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Valued at $76.1 million in 2018, the Colombian wound care market is projected to generate $93.9 million revenue by 2024, witnessing a CAGR of 3.6% during 2019–2024.
Among all the states of Colombia, Cundinamarca is expected to dominate the wound care market during the forecast period. This can be mainly attributed to surge in geriatric population, and the state has a large number of big hospitals that increase the demand for various types of wound care products. Other factors, such as increasing initiatives of public and private organizations for the improvement of healthcare facilities and growing incidence of diabetic ulcers and pressure ulcers in the state, are also driving the market growth in Cundinamarca.
Dynamics of Wound Care Market in Colombia
Therapeutic applications of stem cell therapy in wound care management can be viewed as an evolving trend in the Colombian wound care market. For instance, Torre Medica El Tesoro, the Colombian treatment center of BioXcellerato LLC, a biotechnology company, provides stem cell treatment for several health and cosmetic applications, and is actively evaluating regenerative medicine and stem cell therapy for the treatment of wounds and other skin disorders.
Moreover, surge in geriatric population is playing a pivotal role in the growth of the Colombian wound care market. Aged people have weakened body functions leading to longer recovery periods for a wound to heal, in comparison to adults. The elderly population requires extensive care, as they are prone to illnesses due to low immunity levels and high recovery time. According to an article published in the journal, Current Gerontology and Geriatrics Research, in 2016, Colombia had around 5.2 million people aged 60 years and above. Thus, surge in Colombia’s geriatric population is increasing the customer base for wound care products in the country, which in turn, is positively affecting the market growth.
Structural Analysis of the Colombian Wound Care Market
Based on type, the advanced category is the largest shareholder in the wound care market in Colombia, and is expected to witness the fastest growth, progressing at a CAGR of 4.0%, during the forecast period. This can be ascribed to the wide uses of advanced wound care products in treating chronic wounds; and their properties of regulating moisture, temperature, and oxygen flow around the wounds. Also, frequency of changing of advanced dressings is less in comparison to traditional wound care products that saves healthcare costs and helps in faster treatment of wounds.
On the basis of wound type, the chronic wounds category accounts for larger share in the Colombian wound care market. This can be ascribed mainly on account of the severity of chronic wounds, such as pressure ulcers, fungating wounds, and diabetic foot ulcers (DFUs). Also, considering the fact that the prevalence of diabetes is rising in the country, which increases the risk of DFUs.
Furthermore, hospitals and specialty clinics are the largest end users of wound care products. The high demand for these products in this category is mainly due to the fact that patients with chronic wounds require treatment under the supervision of trained healthcare professionals in hospitals and specialty clinics.
Geographical Analysis of the Colombian Wound Care Market
During the forecast period, Cundinamarca is projected to hold the largest share in the Colombian wound care market, as well as the market in the state is expected to witness the fastest growth, mainly on account of rising initiatives taken by the Government of Colombia and increasing focuses on improving the quality of healthcare facilities. Besides, the presence of strong distribution channels of key market players, such as Coloplast A/S, 3M Company, and B. Braun Melsungen AG, are also supporting to the growth of the market in the state.
In addition to this, Bogota is the major city located in Cundinamarca. As per the national data based on government surveys and statistics, in 2015, there were 161,948 cases of diabetes mellitus in Bogotá. This is considered as a potential indicator for the rising cases of wounds due to diabetes in the city. Thus, factors such as rising prevalence of diabetes and growing number of obese people will lead to high demand for wound care products in the state.
Competitive Landscape of Wound Care Market in Colombia
The Colombian wound care market is fragmented in nature, with the presence of a large number of regional and global players. Some of the major players engaged in the manufacturing and commercialization of wound care products in the country include Mölnlycke Health Care AB, B. Braun Melsungen AG, BSN medical GmbH, Coloplast A/S, Smith & Nephew plc, Acelity L.P. Inc, and 3M Company.
Recent Strategic Developments of Major Colombian Wound Care Market Players
In recent years, major players operating in the Colombian wound care market are actively engaged in a number of strategic development activities, such as product launches, mergers and acquisitions, and distribution agreements, to gain a competitive edge in the industry. For instance, in July 2018, ConvaTec Group Plc received the U.S. Food and Drug Administration (USFDA) approval for its AQUACEL Ag Advantage dressing for wound management. It provides enhanced antimicrobial performance in combination with Hydrofiber Technology.
Furthermore, in June 2018, Acelity L.P. Inc. acquired Crawford Healthcare Ltd., a company manufacturing various advanced wound care and dermatology products. This acquisition was aimed at expanding the company’s portfolio of advanced wound dressings, which helped in strengthening its position as the global provider of advanced wound healing products.
Key Questions Addressed in the Report