Burn Ointment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast | Growth Market Reports
Burn Ointment Market
The global burn ointment market is anticipated to expand at a substantial CAGR during the forecast period, between 2020 and 2027. Rise in the incidences of burn cases has led to the rise in the demand for burn ointment. Increase in awareness among consumers regarding several treatment options is driving the demand for the burn ointment. A burn ointment is used for the treatment of burn injuries. Burns are damages caused to one or multiple layers of skin and flesh by external sources such as heat and/or chemical. Growth in the prevalence of burn wounds has led to the rise in the adoption of burn ointment.
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Market Trends, Drivers, Restraints, and Opportunities:
- Increase in disposable income is driving the demand for burn ointment.
- Rise in awareness among the consumers regarding treatments and medications is driving the market.
- Growth in the number of accidents causing burns is fueling the market growth.
- High costs of treatments and products are expected to hamper the market growth.
Burn Ointment Market Segment Insights:
The topical antibiotics segment is projected to hold a significant share of the market
In terms of products, the burn ointment market can be segregated into topical antibiotics, silver, iodine, and others. The topical antibiotics segment is projected to grow at a significant pace during the forecast period, owing to the use of topical antibiotics in home care settings. Conversely, the silver segment is likely to expand at a high CAGR between 2020 and 2027. Silver-based ointments are used for the treatment of second- and third-degree burn wounds. Rise in the adoption of silver-based ointments to reduce bacteria in wounds is driving the segment.
The minor burns segment held a substantial share of the market
On the basis of depth of burns, the market can be segmented into minor burns, partial thickness burns, and full thickness burns. The minor burns segment is projected to grow at a significant pace during the forecast period due to rising incidences of minor burns, high demand for various treatment options, and increasing overall healthcare expenditure on minor wound. Conversely, the partial thickness burns segment is anticipated to expand at a significant CAGR between 2020 and 2027 due to the rise in the adoption of burn ointments for the treatment of partial thickness burns.
The hospitals segment holds a significant share of the market
Based on end-users, the market is classified as hospitals, clinics, and others. The hospitals segment holds a significant share of the market, owing to the increasing incidences of burn wounds and hospitalizations. Hospitals offer advanced products for burn wound, which in turn, boost the growth of the segment.
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Regional Outlook
Based on regions, the global burn ointment market is categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for a considerable share of the global burn ointment market. The US is expected to account for a significant share of the market during the forecast period. Rising disposable income and growing adoption of burn ointment products are some of the factors which propelling the market in the region.
Competitive Landscape
Key players in the global burn ointment market include Johnson & Johnson, Sun Pharmaceutical Industries Ltd., Dr. Morepen, Smith & Nephew, and ConvaTec Inc. They are engaged in mergers & acquisitions, collaborations, agreements, and partnerships as growth strategies to strengthen their geographical presence and market share.
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