Salicylate Market (2023-2030) Growth Powered With Latest Development Scenario and Influencing Trends|
The global salicylate market size is anticipated to grow at an aggressive rate owing to the rising incidence of cardiovascular diseases across the globe, observes Fortune Business Insights™ in its report, According to the World Health Organization (WHO), Cardiovascular Diseases (CVDs) are the primary cause of death across the globe with an estimate of 17.9 million deaths each year. Salicylate, which is naturally found in plants, is highly effective in the prevention of CVDs. The anti-coagulating and anti-inflammatory properties found in salicylate promote its utilization in cardiovascular preventive medicine, boosting the growth of the salicylate market. However, adverse effects and stringent regulations limit market growth.
As of today, nearly 47.5 million cases of the novel coronavirus have been recorded globally with around 1.21 million deaths. Covid-19 has massively affected all aspects of mankind, including trade. Economies around the world have been paralyzed due to nationwide lockdowns in various countries of major regions. Government bodies and organizations alike are constantly analyzing the situation to come up with real-time solutions in order to support their economies. At Fortune Business Insights™, we are consistently providing a birds’ eye view by analyzing various scenarios on a real-time basis. We are offering detailed reports based on our expertise and experience in the field of market research.
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Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Ever-increasing Rate of Skin Diseases to Enhance Market Growth
According to a study published in the National Center for Biotechnology Information (NCBI), based on the Global Burden of Disease Project, skin diseases were the 4th leading cause of non-fatal morbidity worldwide in 2010 and 2013. Skin conditions and diseases pose a significant threat to patients’ well-being, mental health, and functional ability. Salicylic acid has wide applications in treatment against several skin conditions and diseases including dandruff, acne, warts, and psoriasis. It has bacteriolytic, skin peeling, and fungicidal properties, which help in relieving pain and reducing inflammation. This increases the demand for salicylate in the pharmaceutical sector, further boosting the salicylate market size.
Asia Pacific to Dominate the Market; Europe Relying on the Cosmetic Industry
Asia Pacific dominates with the largest share in the global salicylate market. The increasing demand for products involving salicylates in industries, such as medicines, food processing, and cosmetics, is boosting the salicylate’s demand in the region. North America owns a prominent share owing to the rapidly growing demand for products containing salicylate. These products are primarily used in the prevention of cardiovascular diseases, thereby boosting the market growth.
Europe has been the global market leader owing to the dominance of cosmetic applications across the region. The market in the region is projected to expand over the coming years due to salicylate’s extensive use as the main ingredient in the product categories and its antibacterial features. In addition, the rapid development in the skincare industry is accelerating market growth. The salicylate market in Latin America and the Middle East is estimated to grow owing to the utilization of salicylate in beauty, skincare, and hair products.
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Key Players to Explore New Horizons in the End-user Industries
Major players in the salicylate market are making strategic investments in research and development activities to develop innovative products. In addition to this, the companies are planning to explore new potential applications of salicylate in various end-user industries. These investments are allowing them to develop novel derivatives from the ingredient and expand their business horizons.
- On 20th June 2018, Novacap, a key leader in the pharma industry, acquired PCI Synthesis to expand its offering in the U.S. This acquisition suits the company’s strategic plans to improve its pharmaceutical portfolio and project a groundbreaking forum for Novocap to promote its growth in the U.S.
- On 14th Marc, 2018, Neutrogena initiated new products and broadened the production line of its Hydro Boost. The company has leveled up and introduced SPF 30 and SPF 50 to the Hydro-Boost line. The 50th SPF is light weighted, has a pleasant fragrance, and soaks up and mixes really well in the skin. This will enable the company to gain a competitive edge in the market.
List of Key Players Covered in the Salicylate Market Report:
- Eli Lilly and Company
- Heinz, Alta Laboratories
- Zhenjiang Gaopeng Pharmaceutical Co. Ltd.
- Siddharth Carbochem Products Ltd.
- Alfa Aesar
- Banana Boat
- Mondelez International
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