Global Burn Ointment Market, By Product Type (Topical Antibiotics, Silver, and Iodine), By Depth of Burn (Minor Burns, Partial Thickness Burns, and Full Thickness Burns), By End User (Hospitals, Specialty Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 915.7 million in 2021, and is expected to exhibit a CAGR of 6.1% during the forecast period (2021-2028).
Rising number of burns injury and increasing children admissions into hospitals is expected to drive growth of the global burn ointment market during the forecast period. For instance, according to International Burn Injury Database 2019, over 35,000 children were admitted to hospitals from 2015-2019. In these five years that is 2015-19, 49% (that is 17,052) of all children admissions were designated to specialized burn services that involved scalding injuries from hot food or drink.
Market players are engaged in inorganic activities such as partnerships, mergers, and acquisitions, which is expected to drive growth of the global burn ointment market. For instance, on February 16, 2021, Recce Pharmaceuticals Ltd, a company that develops synthetic anti-infectives, announced a partnership with Fiona Stanley Hospital for a Phase 1/2 clinical trial to evaluate the potential of RECCE 327, a new spray-on, broad-spectrum antibiotic, for the treatment of topical burn wound infections.
Global Burn Ointment Market - Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the global burn ointment market. The COVID-19 pandemic has affected the demand and supply of healthcare products in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and due to its financial impact on firms and financial markets. There was reduction in the patient admissions for burn related wounds or injuries, due to COVID-19 crisis. For instance, according to the article published in the journal of Burn Care and Research, a retrospective observational study was carried out at Safdarjung Hospital Delhi, India, from 30 January 2020 to 15 July 2020, to investigate the epidemiology of number of burns treated and the number of patients and healthcare workers affected by COVID-19 during this time period. It was observed that when compared to the year 2019, the number of burn admissions decreased by 42.6%.
Moreover, according to same source, it was found that the patients with burn injuries got infected with COVID-19 during their stay in hospitals. 17 patients (3.67%) and 29 health care workers (8.68%) had tested positive for COVID-19 during their stay in the burn department.
Browse 33 Market Data Tables and 25 Figures spread through 167 Pages and in-depth TOC on Global Burn Ointment Market, By Product Type (Topical Antibiotics, Silver, and Iodine), By Depth of Burn (Minor Burns, Partial Thickness Burns, and Full Thickness Burns), By End User (Hospitals, Specialty Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Furthermore, clinical trials conducted for the launch of new improved products is expected to drive the global burn ointment market growth over the forecast period. For instance, on October 28 2020, MediWound Ltd., a fully-integrated biopharmaceutical company developing innovative therapies to address unmet needs in severe burn and wound management, announced that the enrollment stage of its NexoBrid Phase 3 paediatric clinical study has been completed (CIDS - Children Innovation Debridement Study). Top-line results with 12-month follow-up data are expected in the second half of 2021.
Key Takeaways of the Global Burn Ointment Market:
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