The global burn care market is expected to grow at a compound annual growth rate of 6.53% over the forecast period to reach a market size of US$2,878.033 million in 2026 from US$1,968.786 million in 2020.
Burn care products refer to all the types of products that are applied to the skin or the area of a human body after a burn. The market for burn care products is witnessing a promising growth over the forecast period which may be attributed to the fact that there has been an increase in the incidence of burn in many countries whether at homes or workplaces. Moreover, an increase in skin grafting procedures further shows the positive outlook of the burn care market in the next five years. Also, the increasing awareness among the consumers regarding the use of burn care products rather than using home remedies to cure burns also plays a major role in shaping up the market growth over the next five years. The increasing propensity of consumers to spend on advanced burn care products also propels the business growth opportunities for the manufacturers and vendors in the near future. Penetration of new and advanced products such as foams, gels, and other advanced dressings has also propelled their adoption, particularly in the developed economies owing to higher purchasing power and better availability of healthcare facilities. Similarly, favorable government policies in many countries regarding medical coverage on burn treatments also favor the market in a positive manner during the forecast period.
Source: Knowledge Sourcing Intelligence Analysis
The outbreak of the novel coronavirus disease may inhibit the market growth to some extent particularly during the short run. The suspension of activities across industries further led to a decline in workplace injuries thus leading to a lesser number of hospitalizations for burn cases.
The segmentation of the global burn care market has been done on the basis of type, end-user, and geography. By type, the market has been classified on the basis of advanced products, traditional products, biologics, and others. Geographically, the global burn care market has been distributed into North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Growing incidence of burn-related injuries
One of the most prominent factors supplementing the demand for burn care products around the globe is the increasing number of cases with burns either at workplaces or at homes. As per the statistics from the U.S Bureau of Labor Statistics around 5000 workers died in the United States in 2019 which was considered approximately 2% higher than in 2018. Moreover, as per the data from the U.S. Department of Health & Human Services around 300 children with ages 0-19 are treated in emergency rooms for burn-related injuries and two children die as a result of being burned. Moreover, globally, the burden of burns is estimated at around 180,000 deaths out of which majority occur in low- and middle-income countries (Source: The World Health Organization). The WHO also states that Non-fatal burn injuries are a leading cause of morbidity in the world that include prolonged hospitalization, disfigurement, and disability, often with resulting stigma and rejection. Thus, all the factors mentioned above are anticipated to augment the burn care market during the next five years.
Increasing awareness regarding burn treatments
Another factor that plays a pivotal role in supplementing the demand for numerous burn care products includes the constantly growing awareness among people regarding the use of essential care products for the treatment of burns rather than using home remedies. Constant efforts by governments and other organizations are being done in order to spread awareness among the general public to use certified and authentic burn care products or visit emergency rooms for treatments. Furthermore, various training programs and initiatives are being taken by organizations to make the general public aware of the right first aid to be given to the victim. This, in turn, is also positively impacting the market growth over the next five years. Additionally, the presence of numerous associations such as the British Burn Association and the Canadian Association of Burn Nurses further provide knowledge on best treatment and rehabilitation following a burn injury also expands the growth prospects for the market players during the given time frame.
Advanced products to hold a substantial share
On the basis of type, the advanced products segment is projected to show substantial market growth during the next five years. A vast number of products such as foam dressings, gel dressings, and others are some of the advanced burn care products. Their extensive applications in wound management are one of the key factors supplementing the significant share in the market during the forecast period. The biologics segment is projected to witness a promising market growth which may be attributed to the advantages associated with it such as shorter length of hospital stay, cost efficiency, and accelerated wound healing among others.
Hospitals to hold a significant share
By the end-user, the hospital segment is projected to hold a major market share which may be attributed to the high number of hospitalizations due to burn injuries in comparison with other healthcare facilities. Hospitals are healthcare institutions that provide patient treatment having a trained medical and nursing staff. Thus, the capability of hospitals to offer high-quality treatments is much more which in turn enables to build the trust of patients. Therefore, playing a pivotal role in supplementing the share of this segment in the coming years.
The Asia Pacific to witness a healthy market growth
Geographically, the North American region is projected to hold a significant share in the global market which may be attributed to the high number of work-related injuries coupled with high awareness among the public to visit ERs and use quality burn care products. Moreover, the availability of world-class healthcare infrastructure coupled with the presence of major market players in the region further bolsters the share of North America in the market. On the other hand, the Asia Pacific region is anticipated to witness a healthy market growth on account of the growth in the number of burn injuries in low-income countries such as India and China among others.
Prominent/major key market players in the global burn care market include 3M, Cardinal Health, and Medline Industries Inc. among others. The players in the global burn care market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global burn care market.
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