According to the latest market report published by Credence Research, Inc. “Burn care Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global Burn care market was valued at US$ 1.64 Bn in 2016, and is expected to reach US$ 2.87 Bn by 2025, expanding at a CAGR of 6.4% from 2017 to 2025.
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According to world health organization (WHO), approximately 265,000 deaths every year are caused by burns, generally occurring in low and middle income countries. Rising incidence of burn, availability of advance treatment, rising number of emergency centers and government initiatives to develop the strategies for improving care are prime factors driving the growth of burn care market globally. For the purpose of study, burn care market is segmented on the basis of product type such as advanced burn care products, biologics and traditional burn care products. Among the considered segments advanced burn care products held largest market share due to factors such as it offers minimize irritation, lower the risk of infection in the wound, more effective, simple to apply, require minimal maintenance and more comfort these which are primarily assisting growth of advanced burn care products market globally. Depending on severity burn care market is categorized as minor burns, partial-thickness burns and full-thickness burns. In the base year 2016, full-thickness burns or third-degree burns held largest market share because full-thickness burns generally require long term care as it destroy epidermis, dermis and may go into the subcutaneous tissue, furthermore it may require surgical treatments and intravenous antibiotics to prevent infection these factors fueling the growth of full-thickness burns market globally.
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Currently, North America is dominating the burn care market because higher preference for advance burn care treatment, more concern for aesthetic appearance, favorable reimbursement policies by the government, higher cost of therapy and technological advancement are primarily driving the market growth in North America.
Market Competition Assessment:
The Burn care market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as 3M Company, Acelity L.P. Inc., Coloplast A/S, ConvaTec Inc., Derma Sciences, Inc., Hollister, Inc., Medtronic Plc., Molnlycke Health Care, Smith & Nephew PLC., Smith & Nephew plc. and other.
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Key Market Movements:
– Factors such as increase in incidence of burn, rising awareness regarding treatment options, increasing number of emergency centers and burn units, advancement in treatments options such as reconstructive surgery and skin graft and increased healthcare expenditure are primarily driving the market growth globally.
– Due to the high number of unmet needs, vendors in the market are focusing on innovation and technological advances in treatment, this would further influence the growth of burn care market during forecast period.
– However, higher cost of advance treatment and surgery, stringent regulatory requirements and lack of reimbursement in some countries are negatively imp
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