Burn Care Market to Garner $3.13 Bn, Globally, by 2027 at 5.6% CAGR: Allied Market Research
- Increase in incidence of burn injuries, rise in government expenditure on healthcare, and advancements in burn care products have boosted the growth of the global burn care market
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Burn Care Market by Product (Advanced Burn Care, Biologics, Traditional Burn Care, and Others), Depth of Burn (Minor Burns, Partial-thickness Burns, and Full-thickness Burns), and End User (Hospitals, Physician Offices, Home Care, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global burn care industry was pegged at $1.99 billion in 2019, and is expected to reach $3.13 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
Major determinants for the market growth
Increase in incidence of burn injuries, rise in government expenditure on healthcare, and advancements in burn care products have boosted the growth of the global burn care market. However, high cost of advanced burn care products hampers the market growth. On the contrary, untapped markets and high growth potential in developing economies are expected to create lucrative opportunities for the market players in the coming years.
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COVID-19 scenario: The outbreak of COVID-19 has hugely affected the global burn care industry.
- Dearth of materials or finished goods coming from logistical hubs in impacted areas has impacted the supply chain, which hampered the market sale.
- Labor shortage due to illness or mobility restriction and shutdown in various countries have negatively impacted the production, which hindered the market growth.
The advanced burn care segment held largest share
The advanced burn care segment dominated the market, accounting for nearly half of the market. Moreover, the segment is expected to register the highest CAGR of 6.4% during the forecast period. This is owing to advancements in burn care products, rise in awareness programs for advanced burn care treatment & management, surge in healthcare expenditure, and increase in incidence of burn cases around the globe.
Partial-thickness burns segment to manifest the fastest CAGR through 2027
The partial-thickness burns segment is projected to portray the highest CAGR of 6.1% during the study period. Moreover, the segment held the largest share in 2019, accounting for more than two-fifths of the market. This is due torise in incidence of burns & burn-related injuries, rise in usage of advanced dressings & biologics such as skin grafts & substitutes, advancements in burn care products, and increase in awareness toward the usage of advanced burn care products.
North America dominated the market
The market across North America held the largest share in 2019, contributing to nearly two-fifths of the market. This is due to development of technological advanced burn care products, upsurge in adoption of burn care products for the treatment of burns & burn-related injuries, change in preferences from traditional burn care products to advanced burn care products.However, the market across Asia-Pacific is expected to register the highest CAGR of 7.5% during the forecast period. This is due to rise in demand for advanced burn care products, improvement in health awareness, development in healthcare infrastructure, rise in number of laboratories with advanced medical facilities, surge in healthcare reforms, and increase in number of target population suffering from burns & burn-related injuries in emerging economies.
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Major market players
- 3M (Acelity Inc.)
- Coloplast A/S
- B Braun Melsungen AG
- Essity AB (BSN Medical Gmbh)
- ConvaTec Group Plc
- Investor AB (Mölnlycke Health Care AB)
- Integra Lifesciences (Derma Sciences)
- Medtronic Plc. (Covidien)
- Medline Industries, Inc.
- Smith & Nephew Plc.
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