SEATTLE, July 14, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global burn ointment market 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).
Key trends in the market include increasing prevalence of burn injuries, increasing government initiatives and awareness programs, and increasing approvals from regulatory authorities of new products among others.
Increasing prevalence of burn related injuries in children leads to high demand of burn ointments, this is expected to fuel the market growth of global burn ointment market over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC) report 2019, in the U.S., every day, over 300 children between the ages of 0 and 19 are treated in emergency rooms for burn-related injuries, while two children die every day as a result of their burn wounds.
Increasing number of government initiatives and awareness programs for burn injuries is expected to bolster growth of the global burn ointment market. For instance, on October 14, 2020, that is on National Burn Awareness Day, in the UK, the Children's Burns Trust and the British Burn Association campaigned to draw attention to a troubling link between social deprivation and the number of children suffering from life-altering burn injuries.
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Increasing number of approvals from regulatory authorities for new product applications is expected to drive the growth of the global burn ointment market over the forecast period. For instance, on September 16, 2020, MediWound Ltd., a fully integrated biopharmaceutical company, announced that the U.S. Food and Drugs Administration (FDA) has accepted its Biologics License Application (BLA) for review of NexoBrid, a topically administered product for deep partial-thickness and/or full-thickness thermal burns.
Key Market Takeaways:
Increasing research and development activities, rising product launches and approvals, inorganic activities such as collaborations, acquisitions, etc. are expected to drive growth of the global burn ointment market over the forecast period. For instance, on March 24, 2021, Arch Biopartners Inc., a clinical stage company, Toronto, announced a licensing agreement with the University of Cincinnati (UC) to license the new patent claims for an AB569 topical wound application designed to prevent, treat, and heal burn wound infections.
Key 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.
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Global Burn Ointment Market, By Product Type:
Global Burn Ointment Market, By Depth of Burn:
Partial Thickness Burns
Full Thickness Burns
Global Burn Ointment Market, By End User:
Global Burn Ointment Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
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