PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490263
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490263
Burn Ointment Market size was valued at USD 1,051.91 million in 2023, expanding at a CAGR of 6.02% from 2024 to 2032.
Burn ointments contain analgesics like lidocaine or benzocaine to help reduce pain and discomfort associated with burns. Burn injuries can affect a person's quality of life significantly and can range in severity from minor to severe. Wound dressings, topical medications, pain management products, and reconstructive surgery products are just a few of the goods and services available in the burn care industry for the management and treatment of burn injuries. The growing number of blaze wounds is driving up demand for a variety of treatment options, which in turn is driving up overall healthcare costs associated with blaze wound care. Treatment options include biologics, advanced dressings, and basic basic wound care solutions. Burn creams are used as first aid in medical facilities and at-home care environments.
Burn Ointment Market- Market Dynamics
Increased Prevalence of the Burn Injuries Driving the Market Growth
The burn ointment market is experiencing significant growth, driven largely by an increased prevalence of burn injuries globally. Many burn injuries occur in domestic settings due to cooking accidents, contact with hot liquids, and fires. Industrial accidents, particularly in manufacturing and construction, also contribute to the increase in burn injuries. World Health Organization (WHO) estimated 180 000 deaths every year are caused by burns. The vast majority occur in low- and middle-income countries. In addition, non-fatal burn injuries are a leading cause of morbidity. In India, over 1 million people are moderately or severely burnt every year. Increased healthcare spending allows for better treatment options and accessibility, which includes advanced burn ointments. This is particularly noticeable in regions with growing economies and improved healthcare infrastructure.
Burn Ointment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.02% over the forecast period (2024-2032)
Based on product type segmentation, Topical Antibiotics was predicted to show maximum market share in the year 2023
Based on depth of burn segmentation, Minor Burns was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Burn Ointment Market is segmented on the basis of Product Type, Depth of Burn, End User, and Region.
The market is divided into three categories based on product type: Topical Antibiotics, Silver and Iodine. With the biggest market share, the topical antibiotics category is expected to increase significantly throughout the projection period. The significant utilization of this product in home-care settings and the rising global incidence of burn wounds are the main factors driving the sector expansion. Mafenide acetate, Bacitracin, Mupirocin, Neosporin, Polymyxin B, Nitrofurazone, and Nystatin are a few topical antibiotics that are marketed.
The market is divided into three categories based on depth of burn: minor burns, partial thickness burns, and full thickness burns. With the most market share throughout the projection period, the minor burn sector is leading the market them. According to the National Centre for Injury Prevention and Control, over 1.2 million Americans suffer from burn injuries worldwide, which will accelerate the segment's growth. Extreme minor burns harm the skin's outermost layer.
Burn Ointment Market- Geographical Insights
The main causes of the injuries are the high prevalence of burn injuries, particularly in low- and middle-income nations, and the expansion of the healthcare system in nations like China and India. According to community studies conducted in Ethiopia and Bangladesh, 80-90% of burns happen at home. Women and children are typically burned in home kitchens when cookstove explosions occur, or when upset containers holding hot liquids or flames cause injuries. In the workplace, burns from fire, scalds, chemicals, and electrical currents are most common among men. Furthermore, the increasing frequency of burn injuries, the dominance of important market participants, and the constant introduction of new products are the main factors propelling growth.
The industry leaders are dedicated to creating cutting-edge therapeutic solutions that produce dependable clinical results for clients and patients along the care continuum. Additionally, businesses are expanding steadily and creating novel, distinctive goods that cater to patients' changing healthcare needs. Johnson & Johnson, Mankind Pharma, Pfizer Inc., Dr. Morepen, Smith & Nephew PLC, and other companies are some of the market participants. For instance, A novel bandage enhanced with vitamin C and composed of biodegradable materials has been introduced by Italian researchers at the IIT. This novel bandage attempts to alleviate the harmful effects of inflammation that is frequently linked to burns in addition to hastening the healing process.
In December 2023, UC Davis researchers led by bioengineer Aijun Wang built large deep burn wounds that can heal more quickly. It was discovered that the promising new treatment reduced complications associated with open burn wounds and encouraged the creation of new blood vessels.
In June 2023, The Rotary Club, in partnership with Aster MIMS, introduced North Kerala's first Skin Bank. This revolutionary initiative intends to discourse the critical need for skin grafting in burn patients and significantly improve their chances of recovery.
GLOBAL BURN OINTMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Johnson & Johnson
Pfizer Inc
Mankind Pharma
Smith & Nephew Plc
Dr.Morepen
3M
Intergra LifeSciences
Sun Pharmaceutical,
GlaxoSmithKline PLC (GSK)
Cipla Limited
Perrigo Company PLC
Others