Colombia Wound Care Market Is Set To Reach USD 118.7 Million By 2030 | P&S Intelligence

The Colombian wound care market was at a total value of $80.1 million in 2021, and it is expected to propel at a CAGR of 4.5% during the forecast period, to reach $118.7 million by 2030. The main factors for the growth of the market are the rising volume of surgeries, an increase in the incidence of road accidents, burns and other forms of intentional and unintentional trauma, growth in the geriatric population, and surge in the prevalence of diabetes.

The hospitals and specialty clinics category is expected to experience the fastest growth in the market during 2021-2030, based on the end user. This is because a large number of patients visit hospitals and specialty clinics in case of chronic wounds and severe injuries. These medical centers, though expensive than ambulatory facilities and clinics, provide better services as they employ trained professionals and advanced equipment, which is why they are preferred.

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The share of the Advanced wound care category held the larger share in the country in 2021. This can be mainly attributed to the moisture and temperature guidelines and oxygen flow aided by cutting-edge wound care products. Moreover, they need to be altered a lot fewer times when compared to their traditional counterparts, which saves costs and helps in faster healing of wounds, which is a prime reason they are beginning to be preferred by patients.

Cundinamarca was the leader of the wound care market in Colombia in 2021, and it is likely to consolidate in the same way in the coming years. This is majorly attributed to the presence of a large number of hospitals, which is increasing the demand for various wound care products. Bogota is the largest city in this regard, mainly due to the existence of several Joint Commission International (JCI)-accredited hospitals, large population, and constantly improving healthcare services.

There is a shift in consumer preference in the Colombian wound care market from traditional to advanced wound care products. Traditional ones offer dry healing when used as a primary dressing or used as a secondary dressing to hold the primary dressing. Contrarily, advanced wound care products quicken the healing process by keeping the wound area moist. Such advanced products for wound care include a range of dressings, biologics, and therapeutic devices, such as negative-pressure wound therapy (NPWT) devices.

The aging population is growing at a fast rate in Colombia, and is expected to increase the demand for these wound care products. in 2019, as per the World Bank, the country had around 8.76% population of 65 years and more, and this further augmented to 9.06% in 2020. Life expectancy in 2019 was 77.2 years (80.0 years for women and 74.58 years for men). Since elderly people are at risk to severe wounds more than anyone else, they call for proper wound care.

The Colombian wound care market is set to grow with the increasing prevalence of diabetes. From around 2.8 million in 2019, the population of diabetes patients in Colombia is expected to increase to 4 million new cases in the coming years, which will increase the demand for advanced products. The country is undergoing a demographic transition because of the sharp rise in the elderly population, falling fertility rate, fast urbanization, and increasing obesity.

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The industry is having a number of market players, which is why the competition among them is intensifying. These stalwarts of the Colombian wound care market, in current times, have been involved in product launches, mergers, to attain a significant position. For example, in January 2021, Integra LifeSciences Holdings Corporation publicized the completion of the previously disclosed acquisition of ACell Inc. and its registered MatriStem UBM technologies. This will allow Integra to offer wide-ranging resolutions for the treatment of critical wounds.

Therefore, the field of wound care in Colombia offers lucrative opportunities to medical devices, pharmaceutical, and life sciences companies, especially with the rising emphasis on advanced wound management methods.

Browse more reports:

Wound Care Market - https://www.psmarketresearch.com/press-release/wound-care-market

Advanced Wound Care Market - https://www.psmarketresearch.com/press-release/advanced-wound-care-market

Hong Kong Wound Care Market - https://www.psmarketresearch.com/press-release/hong-kong-wound-care-market

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