Burn Care Market is expected to reach USD 3.17 billion by 2030 – IMF

burn care market players need to focus on offering safer and more profitable products to gain a competitive edge, according to a new report from certified market research firm ESOMAR Future Market Insights. In its new study, IMF estimates that global incomes are expected to grow by 8.1% CAGR through 2030.

The main takeaways from the report include,

  • Global revenues are expected to surpass $3.2 billion by the end of 2030
  • Topical burn medications – creams, gels, ointments and more – are expected to account for more than 80% of market value
  • Hospitals and clinics are collectively poised to hold over 4/5 of market value, supported by strong consumer preference due to reimbursement schemes
  • Based on severity, first-degree burns are expected to hold more than half of the market share, attributed to the high prevalence of minor injuries in residences.
  • Asia-Pacific will remain a lucrative market, accounting for over 50% market share

Market players are focusing on improving their portfolios through R&D or by acquiring existing players,” notes the IMF analyst.

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The incidence of burns remains a concern around the world, especially in low- and middle-income economies. According to World Health Organization estimates, more than 180,000 people die of burns every year, with the incidence mostly concentrated in low- and middle-income countries, which continue to be at the forefront of market growth.

Similarly, child mortality is seven times higher in low- and middle-income countries than in high-income countries, with the WHO estimating that nearly 1,73,000 children suffer from moderate to severe burns in Bangladesh each year. . As a result, health institutions and governments are working to educate people about the importance of getting treatment for burns to avoid complications.

Likewise, several organizations and governments are issuing burn management guidelines and setting up burn care centers, thus lending a boost to the growth of the market. Similarly, healthcare infrastructure in emerging economies has developed remarkably in the recent past, attributed to increased foreign direct investment (FDI), thus facilitating better treatment.

Impact of COVID-19 on the burn care market

The COVID-19 outbreak is expected to hamper the market growth due to several consequences. Primarily, the implementation of nationwide lockdowns in several countries and the subsequent shutdown of industries have reduced workplace fire accidents, thereby reducing the demand for burn care products.

On the other hand, disruption of supply chains coupled with high demand for other essential medical products has forced manufacturers to focus on essential products. Although they are capitalizing on the demand for other products, the demand for burn care products will see a downward trend during the pandemic.

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Who wins?

Major players in the burn care market are adopting product portfolio expansion and acquisitions as key growth strategies. Similarly, the development of new products and R&D activities were also identified as crucial strategies to strengthen the establishment. On these lines,

  • In 2017, Derma Sciences acquired the MEDIHONEY brand from Comvita Ltd to enhance its portfolio of advanced wound care products.
  • In 2018, Acelity LP, Inc. acquired Crawford Healthcare to expand its product portfolio in wound care

The IMF report includes profiles of some of the biggest names in the market including Coloplast A/S, Smith and Nephew Plc, Safe n Simple, LLC, Derma Sciences Inc, Dynarex Corporation Acelity LP, Mölnlycke Health Care, ConvaTec, Inc ., Cardinal Health Inc., De Royal industries, Inc., Medline Industries, Boiron USA, Johnson & Johnson Consumer, Inc., Areza Medical and Acme United Corporation (First Aid Only) among others.

To learn more about Burn Care Market

A new market research report published by Future Market Insights (IMF) on the global burn care market offers comprehensive coverage on the . It offers an overview of demand trends and provides opportunity analysis over the forecast period 2020-2030. The report examines the market across four different segments: product, wound severity, sales channel, end use, and region. The report also provides an in-depth assessment of pricing under different key market dynamics, life cycle analysis, and technologies that are being deployed in product supply and adoption across multiple end-use industries.

If you have any queries regarding the Burn Care Market report, ask our [email protected] https://www.futuremarketinsights.com/ask-question/rep-gb-12621

About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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