Burn Ointment Market Segment Analysis – By Product
The market of burn ointments is segregated into three product types, namely Topical Antibiotics, Silver and Iodine. Topical Antibiotics occupied a dominant market share in the year 2020. The reason for the demand for topical antibiotics is attributed to the characteristics of maintaining a moist environment around the wound, with the superiority of preventing further colonization.
The demand for topical antibiotics is poised to propel at a CAGR of 6.3% over the forecast period of 2021-2026. The factors which will assist in the growth of this product is the acceptance of topical antibiotics over any minor burn, and also its exceeding usage in-home care settings for immediate relief. The following factors are expected to fuel the demand for topical antibiotics.
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Burn Ointment Market Segment Analysis – By End use
The demand for burn ointments is mostly contributed by Hospitals and Clinics. Hospitals dominated the market segment in the year 2020. The reason for dominant demand is fueled by excessive degrees of burns in children and the elderly. WHO suggested that the elderly and children are the most affected population, as they are most susceptible to accidents involving hot water or burn from other electronic appliances. The treatment for such incidents can only take place in an advanced medical setting or hospitals.
The demand for burn ointments is said to be following the same trajectory over the forecast period of 2021-2026, and Hospitals are poised to show domination by growing at a CAGR of 6.9%. The accompanying reason for adopting hospitals for the treatment of burn-related incidents are owing to the fact that hospitals provide better medicinal facilities and reimbursements facilities via health insurance or any other Medicare programmes. The following factors positions Hospitals as prime contenders for using burn ointments.
Burn Ointment Market Segment Analysis – By Geography
North America held the largest share of burn ointments in the year 2020 having a market stake of 36.9%. The rationale behind the surge is attributed to the growing number of blaze burn across the demographics. The burn ointment segment will further fuel up, owing to the recent innovations in this market and a healthy-rising awareness of treatments at an affordable price.
Asia-Pacific is poised to grow in the period of 2021-2026. The accompanying reason for the reported surge is owing to the rising prevalence of blaze burn wounds amongst the population. WHO reports that the chances of getting a blaze wound are 20 times higher than the western demographic. The region is poised to enter programmes to substantially mitigate the chances of burn accidents amongst the youth.
Burn Ointment Market Drivers
Surge in the number of burn victims to drive the market demand
The increase in the accidents resulting in burn wounds has substantially pent up in the last decade. For starters, India has 1 Million cases of burn victims every year. Bangladesh provides 173,000 cases on a yearly basis for the children burnt. In reasons such as Indonesia, Colombia, Egypt and Pakistan the percentage for permanent disability is around 18% of the total cases. The following reason will help the burn ointment market to progress.
Intensifying Awareness regarding treatment poised to drive market growth
The technological advancements to treat burn wounds have shown significant progress. The awareness campaigns have started gaining traction globally, as USA launched National Burn Awareness Week to spread education about the prevention for the accidents resulting in burns In UK, Children’s Burns Trust works along with British Burn Association to mitigate the cases of burn victims.
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Burn Ointment Market Challenges
Mounting cases of Scarring
Burn Ointments often causes scarring on the skin. Burn Ointments have been advanced, but they are not able to comprehend the damage caused to the tissue of the skin. The reason can hamper the growth of the market.
Burn Ointment Market Landscape
The Burn Ointment market has continually progressed by adopting their business activities through acquisitions, mergers and advanced product development. The top 10 companies operating in the Burn Ointment industry are- Johnson and Johnson, Pfizer, Dr Morepen, Smith and Nephew, ConvaTec Inc, Sun Pharma Ltd, 3M, Integra Life Sciences, Hill Rom, Acelity.
In September 2019, the Share your Care programme was launched by Integra Lifesciences, to help European doctors to treat the cases of Acute Burn. The programme was facilitated by the European Burns Association.
Key Takeaways
North America constituted the maximum share for the demand of Burn Ointments market in the year 2020 owing to the surge in burn accidents, and the associated casualties.
The growth in this industry would be on factors such as a rise in the total accidents, and also due to the technological advancements to avoid scarring.
The report consisting of Strengths, Weaknesses, Opportunities and Threat would be provided in the market report.
A challenge for the industry is to mitigate the side effects, and the scarring on the skin of various individuals.
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