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$ 1,030.5 Mn in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing product approvals by regulatory authorities are expected to boost the global burn ointment market growth over the forecast period. For instance, in December 2022, Vericel Corporation, a biotechnology company, announced that it had received the U.S. Food and Drug Administration (FDA) approval for NexoBrid (anacaulase-bcdb) used for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns.
Global Burn Ointment Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things such as medical products from one place to another.
Thus, the COVID-19 pandemic had a negative impact on the global burn ointment market as patient admissions in hospitals for the treatment of burns reduced during the COVID-19 pandemic period. For instance, according to an article published in the Journal of Burn Care & Research in May 2023, a study was carried out at University College Hospital (UCH), Ibadan, Nigeria from April 1, 2020 to March 31, 2021, and it was found that the lockdowns imposed due to the pandemic resulted in a significant reduction in acute burn admissions at UCH, Ibadan, Nigeria.
Browse 35 Market Data Tables and 31 Figures Spread Through 146 Pages and in-depth TOC on “Global Burn Ointment Market”- Forecast to 2030, 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)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/burn-ointment-market-4512
Key Takeaways of the Global Burn Ointment Market:
- The global burn ointment market is expected to exhibit a CAGR of 6.1% during the forecast period. The new product launches and approvals is offering lucrative growth opportunities for players in the global burn ointment market.
- Among product type, the topical antibiotics segment is expected to hold a dominant position in the global burn ointment market during the forecast period due to increasing research and development activities
- Among region, North America is expected to be the dominant region in the global burn ointment market owing to the key players focusing on organic strategies such as partnerships to boost new product launches
- The major players operating in the global burn ointment market are Smith & Nephew PLC, Wisconsin Pharmacal Company, Johnson & Johnson, Pfizer Inc., Cipla Ltd., Mankind Pharma Ltd., Dr. Morepen Ltd., GlaxoSmithKline PLC and MediWound
