The global compound camphor ointment market size was valued at USD 2.55 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.15% from 2024 to 2030. Compound camphor ointment acts as an analgesic and is used for chest congestion caused by cold & itching and relieving pain. It is also used in treating fungal infections and mild cases of hemorrhoids. A sedentary lifestyle leading to increased body pain is the major driving factor of the market. Moreover, the rising geriatric population subsequently increases the demand for compound camphor ointment as it is also used as a muscle relaxant in osteoporosis.
WHO identified a significant increase in the burden of a sedentary lifestyle. As of 2021, over 1 million adults were categorized as insufficiently active. The rise in sedentary behavior can be attributed to several factors, such as heightened stress levels, urbanization, and reduced access to green spaces. These factors have decreased physical activity and increased the risk of orthopedic disorders. Compound camphor ointment offers a quick and cost-effective solution for relieving the pain and thus is very popular. However, dependency and overdose accidents raise some concerns about the use of the products. Moreover, government regulations to ensure the safety and efficacy of the compound camphor ointment might also hinder market growth.
According to the CDC, chronic pain is a prevalent and debilitating condition that significantly impacts the lives of numerous adults in the U.S. In 2021, approximately 20.9% of adults in the U.S. were estimated to have experienced chronic pain. The products also have a high demand from people suffering from chronic muscle pain and sports-related injuries. Chronic pain is managed using physical therapy and is supplemented with pain relief ointments. Camphor ointment provides a low-risk option for the same due to its low interference with other treatments and ease of use.
The compound camphor ointment market is segmented based on the application of pain relief, anti-itching, fungal infection, and others. The pain relief segment is anticipated to grow significantly over the forecast period. Compound camphor ointments are used as the first line of treatment in most cases, thus contributing to its demand. The rising prevalence of orthopedic disorders, sports injuries, and chronic pain is expected to propel the market's growth during the forecast period.
According to the U.S. Bureau of Labor Statistics, 2.6 million nonfatal workplace injuries and illnesses occurred in 2021 in the private sector. The increasing number of workplace-related injuries is anticipated to increase the demand for pain management treatments, thereby driving market growth. Moreover, rising road traffic accident-related injuries requiring pain management are expected to fuel market growth. For instance, according to the Mount Sinai Health System, around 17,900 people suffer from new spinal cord injuries every year in the U.S. These injuries are majorly caused by car crashes, falls, gunshot wounds, and sports activities. Patients with these injuries have a long recovery time and thus prefer cost-effective and easily accessible options like compound camphor ointments. These factors are responsible for the market growth over the forecast period.
Based on formulation, the market is segmented into topical and internal use. The topical use segment dominated the market in 2023 with a market share of around 70%. Sport-related injuries have a significant impact on the market. These injuries, ranging from minor sprains and strains to more severe fractures and ligament ears, often require specialized rehabilitation and physical therapy to facilitate recovery and restore functionality and involve a long recovery time. The topical compound camphor ointment is preferred as the products are available over-the-counter. The easy availability of these products in retail pharmacies makes them the preferred option for people with acute and chronic pain. The products also provide fast pain relief and minimal side effects.
North America dominated the market in 2023. The growing geriatric population, unhealthy lifestyles, favorable government regulations, technological advancements, and innovations by market players are expected to drive market growth. The large patient pool and presence of established manufacturers are anticipated to strengthen market growth in this region further.
Asia-Pacific is expected to witness the fastest growth over the forecast period. An aging population and growing prevalence of musculoskeletal diseases are likely to propel market growth across the globe, especially in emerging economies such as India and China. According to World Health Organization's National Institute on Aging, a substantial increase (25% -30 %) in the incidence of musculoskeletal diseases has been projected. These conditions lead to chronic pain along with cognitive impairments over time. Many individuals with these conditions require ongoing care and pain management. The use of compound camphor ointment, along with physiotherapy, can help reduce the level of support needed for these patients.
The following are the leading companies in the compound camphor ointment market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these compound camphor ointment companies are analyzed to map the supply network.
Key players operating in the market are Cigna, GHC Group, LLC, Thera Wise, Emu Joy, Indiana Botanic Gardens, DLC Laboratories, Inc., China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Greenbrier International, Inc., Delon Laboratories Ltd., Vi-Jon Laboratories, World Perfumes, Inc., Amrutanjan Health Care Limited, and Caribe Natural, Llc. The market participants are constantly working towards new product development, M&A activities, and other strategic alliances to gain new market avenues.
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