The global burn ointment market size is estimated to touch USD 1.3 billion by 2027, according to a new report by Million Insights. The market is projected to grow at 6.1% CAGR over the forecast duration. Factors such as increasing awareness about various treatment methods, technological advancements and increasing incidents of the blaze are propelling the growth of the 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. As reported by the World Health Organization, almost 96% of fatal fire accidents occur in low and middle-income countries. Further, the global health body states that 265,000 deaths take place annually due to fire-related accidents. Therefore, the rise in the number of fire-accidents in these countries offers a lucrative opportunity for the market players.
North America held the highest share in the burn ointmentmarket with 42.0% in 2019 owing to the increasing number of burn-accidents and growing awareness regarding treatment methods. While, on the other hand, Asia Pacific is projected to register the maximum growth over the forecast duration owing to the increasing number of fire-accidents in Southeast Asian countries.
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Further key findings from the report suggest:
• By product, the topical antibiotics accounted for the highest share in the market in 2019.
• Depending on the depth of burn, minor burn category held the largest share in the market in 2019.
• It is estimated that the hospital segment would witness the highest growth over the forecast duration.
• North America accounted for 42.0% share in the market in 2019 and thus, emerged as the leading region.
Million Insights has segmented the global burn ointment market on the basis of product, depth of burn, end-use and region:
Burn Ointment Product Outlook (Revenue, USD Million, 2016 - 2027)
• Topical Antibiotics
Burn Ointment Depth of Burn Outlook (Revenue, USD Million, 2016 - 2027)
• Partial Thickness
• Full Thickness
Burn Ointment End-use Outlook (Revenue, USD Million, 2016 - 2027)
Burn Ointment Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Latin America
• South Africa
• Saudi Arabia
List of Key Players of Burn Ointment Market
• Johnson & Johnson
• Sun Pharmaceutical Industries Ltd.
• Smith & Nephew
• ConvaTec Inc.