Burn Care Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1857
Burn Care Market size is projected to experience significant growth from 2017 to 2024.
Burn care market size should witness significant growth due to increasing prevalence of burn-related injuries and sprouting awareness levels pertaining to burn cure management amongst people. The willingness to opt for novel wound care products, intensifying demand for minimally invasive surgeries and procedures to improve the cosmetic appeal of patients suffering from burns will drive the business growth. Injuries occur due to hot liquids and fire account for disability-adjusted life-years (DALYs) lost in low and middle-income countries. Moreover, alcoholism leading to violence between people may also lead to burn injuries. As per WHO, in 2016, an estimated 265,000 deaths occurred due to burns worldwide, with majority in low and middle-income countries and almost half reported in South-East Asian Regions.
Pernicious burns are leading cause of morbidity, including disability and disfigurement accompanied with prolonged hospitalization. The alteration in preference toward skin grafts and rising concerns regarding aesthetic appearance amongst patients are yet another paramount factor boosting the burn care market growth. According to the National Fire Protection Association in 2014, about 310 deaths were reported from vehicle crash fires, 2,745 from residential fires and 220 from other sources in the U.S.
The apparent trend in the industry not only emphases on the long-term improvement but also speedy recovery from injury. Requirement for skin grafts and numerous other skin substitutes for the treatment and management of acute injuries will further show upward shift during the forecast period. Prohibitive cost associated with the treatment and limited reimbursement policies in low and middle-income countries can hamper the business growth in future.
Increasing number of programs to enhance public awareness pertaining will create immense growth opportunities. For instance, American Burn Association carries out Burn Awareness week, a window opportunity for organizations to mobilize fire, burn as well as life safety educators for sharing a common prevention and awareness message. The main objective of Burn Awareness week is to bring awareness to the cause of devastating and costly injuries and encourage the public to make simple behavioral and environmental changes to mitigate the problem.
The advance dressing product segment held a momentous share as of 2016, due to high-pitched penetration rates in developed countries. The associated benefits such as lesser recovery time, ease of use and cost efficiency are supporting the adoption of burn care products in near future. Based on the depth of injury, the industry can be segmented into minor, partial and full thickness. Full thickness injuries held the commanding share of overall industry as the medication and treatment requires longer hospital stays and prolonged observation care.
North America dominated the industry in 2016 pertaining to the shift from traditional products to the advanced ones, with the heightened demand for minimally invasive cosmetic surgeries (MIS) and escalating concerns toward aesthetic appearance. Moreover, the U.S. will play a sententious role in amplifying the North America share, owing to the heightened demand for skin grafts and substitutes authenticated in the region. Asia Pacific shall witness significant growth rate in the coming years. India encountered strong economic growth with rising demand for the products. Mounting disposable income will elicit the number of cosmetic procedures in the forecast period.
Key industry players include, Acelity, Smith & Nephew, Mölnlycke Health Care, Convatec, Coloplast, Derma Sciences, Medtronic, and 3M Company. The industry players focus on strategic alliances and innovative product launch to expand their business portfolio as main strategies. In February 2016, Acelity announced an agreement in partnership with Mediq envisioned with an aim to improve its supply-chain network for advanced wound care products in Norway, Denmark, Sweden and Finland. Hence, allied strategic initiatives will propel competition over the forecast period.
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