The burn care market size players need to focus on offering safer, cost-efficient products to gain a competitive edge, according to a new report by ESOMAR-certified market research firm Future Market Insights. Burn Care Market is anticipated to witness a considerable CAGR of ~8% by value during the period of 2022 and 2030, And projected to reach 3.17 USD billion by 2030.
Key takeaways from the report include,
- Global revenues are set to surpass US$ 3.2 billion by end of 2030
- Topical burn medications – burn creams, gels, ointments, and others – are expected to account for more than 80% of market value
- Hospitals and clinics are collectively poised to hold over 4/5th of market value, backed by high preference among consumers due to reimbursement schemes
- On the basis of severity, first-degree burns are expected to hold more than half of the market share, ascribed to the high prevalence of mild injuries in residences.
- Asia Pacific will remain a lucrative market, accounting for over 50% market share
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“Market players are focusing on enhancing their portfolios through R&D or by acquiring existing players,” remarks FMI analyst.
The incidence of burn injuries remains a cause of concern across the world, especially in low- and middle-income economies. According to the estimates of the World Health Organization, over 180,000 people succumb to burn injuries every year, with the incidence being majorly concentrated in low- and middle-income nations, which continue to forefront market growth.
Similarly, mortality among children is seven times higher in low and middle-income countries than high-income countries, with WHO estimating nearly 1,73,000 children suffering moderate or severe burns in Bangladesh every year. Owing to this, healthcare institutions and governments are focusing on raising awareness among people concerning the importance of seeking care in case of burns to avoid complications.
By the same token, several organizations and governments are issuing guidelines on burn management and are setting up burn care centers, thereby giving a boost to the market growth. Similarly, the healthcare infrastructure in emerging economies has developed remarkably in the recent past, ascribed to increased Foreign Direct Investments (FDIs), thus facilitating better treatment.
COVID-19 Impact on Burn Care Market
The outbreak of COVID-19 is expected to hinder the growth of the market on the back of several consequences. Primarily, the implementation of nation-wide lockdowns in several nations and the subsequent closure of industries has reduced workplace fire accidents, thereby lowering the demand for burn care products.
On the other hand, disruption of supply chains coupled with high demand for other essential medical products has compelled manufacturers to shift their focus towards essential products. Although they capitalize on the demand for other products, the demand for burn care products will experience downtrend through the pandemic.
Who is Winning?
Key burn care market players are adopting the expansion of product portfolio and acquisitions as key growth strategies. Likewise, new product development and R&D activities have also been identified as crucial strategies to strengthen foothold. On these lines,
- In 2017, Derma Sciences acquired Comvita Ltd’s MEDIHONEY brand to enhance its product portfolio of advanced wound care.
- In 2018, Acelity L.P., Inc. acquired Crawford Healthcare to expand its product portfolio in wound care
FMI’s report includes profiles of some of the most prominent names in the market including Coloplast A/S, Smith and Nephew Plc, Safe n Simple, LLC, Derma Sciences Inc, Dynarex Corporation Acelity LP, Mölnlycke Health Care, ConvaTec, Inc., Cardinal Health Inc., De Royal industries, Inc., Medline Industries, Boiron USA, Johnson & Johnson Consumer, Inc., Areza Medical, and Acme United Corporation (First Aid Only) among others.
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