Colombia Wound Care Market Report 2022: A $118 Million Market by 2030 - Shift in Preference from Traditional Products to Advanced Therapies

DUBLIN, Oct. 19, 2022 /PRNewswire/ -- The "Colombia Wound Care Market Research Report: By Type, Wound Type, End User - Industry Analysis and Demand Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The industry was valued at $80.1 million in 2021, and it is projected to generate $118.7 million revenue by 2030

A number of factors such as the growing prevalence of diabetes, mushrooming geriatric population, increasing healthcare coverage, and surging cases of traumatic injuries and different kinds of chronic diseases will drive the Colombian wound care market at 4.5% CAGR during 2021-2030.In recent years, a shift from traditional products to advanced therapies has become a major market trend.

One of the primary growth drivers of the market is the surging incidence of diabetes in the country, as injuries in diabetic patients take a longer time to heal. The IDF projects that the number of adult diabetic patients in the age group of 20-79 years in Colombia will grow from 3,443,600 in 2021 to 4,060,300 by 2030. The organization also estimated that this lifestyle-related disease accounted for 35,562 deaths among people aged 20-79 years in Colombia in 2021.

Moreover, the burgeoning geriatric population will also contribute to the Colombian wound care market growth. As elderly people are highly prone to severe and traumatic wounds, they require extensive wound care due to a weak immune system. The OECD estimated that nearly 8.50% of the Colombian population was aged 65 years and more in 2020. As per the World Bank, the population of people aged 65 years and above in the country increased from 4,412,670 in 2019 to 4,610,275 in 2020.

The chronic wounds category, within the wound type segment, held a larger share in the Colombian wound care industry in 2021. This is credited to the greater severity of chronic wounds, such as fungating wounds, diabetic foot ulcers, and pressure ulcers.

Moreover, the rising cases of diabetic foot ulcers, on account of the growing prevalence of diabetes, also supplement the growth of the market in this category. Owing to these factors, the category will generate the highest revenue in the coming years as well.

Currently, the Colombian wound care industry is led by B. Braun Melsungen AG, ConvaTec Group PLC, Coloplast A/S, Essity AB, Hollister Incorporated, Molnlycke Health Care AB, Paul Hartmann AG, Smith & Nephew PLC, and 3M Company.

At present, these players are engaging in mergers and acquisitions and product launches to gain a competitive edge. For instance, in January 2021, Integra LifeSciences Holdings Corporation acquired ACell Inc. and its proprietary MatriStem UBM technologies to offer comprehensive solutions to manage complex wounds.

Thus, the increasing cases of diabetes and the booming geriatric population will steer the demand for wound care products in Colombia.

Market Dynamics

Trends

• Shift in Preference from Traditional Products to Advanced Therapies
• Growing Application of Stem Cell Therapy in Wound Care Management

Drivers

• Surging Geriatric Population
• Increasing Prevalence of Diabetes
• Rising Incidence of Traumatic Injuries
• High Incidence of Chronic Wounds
• Growth in Healthcare Coverage
• Impact Analysis of Drivers on Market Forecast

Restraints

• High Cost of Advanced Wound Care Products
• Declining Demand for Traditional Wound Dressings
• Impact Analysis of Restraints on Market Forecast

Opportunities

• Improving Economy and Increasing Focus on Healthcare

Company Profiles

• B. Braun Melsungen AG
• Essity Ab
• Coloplast A/S
• 3M Company
• Smith & Nephew plc
• Convatec Group plc
• Paul Hartmann AG
• Molnlycke Health Care Ab
• Hollister Incorporated
• Tecnoquimicas Sa
• Beiersdorf AG
• Johnson & Johnson
• Deroyal Industries Inc.

For more information about this report visit https://www.researchandmarkets.com/r/q2va1m

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SOURCE Research and Markets