Ointment Market Demand, Opportunities, Key Players Strategies Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the ointment market is expected to grow at a significant CAGR from 2022 to 2028. The primary driver of the expansion of the global ointment market includes the growing demand for beauty products, and moisturizers, the increasing prevalence of skin problems, wounds, burns, and rising awareness regarding various treatment options.

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Burn Centers to Dominate the Ointment Market:
Amongst end users, burn centers are anticipated to hold a significant share during the estimated period. With increasing burn incidences, the patient population in the burn center has enormously increased. For instance, the American Burn Association (ABA) stated that blaze wounds are majorly responsible for 43.0% of the total burn admissions to burn centers. Demand for cost-effective ointments is increasing along with the increasing incidence of blaze wounds. According to WHO, on average 265,000 deaths are occurred by burns incidence every year. The majority of these deaths occur in Southeast Asia which is driving the growth of the ointment market.

Asia Pacific Ointment Market:
The Asia Pacific market is expected to increase in the global ointment market over the forecast period. The market in the region is expanding as a result of the region's fast-paced lifestyle, demand for beauty products, high incidence of burn injuries, and increasing prevalence of skin problems, and wounds. Asia Specific market is anticipated to witness the fastest growth in the upcoming years due to government initiatives and strategic investment.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global ointment market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,In Mar 2022, Alembic Pharmaceuticals announced acquiring a 40% stake in Aleor Dermaceuticals.

The ointment market is segmented based on product base, manufacturing procedure, downstream field, application, end user, and geography.
Based on the product base, the market is segmented into the following:
• Hydrocarbon Bases
• Absorption Bases
• Emulsion or Water-Removable Bases
• Water-Soluble Bases

Based on the manufacturing procedure, the market is segmented into the following:
• Trituration method
• Fusion method
• Chemical reaction
• Emulsification

Based on the downstream field, the market is segmented into the following:
• Pharmacies & Drug Stores
• e-Commerce
• Retail & Grocery Stores

Based on the application, the market is segmented into the following:
• Medical Application
• Non-medical Application

Based on the end user, the market is segmented into the following:
• Hospital & Clinic
• Home Care Settings
• Burn Centers
• Individual User

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Key players' profiles in the ointment market report are Glenmark Pharmaceuticals Ltd. (India), Galderma (Switzerland), Johnson & Johnson Private Limited (US), GlaxoSmithKline Plc. (UK), Bausch Health Companies Inc. (Canada), Taro pharmaceuticals, Sun Pharmaceutical Industries Ltd., Dr. Morepen, Smith & Nephew, and ConvaTec Inc.

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This release was published on openPR.