Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Burn Ointment - Market Insights, Competitive Landscape, and Market Forecast - 2027" report has been added to ResearchAndMarkets.com's offering.
The Burn Ointment Market is poised to witness substantial growth in the coming years, projecting a steady Compound Annual Growth Rate (CAGR) of 5.4% from 2022 to 2027. This growth is primarily attributed to the increasing prevalence of burn injuries globally and significant advancements in burn care. Moreover, favorable reimbursement policies are expected to further boost the revenue growth of the burn ointment market during this forecast period.
Market Dynamics
Burn ointments play a critical role in the initial treatment of burn injuries, which can result from various sources such as fire, electricity, and chemicals. The rising incidence of burn injuries, as per 2018 statistics from the World Health Organization (WHO), indicates that approximately 180,000 deaths occur annually due to burns, with the majority of cases happening in low and middle-income countries, particularly in African and South-East Asian regions.
Drivers
- Rising prevalence of burn cases
- Increased awareness among the population
- Increased research and development for advanced products
- Favorable reimbursement policies in burn care
Restraints and Challenges
- Side effects associated with burn ointments
- Use of natural therapies
Technological advancements and research and development efforts in the burn ointment sector have led to a proliferation of new products in the market. For instance, Molnlycke's Mepilex AG has gained recognition for its efficacy in managing partial thickness burns. Additionally, awareness campaigns about wound care management for burn injuries, initiated by governmental and private institutions, are positively impacting market growth. An example is China's burns treatment program in Egypt under the UN initiative, launched in December 2018.
Another contributing factor to the growing burn ointment market is favorable reimbursement policies, particularly in developed nations like the United States, where Medicaid reimbursement for burn injuries is substantial.
Market Segment Analysis
Product Type: The burn ointment market can be categorized into various product types, including topical antibiotics, silver-based, iodine-based, and others.
Degree: Burn injuries can range from first-degree to third-degree burns, with first-degree burns affecting only the top layer of the skin. These first-degree burns, often caused by exposure to fire or hot liquids, account for a significant portion of all burn cases.
End User: The end-user segments include hospitals and clinics, specialty burn centers, and others.
North America Leads the Market
North America is expected to dominate the global burn ointment market in terms of revenue generation. Factors contributing to this dominance include the region's high prevalence of burn cases, well-established healthcare infrastructure, and widespread awareness of burn treatment. The presence of key market players in North America further strengthens its position as a market leader.
For instance, the American Burn Association reported that over 450,000 serious burn injuries occur annually in the United States, requiring medical treatment. Flame burns continue to be the most common type of injury in the US, accounting for 41% of cases.
Additionally, Canada experiences over 45,000 burn injuries each year, with approximately 2000 patients requiring hospitalization. These statistics underscore the need for increased awareness and education about proper burn care, contributing to the growth of the burn ointment market in the region.
Recent Developments
Recent developments in the burn ointment market include:
- In April 2022, a clinical trial sponsored by Hospices Civils de Lyon examined the use of silver sulphadiazine as an ointment for treating second-degree burns.
- In April 2020, Wisconsin Pharmacal Company launched a novel cooling burn spray under its MG217 first aid skincare brand, combining maximum strength Lidocaine with aloe vera to provide fast and soothing topical pain relief from minor burns.
Key Takeaways
Key takeaways from the burn ointment market report study include:
- Market size analysis for the current year (2021) and a market forecast for the next five years (2022-2027).
- The significant impact of the COVID-19 pandemic on the market and ongoing monitoring of relevant indicators.
- Key product developments, mergers, acquisitions, partnerships, and joint ventures in the past three years.
- The dominant companies in the global burn ointment market.
- Various opportunities are available for competitors in the burn ointment market.
- Top-performing market segments in 2021 and their expected performance in 2027.
- The top-performing regions and countries in the current burn ointment market scenario, along with future growth opportunities.
Target Audience
This burn ointment market report study benefits:
- Burn ointment product providers
- Research organizations and consulting companies
- Burn ointment-related organizations, associations, forums, and alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and traders in the burn ointment market
Competitive Portfolio:
- Johnson & Johnson
- Mankind Pharma
- Perrigo Company PLC
- Pfizer Inc.
- Smith & Nephew PLC
- Sun Pharmaceutical Industries Ltd
- Trio Lifescience Pvt. Ltd
- 3M
- Cardinal Health
- Cipla Limited
- ConvaTec Group PLC
- DeRoyal Industries Inc.
- Dr.Morepen
- GlaxoSmithKline PLC
- Integra LifeSciences
- Wisconsin Pharmacal Company
For more information about this report visit https://www.researchandmarkets.com/r/x813e3
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