Burn Ointment Market is Expected to Grow at a CAGR of 6.1% from 2020 to 2027

15/feb/2021 12:43:22 Grand View Research Contatta l'autore

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The global burn ointment market size is expected to reach USD 1.3 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Rising cases of blaze wounds, technological advancements, and increasing awareness regarding various treatment options are the key factors driving the market.

Favorable government initiatives such as reimbursement policies which cover almost 70.0-100.0% of the treatment cost urge the patient to opt for advanced wound care treatment. The presence of government organizations such as the World Health Organization (WHO) and non-profit organizations like the American Burn Association (ABA) also contribute towards increasing awareness levels. The WHO has been collaboratively working with The International Society for Burn Injuries and other such organizations to develop strategies to improve wound care and prevention of blaze wounds globally. Furthermore, the presence of non-profit organizations such as the British Burn Association and the Canadian Association of Burn Nurses, which aim towards providing and propagating knowledge on best treatment and rehabilitation following a blaze wound is also increasing the awareness levels regarding wound care and treatment among people.

Increasing incidences of blaze wounds are anticipated to fuel the demand for cost-effective treatment over the forecast period. As per WHO, 96.0% of fatal fire-related wounds occur in low to middle-income countries. According to the data published by WHO, on an average 265,000 deaths are caused by blaze wounds every year. Such factors are anticipated to boost the market growth.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/burn-ointment-market

Burn Ointment Market Report HIghlights

·         On the basis of product, topical antibiotics held the largest market share in 2019 as these ointments are used for every kind of blaze wound

·         The minor burn segment held the largest market share in 2019 and is anticipated to witness significant growth over the forecast period. The growth of the segment is attributable to the high usage of ointments for minor blaze wounds as compared to other wounds

·         The hospital segment is anticipated to witness significant growth over the forecast period owing to the increasing incidence of blaze wounds

·         In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period owing to the rising cases of blaze wounds in this region.

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