New York, United States , April 18, 2023 (GLOBE NEWSWIRE) -- The Global Burn Ointment Market Size to grow from USD 862 Million in 2021 to USD 1.2 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
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One type of physical harm brought on by heat exposure is a burn. Chemical, electrical, thermal, or electromagnetic energy can all contribute to the heat. The extent of a burn injury is shown by both the size and depth of the burn. First degree, second degree, and third-degree burns are the three different forms of burns. The degree of harm determines how burn injuries are managed. Biologics, advanced burn care, and conventional burn care are the products that are utilised in the treatment of burns. The usage of burn care products is important in reducing consequences like decreased risk of scarring, pain control, removal of dead tissue, restoration of function, and infection prevention.
One of the major factors influencing the market over the projection period is the rise in consumer knowledge of various burn treatment methods. Due to growing awareness, healthcare spending on burn care is rising dramatically. Aside from this, the increased willingness of consumers to spend more money on new, improved burn wound care products for patients is another factor driving the growth of the worldwide burn ointment market. Also, to expand the range of treatment alternatives, both governmental and private organisations are undertaking awareness campaigns. For instance, the American Burn Association held the National Burn Awareness Week in February 2022 with the goal of encouraging instructors of life safety and burn prevention to work together.
The main problem impeding the global burn ointment market is fear. the development of medications for treating burns that don't seem to be completely removing the burn scar. As a result, this element will have an impact on market expansion. In addition, it is projected that rising costs for sophisticated burn treatment products may impede market expansion.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Burn Ointment Market Size, Share, and COVID-19 Impact Analysis By Product (Topical Antibiotics, Silver, Iodine), By Depth Of Burn (Minor, Partial Thickness), By End Use (Hospitals, Clinics), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here
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COVID 19 Impact
The COVID 19 outbreak has had a detrimental impact on the worldwide burn ointment industry, which has led to a decrease in the number of patients seeking the burn-related medical care that is required. Furthermore, the major industry participants in the global burn ointment market have cut back on the costs associated with the research and development of new products. In addition to this, the supply chain has also been hampered by the fact that different nations permit the export and import of pharmaceuticals.
Depth of Burn Insights
The minor burn segment is dominating the market with the largest market share over the forecast period.
Based on the depth of burn, the global burn ointment market is segmented into minor burns, partial thickness burns, full thickness burns. Among these, the minor burn segment is dominating the market with the largest market share over the forecast period. Minor burns are severe and have an impact on the top layer of skin. According to the National Institute for Injury Prevention and Control, around 1.2 million Americans are affected by burn injuries worldwide, which will drive segmental growth.
On the other hand, the segment for partial thickness burns is anticipated to experience substantial expansion throughout the projection period. Burns with a partial thickness are those that cover more than 10% but less than 30% of the whole-body surface area. According to the U.S. FDA, 40,000 persons are hospitalised each year as a result of partial burns.
End Use Insights
The hospital segment owns the highest market share over the forecast period.
On the basis of end use, the global burn ointment market is segmented into hospital, clinics, others. Among these, the hospital segment is dominating the market with the highest market share over the forecast period owing to the rise in the cases of blaze wounds and hospitalization each year. The NCBI estimates that 4,86,000 persons get burn injuries annually. More than 40,000 patients with serious burns are hospitalised to hospitals in the US each year, according to the CDC.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period.
Due to the rising number of burn cases and increased awareness of various burn wound treatments, North America is expected to continue to dominate the market with the greatest market share over the coming years. This is expected to increase the demand for blaze wound ointments in the region. Strategic actions including the introduction of new products, purchases, and mergers are being taken by major market participants in North America, which will open up new growth potential.
On the other hand, Asia Pacific is expected to experience the fastest market development over the forecast period as a result of an increase in blaze wound cases.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Burn Ointment Market are 3M (Acelity Inc.), B Braun Melsungen AG, Coloplast A/S, ConvaTec Group Plc, Essity AB (BSN Medical Gmbh), Integra Lifesciences (Derma Sciences), Investor AB (Mölnlycke Health Care AB), Medline Industries, Inc., Medtronic Plc. (Covidien), and Smith & Nephew Plc.
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