In its latest report, Future Market Insights (FMI) projects a revenue of USD 1.80 billion for the burn care market in 2023. The market is poised to potentially exceed a valuation of USD 4.05 billion by 2033. With the rising prevalence of burn injuries, market players can anticipate a CAGR of 8.4% during the forecast period.
The demand for skin grafts and other surgeries has surged amid an increasing consumer focus on aesthetic appearance. In addition, the availability of a wide range of biologics for treating burn wounds that offer advantages is projected to accelerate market growth. The benefits of treatments include faster wound healing, reduced costs, and shorter hospital stays.
A notable trend in the burn care market is the rising demand for user-friendly products that individuals can self-administer. Various over-the-counter solutions, such as burn healing gels and creams, have emerged to address minor burn injuries effectively within the comfort of one’s home.
Such alternatives to treating and managing burns are now well known among common people. This is the effect of government and regulatory bodies, as well as online information efforts. In particular, during the forecast period major investments in healthcare infrastructure will be made in emerging countries, which should provide a boost to the market.
Technological developments in burn treatment products are likely to create attractive market prospects. In addition, the widespread availability of conventional burn care products and people’s growing willingness to spend more money on advanced burn care solutions could accelerate the burn care market growth in the coming years.
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The principal factor fuelling this market’s expansion is the increase in burn accidents. In addition, the market expansion is also expected with increased need for skin grafts and their substitutes.
Given the substantial incidence of burn injuries, growing public awareness of treatment options, and the existence of a strong health service, the North American region is predicted to account for a sizeable portion of the market. The United States is anticipated to have a significant market share in the North American region due to the country’s greater accessibility to burn care products, the new product launches, and the overall awareness of wound management.
Key Takeaways
The market in the United States accounted for 81.1% share in North America.
In 2022, Japan held a 33.6% market share in Asia Pacific.
India seized 34.7% of the Asia Pacific gemstone market.
China held 45.0% of the market in Asia Pacific
Germany accounted for 25.8% of the Europe gemstone market in 2022.
Competitive Landscape
Key players in the burn care market are
Smith & Nephew,
Coloplast A/S,
Mölnlycke Health Care,
Areza Medical,
Safe n Simple, LLC,
Acelity LP,
others.
