The global burn ointment market size was valued at USD 900 million in 2021 and is projected to reach around USD 1,500 million in 2030 exhibiting a CAGR of 6.0% in the forecasted period. The favourable reimbursement policies, technological developments, and the growing incidence of burn cases are some of the key factors anticipated to drive the market. On the other hand, ease of the side effects, and the disfiguring on the skin of various people are anticipated to hinder the growth of burn ointment market growth.
Growing incidences of blaze wounds are estimated to boost the demand for cost-effective ointments over the forecasted period. As per the data published by WHO, on regular basis 265,000 deaths are instigated by burns each year. The majority of these deaths occur in low to middle-income nations and half of them occur in South East Asia. Furthermore, about 1,000,000 people in India are reasonably or severely burnt and around 173,000 children in Bangladesh are burnt every year. It also described that in the U.S., roughly 4,500 burn victims die yearly and 10,000 die due to blaze wounds.
The present COVID-19 outbreak has adversely affected the growth of the market. The eruption has managed to a drop in the number of patients pursuing medical help for burns. Moreover, the industry players have also decreased their complete spending on the research and development of novel products in this market. The supply chain has also been disturbed, as numerous nations are only permitting the import and export of important medicines. It is anticipated that market players, to continue their growth in the market, will come up with a new explanation to address the current scenario.
The main factors fuelling the growth of the market contain increasing incidences of burns and growing awareness about treatment possibilities. Burn injuries are a universal health problem. As per the World Health Organization (WHO), in 2019, above 305 million acute, traumatic, and burn wounds were documented and treated globally, and it is projected to upsurge further. WHO also recommended that up to 2% of the population through the developed nations suffer from chronic wounds per year.
An article titled “Burn Injury” published in the journal of Nature reviews Disease primers in February 2020 indicated that though the number of burn injuries has been declining in the developed nations, the risks of burn injuries are still a foremost concern in the low- and middle-income nations, with the number of cases rising over the years.
Furthermore, the growing awareness between people about several treatment options related to burns is also a key factor driving the market over the forecast period. Due to the augmented awareness, the overall healthcare expenditure on burn care is also increasing. The market is also growing due to the increasing inclination among people to spend more and opt for new advanced blaze wound care products, especially in the case of patients affected with burns. Moreover, public and private societies are also running training and awareness programs to additional advance the treatment selections. For instance, in February 2022, American Burn Association showed the National Burn Awareness Week to mobilize burn, fire and life safety educators to unite in sharing a common burn awareness and anticipation message in our communities.
Thus, the above-mentioned aspects are predicted to boost the market growth over the prediction period. Nevertheless, the side effects related with burnt ointments, such as skin necrosis, itchy skin, redness, etc., are estimated to be the major confining factor for the market.
Product Type Insights
In terms of product type, the market is categorised into topical antibiotics, silver, and iodine. The topical antibiotics segment is projected to grasp a significant market share through the forecasted period.
The major factors driving the growth of this segment comprise the high approval of burn ointment products in home-care settings and the growing incidence of burns through the globe. Bacitracin, Mupirocin, Mafenide acetate, Polymyxin B, Neosporin, Nitrofurazone, and Nystatin are the extensively accepted topical antibiotic burn ointments. An article titled “Burn Ointment Promotes Cutaneous Wound Healing by Modulating the PI3K/AKT/mTOR Signalling Pathway” issued in the journal of Frontiers in Pharmacology in March 2021 designated that Chinese medicine compound burn ointment offers a more innovative substitute medication that limits scar formation. The ointment speeds up wound healing through PI3K/AKT/mTOR signalling pathway and upsurge the key cytokines VEGF and TGF-β1 to further help tissue repossession.
The management of initial burns with an ointment is generally considered effective and is favoured even with bandage or other treatments. Thus, the above-mentioned factors are anticipated to drive the market growth over the prediction period.
Depth of Burn Insights
The minor burn segment ruled the market and held the leading market share of 42% in 2021. Minor burns are shallow and distress only the outmost layer of the skin. Any burn less than 10% of the Total Body Surface Area (TBSA) is labelled as a minor burn. As per the National Center for Injury Prevention and Control, 1.2 million people in the U.S. are affected by blaze wounds yearly. This, is predicted to drive request for ointments to treat minor blaze wounds over the forecast period.
The partial thickness burn segment is predicted to witness the fastest growth over the forecasted period. Partial thickness burns are individuals that are greater than 10% and less than 30% of Total Body Surface Area (TBSA). Partial burns affect the dermis and epidermis coatings of the skin. These burns are severe and have a high risk of contaminations owing to which they should be appropriately treated in consultation with a healthcare expert. As per the U.S. FDA, roughly 40,000 people are hospitalized every year because of partial burns.
Click Here To Access The Free Sample Report @ https://analyticsmarketresearch.com/sample-request/burn-ointment-market/57629/
Region Insights
In the North American region, the United States is anticipated to hold a foremost market share due to well-established healthcare infrastructure and the rising incidence of burns.
For instance, as per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 are admitted to a hospital or treated in an emergency department owing to fire or burn injuries each year. Also, fires and burns were the fifth leading cause of unintentional injury-related deaths to children ages 1-19 in the United States. A high incidence of burns is expected to drive the demand for burn ointments. Moreover, the existence of key players in this region that are aiming on planned initiatives like the launch of new products and mergers and acquisitions is helping the market grow. Thus, owing to the above-mentioned factors, the burn ointment market in the United States is expected to be one of the largest markets and grow in the future.
Asia-Pacific also presents lucrative prospects in the current situation for the key players functioning in the burn ointment market owing to augmented patient awareness toward burn care treatment and management, upsurge in the number of hospitals, development of the R&D sector, rise in healthcare reforms, and surge in the target population in emerging economies.
Key Companies Insights
The market for burn ointment is moderately competitive. With the rising applications of burn ointment, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Burn ointment market, ultimately boosting the market growth.
Some of the key companies working in the global burn ointment market include:
• 3M
• Cardinal Health
• Cipla Limited
• ConvaTec Group PLC
• DeRoyal Industries Inc.
• Dr. Morepen
• GlaxoSmithKline PLC
• Intergra LifeSciences
• Johnson & Johnson
• Mankind Pharma
• Perrigo Company PLC
• Pfizer Inc.
• Smith & Nephew PLC
• Sun Pharmaceutical Industries Ltd (Ranbaxy Laboratories Limited)
• Trio Lifescience Pvt. Ltd
• Other players
Some of the Recent Developments:
• In May 2022, Molncyke Healthcare submitted the clinical evidence in Wound International 2022 on the use of Mediplex Ag for the management of partial thickness burns. The soft silicone wound contact layer in Mediplex intended to help minimise wound and peri-wound trauma and associated pain aided in the burn healing.
• In April 2022, the Hospices Civils de Lyon sponsored a clinical trial that examined the use of silver sulphadiazine as an ointment for giving second-degree fibrinous burns. The study was projected to be started by September 2022.
Segments
By Product Type
• Topical Antibiotics
• Silver
• Iodine
By Depth of Burn
• Minor Burns
• Partial Thickness Burns
• Full Thickness Burns
By End User
• Hospitals and Clinics
• Other End Users
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Read Full Research Report @ https://analyticsmarketresearch.com/reports/burn-ointment-market/57629/
Reasons to Get this Report:
The analysis covers global market and its advancements across different industry verticals as well as regions. It targets estimating the current market size and growth potential of the global market across sections such as also application and representatives.
In an insight outlook, this research report has dedicated to several quantities of analysis – industry research (global industry trends) and global market share analysis of high players, along with company profiles, and which collectively include about the fundamental opinions regarding the market landscape; emerging and high-growth sections of global market; high-growth regions; and market drivers, restraints, and also market chances.
Additionally, the analysis also has a comprehensive review of the crucial players on the global market together side their company profiles, SWOT analysis, latest advancements, and business plans.
The global Burn Ointment Market size is estimated to touch USD 1.3 billion by 2027, according to a new report by Million Insights.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/global-burn-ointment-market/request-sample Market Synopsis of Burn Ointment Market: Government supportive initiatives aimed at providing easy reimbursement up to 100% is further driving the market growth.
Easy reimbursement has led to easy access to advanced wound care facilities.
Apart from the government, non-governmental organizations such as the American Burn Association (ABA) are also contributing to increasing awareness.
The rise in the number of burn accidents is likely to supplement the growth of cost-effective treatment methods.
Therefore, the rise in the number of fire-accidents in these countries offers a lucrative opportunity for the market players.
