The global burn ointment market size was valued at USD 900 million in 2021 and is projected to reach around USD 1,500 million in 2030 exhibiting a CAGR of 6.0% in the forecasted period. The favourable reimbursement policies, technological developments, and the growing incidence of burn cases are some of the key factors anticipated to drive the market. On the other hand, ease of the side effects, and the disfiguring on the skin of various people are anticipated to hinder the growth of burn ointment market growth.
Growing incidences of blaze wounds are estimated to boost the demand for cost-effective ointments over the forecasted period. As per the data published by WHO, on regular basis 265,000 deaths are instigated by burns each year. The majority of these deaths occur in low to middle-income nations and half of them occur in South East Asia. Furthermore, about 1,000,000 people in India are reasonably or severely burnt and around 173,000 children in Bangladesh are burnt every year. It also described that in the U.S., roughly 4,500 burn victims die yearly and 10,000 die due to blaze wounds.
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The present COVID-19 outbreak has adversely affected the growth of the market. The eruption has managed to a drop in the number of patients pursuing medical help for burns. Moreover, the industry players have also decreased their complete spending on the research and development of novel products in this market. The supply chain has also been disturbed, as numerous nations are only permitting the import and export of important medicines. It is anticipated that market players, to continue their growth in the market, will come up with a new explanation to address the current scenario.
The main factors fuelling the growth of the market contain increasing incidences of burns and growing awareness about treatment possibilities. Burn injuries are a universal health problem. As per the World Health Organization (WHO), in 2019, above 305 million acute, traumatic, and burn wounds were documented and treated globally, and it is projected to upsurge further. WHO also recommended that up to 2% of the population through the developed nations suffer from chronic wounds per year.
An article titled “Burn Injury” published in the journal of Nature reviews Disease primers in February 2020 indicated that though the number of burn injuries has been declining in the developed nations, the risks of burn injuries are still a foremost concern in the low- and middle-income nations, with the number of cases rising over the years.
Furthermore, the growing awareness between people about several treatment options related to burns is also a key factor driving the market over the forecast period. Due to the augmented awareness, the overall healthcare expenditure on burn care is also increasing. The market is also growing due to the increasing inclination among people to spend more and opt for new advanced blaze wound care products, especially in the case of patients affected with burns. Moreover, public and private societies are also running training and awareness programs to additional advance the treatment selections. For instance, in February 2022, American Burn Association showed the National Burn Awareness Week to mobilize burn, fire and life safety educators to unite in sharing a common burn awareness and anticipation message in our communities.
Thus, the above-mentioned aspects are predicted to boost the market growth over the prediction period. Nevertheless, the side effects related with burnt ointments, such as skin necrosis, itchy skin, redness, etc., are estimated to be the major confining factor for the market.
The market for burn ointment is moderately competitive. With the rising applications of burn ointment, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the Burn ointment market, ultimately boosting the market growth.
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Competitive Analysis
3M, Cardinal Health, Cipla Limited, ConvaTec Group PLC, DeRoyal Industries Inc., Dr. Morepen, GlaxoSmithKline PLC, Intergra LifeSciences, Johnson & Johnson, Mankind Pharma, Perrigo Company PLC, Pfizer Inc., Smith & Nephew PLC, Sun Pharmaceutical Industries Ltd (Ranbaxy Laboratories Limited), Trio Lifescience Pvt. Ltd.
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