Market Trends of Global Burn Ointment Industry
This section covers the major market trends shaping the Burn Ointment Market according to our research experts:
The Topical Antibiotics Segment is Expected to Hold a Significant Market Share Over the Forecast Period
In terms of product type, the market is segmented into topical antibiotics, silver, and iodine. The topical antibiotics segment is expected to hold a significant market share during the forecast period.
The major factors propelling the growth of this segment include the high acceptance of burn ointment products in home-care settings and the rising incidence of burns across the globe. Mafenide acetate, Bacitracin, Mupirocin, Neosporin, Polymyxin B, Nitrofurazone, and Nystatin are the widely accepted topical antibiotic burn ointments.
An article titled 'Burn Ointment Promotes Cutaneous Wound Healing by Modulating the PI3K/AKT/mTOR Signaling Pathway' published in the journal of Frontiers in Pharmacology in March 2021 indicated that Chinese medicine compound burn ointment offers a more advanced alternative medication that limits scar formation. The ointment accelerates wound healing through PI3K/AKT/mTOR signaling pathway and increase the key cytokines VEGF and TGF-β1 to further help tissue recovery.
The management of initial burns with an ointment is usually considered effective and is preferred even with dressing or other treatments. Thus, the above-mentioned factors are expected to drive the market growth over the forecast period.
The North American Region is Expected to Hold a Major Market Share Over the Forecast Period
In the North American region, the United States is expected to hold a major market share due to well-established healthcare infrastructure and the rising incidence of burns.
For instance, as per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 are admitted to a hospital or treated in an emergency department owing to fire or burn injuries each year. Also, fires and burns were the fifth leading cause of unintentional injury-related deaths to children ages 1-19 in the United States. A high incidence of burns is likely to drive the demand for burn ointments. In addition, the presence of key players in this region that are focusing on planned initiatives like the launch of new products and mergers and acquisitions is helping the market grow. Thus, owing to the above-mentioned factors, the burn ointment market in the United States is expected to be one of the largest markets and grow in the future.
Asia-Pacific also presents lucrative opportunities in the current scenario for the key players operating in the burn ointment market due to increased patient awareness toward burn care treatment and management, increase in the number of hospitals, development of the R&D sector, rise in healthcare reforms, and increase in the target population in emerging economies.
