Newark, NJ, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global burn care market is expected to grow from USD 2.81 billion in 2020 to USD 4.58 billion by 2028, at a CAGR of 6.3% during the forecast period 2021-2028.
There are certain factors that are fuelling the growth of the global burn care market. Some of them include rising cases of burn injuries across the globe, increasing government as well as private healthcare expenditure, technological developments in burn care products, the growing popularity of minimally invasive medical procedures, benefits provided by biologics for wound treatment, cost efficiency, increasing skin graft demand, growing concerns about appearance, and rising awareness among consumers about the various treatment options that are available in modern times to treat burn injuries. According to a study done by Jason Wasiak, a researcher from Monash University, approximately 6500 people die from burn wounds, around 80,000 are hospitalized, and up to 2 million people from across the world sustain burn injuries each year.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the burn care market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market. Other market growth restraining factors include lack of awareness in children and potential supply shortage of medical equipment & first aid.
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Key players operating in the global burn care market include Mölnlycke Health Care, Acelity, Derma Sciences, Inc., 3M Company, Hollister Incorporated, Integra LifeSciences Corporation, DeRoyal Industries, Inc., Smith & Nephew plc, Convatec Inc., Coloplast A/S, and Medtronic, among others. To gain a significant market share in the global burn care market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Smith & Nephew plc and DeRoyal Industries, Inc. are some of the biggest manufacturers and suppliers of burn care products in the global market.
Advanced dressing segment dominated the market and held the largest market share of 33.17% in the year 2020
By product, the market has been divided into traditional burn care products, biologics, advanced dressing, and others. The advanced dressing segment dominated the market and held the largest market share of 33.17% in the year 2020. This growth is due to the broad range of advanced dressing products and their extensive uses. Advanced dressings include hydrogel dressings, hydrocolloid dressings, collagen dressings, alginate dressings, foam dressings, film dressings and some other advanced dressings.
Minor burns segment dominated the market and held the largest market share of 47.9% in the year 2020
Based on depth of wound, the global market has been segmented into full thickness burns, partial thickness burns, and minor burns. The minor burns segment dominated the market and held the largest market share of 47.9% in the year 2020. Minor burn injuries occur very commonly all around the world. Some examples of minor burn treatment are traditional burn products like gauze, bandages, and tapes.
Thermal burns dominated the market and held the largest market share of 28.0% in the year 2020
On the basis of cause, the burn care market has been segmented into electrical burns, chemical burns, thermal burns, radiation burns, and friction burns. Thermal burns dominated the market and held the largest market share of 28.0% in the year 2020. The large share of this segment can be primarily attributed to the increasing cases of fire-related burn wounds.
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Hospitals segment dominated the market and held the largest market share of 48.01% in the year 2020
The end-use segment includes clinics, hospitals, and others. The hospitals segment dominated the market and held the largest market share of 48.01% in the year 2020. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and broad range of services.
Regional Segment Analysis of the Burn Care Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global burn care market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 41.57% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the rising incidence of burn injuries, increasing demand for substitutes & skin grafts, and the existence of significant market players in this region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like increasing research & development by key players in order to launch new products, growing cases of burn wounds, expanding population, and rising government as well as private healthcare expenditure.
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About the report:
The global burn care market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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