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Press Release: Burn Ointment Market to Surpass US$ 1,384.4 Million by 2028
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Burns refer to the tissue damage caused by heat, overexposure to sunlight, radiation, as well as due to chemical or electrical contact. Burns can cause minor medical issues as well as life-threatening emergencies. The treatment for burns is determined by the location and severity of the injury. Sunburns and minor scalds are usually treatable at home. However, deep or extensive burns necessitate immediate medical attention. Some patients require treatment at specialized burn centers as well as months of follow-up care. Burns are classified into three types based on severity- first degree, second degree, and third degree burns.
Burn ointment is a topical medication that is applied to the burnt area of the body. Antibiotic ointments and creams are used to help in the prevention of infections. Applying an antibacterial ointment such as Bacitracin or Neosporin, as well as covering the burn with cling film or a sterile, non-fluffy dressing or cloth, aids in the healing of first or second degree burn wounds. In patients with second- and third-degree burns, ointments including silver sulfadiazine cream is used to prevent and treat wound infections.
Global Burn Ointment Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 182 million cases and 3.95 million deaths due to coronavirus disease (COVID-19) were reported till July 2, 2021, across the globe.
Impact of COVID-19 on Demand and Supply of Burn Ointment
The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Many countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit the growth of the global burn ointment market during the forecast period, owing to the decrease in the supply of healthcare products, decrease in patients seeking medical attention for burns during pandemic, and patients preferring home remedies for burns treatment. For instance, according to electronic medical record (EMR) data from Epic Health Research Network (EHRN) in the U.S., the decrease in hospital admissions from March 8 to December 5, 2020 accounted for 8.5 percent of the total expected admissions for the entire year. Moreover, according to same source, it was noted that, as COVID-19 cases increased in November 2020, non-COVID-19 hospitalizations began to decline. The non-COVID hospitalizations decreased by 80% by the end of the month. This is expected to hamper the growth of global burn ointment market.
The global burn ointment market is estimated to be valued at US$ 915.7 Mn in 2021, and is expected to exhibit a CAGR of 6.1 % over the forecast period (2021-2028).
Figure 1: Global Burn Ointment Market Share (%) Analysis, By Product Type, 2021
The increasing number of burn injuries is the major factor that is expected to drive the growth of global burn ointment market over the forecast period.
The emerging prevalence of burn injuries in people is expected to bolster the growth of global burn ointment market. According to the American Burn Association (ABA) National Burn Repository 2019, flame burns continue to be the most common type of injury in the U.S. that is 41%, with scalds coming in second at 31%. While, chemical burn injuries (3.5%) and electrical burn injuries (3.6%) are less common.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 915.7 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 6.1 % | 2028 Value Projection: | US$ 1,384.4 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Smith & Nephew PLC, Wisconsin Pharmacal Company, Johnson & Johnson, Pfizer Inc., Cipla Ltd., Mankind Pharma Ltd., Dr. Morepen Ltd., and GlaxoSmithKline PLC. |
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| Growth Drivers: |
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Research and Development activities
Increasing number of research and development activities for topical treatments for burn wounds is expected to aid in the growth of the global burn ointment market over the forecast period. For instance, according to a research article published in Medicine journal, March 2017, a clinical study in Iran was conducted on 60 second degree burn victims, 30 of whom were randomly assigned Centiderm and the remaining 30 were given silver sulfadiazine (SSD) for 14 days as a daily wound application. The results showed that using Centiderm ointment improved not only the objective and subjective signs of burns in less than 3 days, but the subjects also demonstrated re-epithelialization and complete healing without any infections. This demonstrated that topical treatment of Centiderm could be used in the treatment for partial thickness burn wounds.
Global Burn Ointment Market – Regional Analysis
On the basis of region, the global burn ointment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global burn ointment market over the forecast period, owing to the rising number of product launches. For instance, on April 21 2020, Lake Consumer Products, a subsidiary of Wisconsin Pharmacal Company, announced the launch of a novel cooling burn spray under its MG217 first aid skincare brand. The new MG217 cooling burn spray combined maximum strength Lidocaine with aloe vera to provide fast and soothing topical pain relief from minor burns.
Figure 2: Global Burn Ointment Market Value (US$ Mn), by Region, 2021
Global Burn Ointment Market – Competitive Landscape
Major players operating in the global burn ointment market include Smith & Nephew PLC, Wisconsin Pharmacal Company, Johnson & Johnson, Pfizer Inc., Cipla Ltd., Mankind Pharma Ltd., Dr. Morepen Ltd., and GlaxoSmithKline PLC.
A burn occurs when skin tissue is damaged by heat, chemicals, sunlight, electricity, or radiation. The majority of burns are caused due to accidents. There are various degrees of burns- first degree, second degree and third degree burns. First-degree burns are minor (like most sunburns). The top layer of skin (epidermis) turns red and painful, but it usually does not blister. Second-degree burns affect the top and bottom layers of the skin (dermis). Pain, redness, swelling, and blistering are all possible side effects. Third-degree burns affect all three layers of the skin: the epidermis, dermis, and fat.
Burn ointment is a topically administered treatment applied on the burnt area of our body and is available in the form of gels, creams, oils and sprays. After cooling the burn injury with water, burn ointments are applied to heal the burn wounds. The types of ointment used depends upon the severity of burns. For example, some people use aloe vera gel as a home remedy to treat sunburns. While antibiotic creams are used to treat thermal burns. However, for the treatment of second and third degree burns, the healthcare provider may prescribe a stronger antibiotic cream containing silver, such as silver sulfadiazine, to prevent possible bacterial infections.
Market Dynamics
Market players are focused on research and development activities to obtain approvals for new products or techniques associated with burn injuries, which could contribute to the growth of the global burn ointment market over the forecast period. For instance, in Oct 2020, Recce Pharmaceuticals Ltd announced that it has received Human Research Ethics Committee (HREC) approval to begin a Phase I/II clinical trial of its broad-spectrum antibiotic RECCE 327 on patients with infected burn wounds.
Market players are focusing on product launches, which is expected to strengthen their position in the global burn ointment market. For instance, on May 1, 2020, LUMASOL, a new health tech player in the skincare industry, launched its first product lumasol, a broad-spectrum SPF 50 mist with a unique, translucent, and cruelty-free formula that helps prevent sun-related disease such as sunburns and ageing.
Market players are involved in expanding their global presence by adopting strategies such as acquisitions and partnerships, this is expected to drive the growth of the global burn ointment market globally. For instance, in May 2019, Vericel Corp., an American biopharmaceutical company announced an exclusive U.S. licensing and supply agreement with MediWound Ltd., a fully-integrated biopharmaceutical company for its NexoBrid biological product.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Key pointers provided are also applicable to other companies covered in the scope of the report.
*Browse 33 market data tables and 25 figures on “Global Burn Ointment Market” - Global Forecast to 2028.
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