Commonly extracted from turpentine oil, pharma-grade synthetic camphor has witnessed a rapid rise in applications in a variety of medical formulations, fine chemistry procedures, and hygiene products. Lower rates of side effects in comparison to that of oral analgesics, along with growing sales in the retail sector are anticipated to generate a higher rate of demand for pharma-grade synthetic camphor in the medical industry in the near future.
Preference for Self Medication is expected to Increase Demand
Easy availability of over the counter medications (OTC) at large scale pharmacy chains for a wide range of ailments is resulting in a growing trend of self-medication among consumers. This has led to increased consumption of OTC products that contain camphor. Rising incidences of flu, cold sores, fungal infections and inflammation, particularly in highly populated developing nations is anticipated to create opportunities for pharma grade synthetic camphor manufacturers.
However, health risks associated with using camphor for medical purposes is expected to slow the growth of businesses involved in producing and selling pharma grade synthetic camphor. Excessive use, oral consumption and exposure of camphor to broken skin, can lead to high amounts of absorption by the body that leads to complications, including intoxication and poisoning, which may lead to death.
Owing to these health risks, a number of regulatory restrictions have been imposed on pharma grade synthetic camphor manufacturers. For example, the US FDA classified certain camphorated oil products to be used only with doctor prescriptions. Moreover, growing costs of raw materials needed to produce pharma grade synthetic camphor, is also expected to hinder manufacturers in the years ahead.
Rise of Private Labeled Products Increase Consumption
Growing utilization of private labeled topical camphorated medical products are generating higher demand for pharma-grade synthetic camphor. Analgesic products from private labels are gaining popularity in the United States market as they do not need to be approved by the FDA, and are promoted strongly by retailer businesses. Moreover, retail businesses prefer to stock and sell private labels, because such products do not require a high rate of investment, and show a higher turnover rate in comparison to other named counterparts.
The recent increase in export of commodities, global economic growth, and expanding production capacities, and efficient supply chains of manufacturers are anticipated to increase the growth rate of pharma-grade synthetic camphor producers.
For example, Germany?s premier life sciences group, Merck joined hands with a Taiwan based healthcare fund to set up an innovation lab for the production of new precision medicines, and venturing into the field of biotechnology, that is anticipated to provide good opportunities to pharma grade synthetic camphor manufacturers.
Oriental Aromatics Limited officially acquired Camphor and Allied Products Ltd., after a staggered acquisition process with an approval from the Ministry of Corporate Affairs in India, in February 2018, in the pursuit of producing medical camphor and terpinols, for export to countries such as the United Kingdom, United States, and those of the European Union.
Conclusion
Recent findings by Future Market Insights (FMI), a leading market research firm indicates that an average year-on-year growth of the pharma-grade synthetic camphor market, through 2028. The global demand for pharma-grade synthetic camphor will primarily be driven by growing demand for topical pain management products. This is important to keep in mind as you consider the future of the pharmaceutical industry.