Burn Ointment Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

By Author: Statzy Market Research
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The current COVID-19 outbreak has negatively affected the growth of the market. The outbreak has led to a decline in the number of patients seeking medical help for the burn. In addition, the industry players have also reduced their overall expenditure on the research and development of new products in this market. The supply chain has also disrupted, as various countries are only allowing the import and export of essential medications. It is expected that market players in order to resume their growth in the market will come up with a new solution to address the current scenario.

The major factors driving the growth of the market include rising incidences of burn and increasing awareness regarding treatment options. According to the data published by World Health Organization (WHO) in 2018, globally, on average 265,000 deaths are caused by burns every year. The majority of these deaths occur in low to middle-income countries and half of them occur in South East Asia.

Furthermore, increasing awareness level among the people regarding various treatment options related to burns is also a key factor driving the market ...
... over the forecast period. Owing to the increased awareness, the overall healthcare expenditure on burn care is also increasing. The market is also growing owing to the increasing willingness among the people to spend more and opt for new advanced blaze wound care products especially in the case of patients affected with burns.

Apart, from this public and private organizations are also running training and awareness programs to further advance the treatment options. For instance, in September 2019, Integra LifeSciences Corporation in collaboration with European Burn Association initiated a training program. The training program was organized for surgeons to inculcate the best practices and the training for the treatment of burns. The aim of the training program was to provide adequate knowledge to the surgeons regarding the benefit of advanced burn care and to increase patient compliance during the treatment. Thus, owing to the above-mentioned factors it is expected to drive market growth over the forecast period. However, the side effects associated with the burnt ointment such as skin necrosis, itchy skin, redness, etc is expected to be the major restraining factor for the market.

Key Market Trends

Topical Antibiotics Segment is Expected to Hold a Significant Market Share Over the Forecast Period.

In terms of product type, the market is segmented into topical antibiotics, silver, and iodine. The topical antibiotics segment is expected to hold a significant market share during the forecast period. The major factors propelling the growth of this segment include the high acceptance of burn ointment products in home-care settings and the rising incidence of burns across the globe. Mafenide acetate, Bacitracin, Mupirocin, Neosporin, Polymyxin B, Nitrofurazone, and Nystatin are the widely accepted topical antibiotics burn ointment.

As per the Royal Australian College of General Practitioners 2017 report, stated burn injuries are common and costly. Each year, there are more than 200,000 cases, costing the Australian community USD 150 million. The management of initial burn with an ointment is considered usually effective and is preferred even with dressing or other treatment. Thus, owing to the above-mentioned factors it is expected to drive market growth over the forecast period.

North America Region is Expected to Hold a Major Market Share Over the Forecast Period

In the North America region, the United States is expected to hold a major market share due to the presence of well-established healthcare infrastructure along with rising incidences of burns. For instance, as per the American Burn Association 2018 report, in the United States, each day, over 300 children are seen in emergency rooms, and about two children die from burn injuries. Children, aged 16 years and under, represent approximately 26% of all admissions to burn center hospitals in the United States.

Also, according to the report published by National Center for Biotechnology Information (NCBI), approximately 486,000 people suffer from blaze wounds every year. Thus, a high incidence of burns is likely to drive demand for burn ointment. In addition, the presence of key players in this region who are focusing on planned initiatives like the launch of new products and mergers and acquisitions is thereby helping the market to grow. Thus, owing to the above-mentioned factors, the burn ointment market in the United States is expected to be one of the largest and is also expected to grow in the future.

Asia-Pacific also presents lucrative opportunities in the current scenario for the key players operating in the burn ointment market, due to increased patient awareness toward burn care treatment & management, increase in the number of hospitals, development of the R&D sector, rise in healthcare reforms, and increase in a number of the target population in emerging economies.

Competitive Landscape

The Burn Ointment Market is moderately competitive. The market players are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products, which address the evolving healthcare needs among patients. Some of the market players include Johnson & Johnson, Mankind Pharma, Pfizer Inc, Dr.Morepen, Smith & Nephew Plc, and others.

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