Reports And Data

The global burn ointment market size was USD 969.13 million in 2022 and is expected to reach USD 1,637.32 million in 2032

NEW YORK, NY, UNITED STATES, April 26, 2023 /EINPresswire.com/ -- The burn ointment market had a size of USD 969.13 million in 2022 and is projected to reach USD 1,637.32 million by 2032, with a 6% revenue CAGR during the forecast period. The growth of the market is fueled by various factors, including the increasing number of burn injuries, the rising demand for safe and effective burn care products, and the growing incidence of chronic wounds.

The rise in the number of burn injuries is a significant factor driving revenue growth in the burn ointment market. Burn injuries are a leading cause of morbidity and mortality worldwide, with fires alone resulting in 265,000 fatalities annually, according to the World Health Organization (WHO). As burn injuries continue to increase, there is a growing need for burn care products, such as burn ointments.

The market's revenue growth is also propelled by the increasing demand for efficient and secure burn care products. Burn ointments are commonly used to manage pain, control inflammation, and facilitate healing in first- and second-degree burns. As consumers become more aware of the potential side effects of specific medications, there is a growing demand for burn ointments that are both effective and safe to use.

Another significant factor driving revenue growth of the market is the rising incidence of chronic wounds. Venous ulcers, pressure ulcers, and diabetic foot ulcers are examples of chronic wounds that are a major global health concern. Burn ointments are frequently used to speed up healing and prevent infection in the treatment of such wounds.

The development of novel and innovative burn ointments is another significant factor driving revenue growth in the market. Manufacturers are continually working to create more potent and patient-beneficial burn ointments using state-of-the-art technology. Some manufacturers are creating burn ointments based on natural ingredients, which are safer and have fewer side effects than traditional burn ointments.

The use of burn ointments in the healthcare sector is another factor driving revenue growth of the market. Burn ointments are commonly used in hospitals, clinics, and other healthcare facilities to treat burn injuries and promote healing. As medical professionals seek safer and more efficient burn care products for their patients, demand for burn ointments in the healthcare sector is increasing.

Revenue growth of the market is also driven by government initiatives aimed at promoting the use of safe and efficient burn care products. For example, the Indian Ministry of Health and Family Welfare recently introduced the National Program for Prevention and Management of Burn Injuries to improve burn care throughout the country. In the coming years, such initiatives are expected to create high demand for burn ointments.

However, the availability of less expensive burn care products is a major factor that could hinder revenue growth of the market. Additionally, the management of wound exudate, dressing retention, and dressing changes, which can be time-consuming and expensive, are other factors that could hamper revenue growth of the market.

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Segments Covered in the Report

The global burn ointment market size is expected to grow significantly over the forecast period, from USD 969.13 million in 2022 to USD 1,637.32 million in 2032, with a revenue CAGR of 6%. Reports and Data has segmented the market based on product type, distribution channel, and region.

The increasing number of burn injuries is a major factor driving the revenue growth of the burn ointment market. According to the World Health Organization (WHO), burns from fires alone result in 265,000 fatalities every year worldwide. Therefore, there is a rising need for burn care products, such as burn ointments, to manage and treat burn injuries.

Another factor driving revenue growth is the rising demand for efficient and safe burn care products. As consumers become more aware of the potential side effects of specific medications, there is a growing need for burn ointments that are both efficient and safe to use. Burn ointments are commonly applied topically to first- and second-degree burns to help with pain management, inflammation control, and healing.

The increasing incidence of chronic wounds, such as venous ulcers, pressure ulcers, and diabetic foot ulcers, is also driving the revenue growth of the market. Chronic wounds are a major global health issue, and the number of Americans with chronic wounds is estimated to be 6.5 million. Therefore, there is a high demand for burn ointments to speed up healing and prevent infection.

Manufacturers are also constantly working to create novel and innovative burn ointments using cutting-edge technology, which is another major factor driving revenue growth of the market. For instance, some manufacturers are creating burn ointments based on natural ingredients that are safer than conventional burn ointments and have fewer side effects.

Furthermore, the rising use of burn ointments in the healthcare sector is another factor driving revenue growth of the market. Burn ointments are frequently used in hospitals, clinics, and other healthcare facilities to treat burn injuries and promote healing. As medical professionals look for safer and more efficient burn care products for their patients, the demand for burn ointments in the healthcare sector is increasing.

Government initiatives aimed at promoting the use of safe and efficient burn care products are also expected to drive revenue growth of the market. For instance, the National Program for Prevention and Management of Burn Injuries, which aims to improve burn care throughout the nation, was recently introduced by the Indian Ministry of Health and Family Welfare.

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Strategic development:

Smith & Nephew introduced the PICO 7Y Single Use Negative Pressure Wound Therapy System on 10 September 2019. It is a disposable negative pressure wound therapy device designed to treat surgical and acute wounds.

On 1 April 2019, Johnson & Johnson acquired Auris Health, Inc., a privately-owned developer of robotic technologies. This acquisition aimed to expand the company's surgical solutions portfolio and enhance its position in the global burn ointment market.

Pfizer Inc. announced on 28 April 2021 that it had acquired Amplyx Pharmaceuticals, a privately-owned biotechnology firm. The acquisition aimed to improve Pfizer's antifungal portfolio and advance its research in treating severe and life-threatening fungal infections.

On 11 October 2019, 3M Company declared the acquisition of Acelity, a top provider of advanced wound care and specialty surgical solutions. This acquisition aimed to expand 3M's product offerings in the global burn ointment market.

Competitive Landscape:

The global burn ointment market is highly competitive and characterized by a large number of players, both big and small, vying for market share. Some of the major players in the market include Johnson & Johnson, Pfizer Inc., GSK, Smith & Nephew, 3M Company, ConvaTec Inc., Derma Sciences Inc., Acelity L.P. Inc., Coloplast Corp., Hollister Inc., and Molnlycke Health Care AB.

To stay ahead of the competition and maintain their market position, these companies are adopting various strategies such as mergers and acquisitions, strategic partnerships, and new product launches. For instance, Johnson & Johnson acquired Auris Health, Inc. in 2019 to expand its portfolio of surgical solutions and enhance its position in the burn ointment market. Similarly, Pfizer Inc. acquired Amplyx Pharmaceuticals in 2021 to strengthen its antifungal portfolio and advance its research in the treatment of severe and life-threatening fungal infections.

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In addition to these strategies, the companies are also focusing on developing innovative and effective products to cater to the increasing demand for burn ointments. The growing prevalence of burns and injuries is driving the demand for these products, and companies are leveraging advanced technologies to develop products that offer better wound healing and management. Overall, the global burn ointment market is expected to witness significant growth in the coming years, driven by the increasing demand for effective wound care solutions and the adoption of advanced technologies by key players in the market.

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