Burn Ointment Market: Introduction
- Burn ointments are specially designed depending on the extent of the burn to treat burn wounds. Burn is a type of physical damage that could be thermal, electrical, chemical, and electromagnetic, causing death of skin cells and intense burning feeling of the skin induced by heat interaction. There are three categories of burns: first-degree, second-degree, and third-degree.
- The degree of damage from burn depends on its extent and severity. Scalding is caused by hot liquids and fumes, often attributable to hot bath water, drinking water, steam, hot beverages, and cooking oil. However, infants succumb to accidental burns. The degree of injury determines the treatment of burn cases.
Key Drivers, Restrains, and Opportunities of Global Burn Ointment Market
- The global burn ointment market is driven by attractive insurance programs, and increase in incidence of burn events. Additionally, rise in awareness about different care services is projected to boost the growth of the global market.
- Increase in incidence of blaze wounds is anticipated to fuel the market for cost-effective ointments. According to data published by the World Health Organization, over 180,000 causalities are caused by burns per year, maximum occur in low and middle income countries. Scaring is a major issue that restrains the global burn ointment market. Developments in drugs used in the treatment of burns do not appear to be working for the full eradication of the burn scar. This is expected to hamper the growth of the global burn ointment market in the next few years.
North America to Capture Major Share of Global Burn Ointment Market
- The U.S. is likely to account for significant share of the market in North America during the forecast period due to presence of well-established health care infrastructure and increase in incidence of burns. According to the 2018 report of the American Burn Association in the U.S., over 300 children are admitted to emergency rooms every day and about two kids succumb to burn injuries. In the U.S., children aged 16 years and under account for around 26% of all admissions to burn center hospitals. Therefore, high incidence of burns is likely to drive burn ointment demand. These factors are projected boost the growth of the market in the U.S. in the near future.
- The market in Asia Pacific is driven by increase in burn cases. The burn ointment market in the region is anticipated to grow at a rapid pace during the forecast period. The rate of blaze wounds needing urgent medical treatment is nearly 20 times greater in the Western Pacific region than the Americas, according to WHO. According to 2017 report of the Royal Australian College of General Practitioners, burn injuries are common and expensive. Over 200,000 cases of burn injuries are recorded in Australia every year, costing the government US$ 150 Mn. Increase in incidence of blaze wounds is another key factor propelling the market in the region. Moreover, favorable government initiatives such as the Asia Pacific Burn Congress and significant untapped opportunities are likely to boost the growth of the market in the region during the forecast period.
Key Players Operating in Global Burn Ointment Market
The global burn ointment market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions.
Major players operating in the global burn ointment market are listed below:
- Johnson & Johnson
- Sun Pharmaceutical Industries Ltd.
- Dr. Morepen
- Smith & Nephew
- ConvaTec, Inc.
- Amgen, Inc.
Global Burn Ointment Market: Research Scope
Global Burn Ointment Market, by Product
- Topical Antibiotics
- Topical Antibiotics Alone
- Topical Antibiotics Combination
- Silver Containing Agents
- Other Products
Global Burn Ointment Market, by Burn Type
- First-degree Burns
- Second-degree Burns
- Third-degree Burns
Global Burn Ointment Market, by End-user
- Other end-user
Global Burn Ointment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.