Market Trends of Compound Camphor Ointment Industry
This section covers the major market trends shaping the Compound Camphor Ointment Market according to our research experts:
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.
