Wound Care Market in Colombia is Expected to Grow at a CAGR of 4.5% During 2021-2030

January 27 12:12 2022
Wound Care Market in Colombia is Expected to Grow at a CAGR of 4.5% During 2021-2030
Geographically, the Cundinamarca state holds the dominating share in the Colombian wound care market. Moreover, it is expected to witness the highest growth rate in the forecast period owing to the presence of a large number of big hospitals and clinics, along with the growing number of surgeries.

The Colombian wound care market revenue stood at an estimated $80.1 million in 2021, which is expected to climb to $118.7 million by 2030 at a 4.5% CAGR during 2021–2030. This Latin American country majorly consumes advanced wound care products, including better wound dressings, wound therapy devices, and biologics. This is because they are more effective on chronic wounds, which last longer and are more difficult to heal.

Therefore, the rising incidence of chronic wounds is the key factor propelling the demand for wound care products in Colombia. Such wounds include diabetic foot ulcers, venous leg ulcers, pressure ulcers, and those caused by cancer, when it tears through the skin. The World Health Organization (WHO) forecasts a significant increase in the diabetes prevalence in the country from 25 million in 2011 to 40 million by 2030, thereby hinting at a substantial rise in the incidence of associated chronic wounds.

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Key Findings of Colombia Wound Care Market Report

  • The rising geriatric population is leading to the increasing requirement for wound care products as it is highly prone to chronic diseases and physical injuries.
  • The Colombian wound care market is observing the surging usage of stem cell therapy, which repairs, replaces, or regenerates cells by activating the body’s self-healing mechanism.
  • Much of the wound management in Colombia is done for chronic wounds, as they are more complex and take longer to heal. Moreover, traditional therapies have proven ineffective on such wounds, which is leading to evolution in wound care science.
  • Hospitals and specialty clinics generate the highest demand for wound care products in the country because most people with serious wounds come to these facilities for treatment.
  • Therefore, a major driver for the Colombian wound care market is the increase in the number of people with traumatic injuries. Road accidents, violence and burns are the key causes of traumatic injuries. As per estimates, people of the country are at a three times higher risk of dying on the road than those in other regional nations.
  • The highest demand for wound care products in the country is generated in Bogota, its capital and the city with the most-advanced healthcare system.

Browse Detailed Report on Colombian Wound Care Market Size, Share, Growth Drivers and Forecast Report, 2030

Throughout Colombia, the focus on enhancing healthcare is increasing, which is expected to drive the consumption of wound care products here. This is being backed by the strong economic growth, with its gross domestic product (GDP) per capita doubling during 2000–2017, as per the United Nations. Moreover, the healthcare spending in the nation rose to 7.6% of the GDP in 2018 from 6.7% in 2012. This is being seen in the rising number of healthcare facilities and increasing research and development activities in the field.

Key Colombian wound care market players are B. Braun Melsungen AG, Coloplast A/S, Essity AB, 3M Company, Smith & Nephew PLC, Paul Hartmann AG, ConvaTec Group PLC, Hollister Incorporated, and Mölnlycke Health Care AB. To gain an edge over each other, they are launching new and more-effective products for the treatment of acute and chronic wounds of all types. In addition, some are acquiring similar companies, while others are forming product development and distribution partnerships.

Market Size Breakdown by Segment

Based on Type

  • Advanced
    • Wound dressings
      • Foams
      • Hydrocolloids
      • Films
      • Alginates
      • Antimicrobials
      • Hydrogels
      • Collagen
      • Hydrofiber
      • Wound contact layers
      • Superabsorbent
    • Wound care biologics
      • Skin substitutes
      • Growth factors
      • Collagen-based
    • Wound therapy devices
      • Negative pressure wound therapy (NPWT) systems
      • Pressure relief devices
      • Oxygen and hyperbaric oxygen equipment
      • Electrical stimulation devices
  • Surgical
    • Sutures and staples
    • Tissue adhesives, sealants, and glues
  • Traditional
    • Bandages
    • Fixation Tapes
    • Gauzes
    • Sponges
    • Abdominal pads
    • Eye pad

Based on Wound Type

  • Chronic Wounds
    • Diabetic foot ulcers (DFUs)
    • Venous leg ulcers (VLUs)
    • Pressure ulcers
  • Acute Wounds
    • Surgical and traumatic wounds
    • Burns

Based on End User

  • Hospitals and Specialty Clinics
    • Inpatient settings
    • Outpatient settings
  • Home Healthcare Settings
  • Long-Term Care Settings

Geographical Analysis

  • By State
    • Cundinamarca
    • Antioquia
    • Valle del Cauca
    • Atlántico
    • Bolívar
    • Santander
  • By City
    • Bogotá
    • Medellín
    • Cali
    • Barranquilla
    • Cartagena
    • Bucaramanga

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Wound Care Market

Globally, North America is predicted to contribute the highest revenue to the wound care market during the forecast period. This is ascribed to the existence of various market players, soaring healthcare expenditure, and increasing research and development (R&D) activities in the region.

https://www.psmarketresearch.com/market-analysis/wound-care-market 

Advanced Wound Care Market

Across the globe, the advanced wound care market will exhibit the fastest growth in the Asia-Pacific region in the forthcoming years. This is credited to the surging population of geriatric people and the rising incidence of diabetes, burns and road accidents in the region. According to the observations of the World Health Organization (WHO) in 2014, around 1 million people are diagnosed with moderate and severe burns in India every year.

https://www.psmarketresearch.com/market-analysis/advanced-wound-care-market

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