Market Size of Global Burn Ointment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.95 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Burn Ointment Market Analysis
The burn ointment market is expected to register a CAGR of 5.95% during the forecast period.
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 burns. 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 been 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 burns and increasing awareness regarding treatment options. Burn injuries are a global health problem. According to the World Health Organization (WHO), in 2019, more than 305 million acute, traumatic, and burn wounds were recorded and treated worldwide, and it is expected to increase further. WHO also suggested that up to 2% of the population across the developed countries suffer from chronic wounds every 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 decreasing in the developed nations, the risks of burn injuries are still a major concern in the low- and middle-income countries, with the number of cases rising over the years.
Furthermore, the increasing awareness among 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 due to the increasing willingness among 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 February 2022, American Burn Association conducted the National Burn Awareness Week to mobilize burn, fire and life safety educators to unite in sharing a common burn awareness and prevention message in our communities.
Thus, the above-mentioned factors are expected to drive the market growth over the forecast period. However, the side effects associated with burnt ointments, such as skin necrosis, itchy skin, redness, etc., are expected to be the major restraining factor for the market.
