Burn Ointment Market: Introduction
- Burn ointments are specially designed depending on the extent of the burn to treat burn wounds. Burn is a type of physical damage that could be thermal, electrical, chemical, and electromagnetic, causing death of skin cells and intense burning feeling of the skin induced by heat interaction. There are three categories of burns: first-degree, second-degree, and third-degree.
- The degree of damage from burn depends on its extent and severity. Scalding is caused by hot liquids and fumes, often attributable to hot bath water, drinking water, steam, hot beverages, and cooking oil. However, infants succumb to accidental burns. The degree of injury determines the treatment of burn cases.
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Key Drivers, Restrains, and Opportunities of Global Burn Ointment Market
- The global burn ointment market is driven by attractive insurance programs, and increase in incidence of burn events. Additionally, rise in awareness about different care services is projected to boost the growth of the global market.
- Increase in incidence of blaze wounds is anticipated to fuel the market for cost-effective ointments. According to data published by the World Health Organization, over 180,000 causalities are caused by burns per year, maximum occur in low and middle income countries. Scaring is a major issue that restrains the global burn ointment market. Developments in drugs used in the treatment of burns do not appear to be working for the full eradication of the burn scar. This is expected to hamper the growth of the global burn ointment market in the next few years.
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North America to Capture Major Share of Global Burn Ointment Market
- The U.S. is likely to account for significant share of the market in North America during the forecast period due to presence of well-established health care infrastructure and increase in incidence of burns. According to the 2018 report of the American Burn Association in the U.S., over 300 children are admitted to emergency rooms every day and about two kids succumb to burn injuries. In the U.S., children aged 16 years and under account for around 26% of all admissions to burn center hospitals. Therefore, high incidence of burns is likely to drive burn ointment demand. These factors are projected boost the growth of the market in the U.S. in the near future.
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- The market in Asia Pacific is driven by increase in burn cases. The burn ointment market in the region is anticipated to grow at a rapid pace during the forecast period. The rate of blaze wounds needing urgent medical treatment is nearly 20 times greater in the Western Pacific region than the Americas, according to WHO. According to 2017 report of the Royal Australian College of General Practitioners, burn injuries are common and expensive. Over 200,000 cases of burn injuries are recorded in Australia every year, costing the government US$ 150 Mn. Increase in incidence of blaze wounds is another key factor propelling the market in the region. Moreover, favorable government initiatives such as the Asia Pacific Burn Congress and significant untapped opportunities are likely to boost the growth of the market in the region during the forecast period.
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Key Players Operating in Global Burn Ointment Market
The global burn ointment market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions.
Major players operating in the global burn ointment market are listed below:
- Johnson & Johnson
- Sun Pharmaceutical Industries Ltd.
- Dr. Morepen
- Smith & Nephew
- ConvaTec, Inc.
- Amgen, Inc.
- Sanofi
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