The global burn care market size is expected to reach USD 2.98 billion by 2025
NEW YORK, March 19, 2019 /PRNewswire/ -- Burn Care Market Size, Share & Trends Analysis Report By Product, By Depth of Burn (Partial, Full), By Cause (Thermal, Chemical), By End Use (Hospital, Home Healthcare), And Segment Forecasts, 2018 - 2025
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The global burn care market size is expected to reach USD 2.98 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 6.8% over the forecast period. Increasing incidence of burn injuries is anticipated to fuel demand for cost-effective treatment over the forecast period. According to the World Health Organization (WHO), in 2017, 96.0% of fatal burns related to fire occurred in low- to middle-income countries. It further stated that on an average, burns resulting from fires cause estimated 265,000 deaths every year. Majority of these deaths occur in low- to middle-income countries and approximately two-thirds occur in countries from Southeast Asia. This factor is projected to boost the market growth over the forecast period.
Introduction of advanced treatment options such as reconstructive surgery and skin graft or biomembrane are expected to upsurge the demand for these products over the forthcoming years. Favorable government initiatives, such as reimbursement policies by the U.S. government that cover almost 70% to 100% of treatment cost, is anticipated to upsurge the adoption of advanced wound care products during the forecast period. In addition, government organizations including the WHO and nonprofit organizations like the American Burn Association (ABA) are contributing to raising awareness among consumers, which, in turn, is anticipated to propel the market. For instance, WHO's collaborative agreement with the International Society for Burn Injuries for improving care and prevention of incidence at a global level.
Further key findings from the study suggest:
• Advanced dressing emerged dominant product segment in 2017 due to higher adoption. Biologics treatment, on the other hand, is expected to exhibit higher growth during the forecast period due to accelerated wound healing and other benefits
• Thermal burns held a major share of the burn care market in terms of causes in 2017 attributed to increasing incidence of burns due to fire and flames
• Partial-thickness segment is anticipated to showcase the highest growth in terms of depth of wound, owing to rising cases of burns causing more than 15.0% damage to the victim's body
• Outpatient care unit segment is anticipated to expand at the fastest CAGR in near future as the minor and partial-thickness wounds do not require hospital admissions
• Asia Pacific is projected to witness fastest growth due to prevalence of burn cases coupled with awareness about available cure. A March 2017 WHO study estimates that average 173,000 children from Bangladesh suffer from moderate to severe burns every year
• Major market players are Johnson & Johnson; Smith & Nephew; Mölnlycke Health Care AB; Acelity L.P. Inc.; and ConvaTec Inc. They focus on development of technologically efficient treatment options and other strategies such as enhancement of distribution channels and product portfolio expansion to gain advantage in this highly competitive market.
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