At a CAGR of 6.1%, Global Burn Ointment Market to Surpass US$ 1,384.4 Million by 2028, Says Coherent Market Insights (CMI)
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 and Analysis of the Global Burn Ointment Market:
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.
Competitive Landscape:
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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Market Segmentation:
Global Burn Ointment Market, By Product Type:
Topical Antibiotics
Silver
Iodine
Global Burn Ointment Market, By Depth of Burn:
Minor Burns
Partial Thickness Burns
Full Thickness Burns
Global Burn Ointment Market, By End User:
Hospitals
Specialty Clinics
Others
Global Burn Ointment Market, By Region:
North America
By Country:
U.S.
Canada
Latin America
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Europe
By Country:
U.K.
Germany
Italy
Spain
France
Russia
Rest of Europe
Asia Pacific
By Country
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
By Country:
GCC
Israel
Rest of Middle East
Africa
By Country/Region:
South Africa
Central Africa
North Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
CONTACT: Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com