the market.
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