Latin America (LATAM) Wound Dressing Market Overview
The Latin American wound dressing market is estimated to generate $309.1 million revenue in 2018; and is further predicted to progress at a CAGR of 4.6% during 2019–2024. Increasing prevalence of chronic wounds, high rate of injuries and trauma cases, rising prevalence of diabetes, and surging geriatric population are driving the market growth in the region.
Based on type, the Latin American wound dressing market is categorized into advanced and traditional dressings. The market for advanced wound dressing products is expected to witness faster growth, at a CAGR of 4.8% during the forecast period. The traditional wound dressing category is further mainly classified into bandages, gauzes, sponges, and abdominal pads. Among these, the market observed the fastest growth in the bandages division, owing to its ability to effectively treat wound in shorter span of time, in comparison to other divisions.
Chronic wounds are larger application area of wound dressing products in comparison to acute wounds in the Latin American wound dressing market. The market for dressings used for the treatment of chronic wounds is expected to witness faster growth in the region. The chronic wounds category is further mainly classified into diabetic foot ulcers, pressure ulcers, and venous ulcers. These dressing products are largely used for the management of venous ulcers in patients, and this sub-category is expected to generate $163.5 million revenue by 2024.
Based on end user, the Latin American wound dressing industry is categorized into hospitals and specialty clinics, home healthcare, and long-term care settings. The wound dressing products are finding increasing usage in long-term care settings in the region; and the market for dressings in healthcare settings is expected to advance at a CAGR of 4.3% during the forecast period. Moreover, the hospitals and specialty clinics end-user category is further sub-categorized into inpatient and outpatient settings.
Geographically, Brazil is expected to observe the fastest growth in the Latin American wound dressing industry, advancing at a CAGR of 5.1%, during the forecast period. Factors such as increasing prevalence of diabetes and their related complications are further supporting the growth of the market in Brazil. The patients suffering with diabetic foot ulcer are more susceptible to be wounded, which can lead to osteomyelitis, and ultimately amputation. Furthermore, the cost for the management of diabetic foot ulcer is high and creates significant burden on the country's economy. According to the International Diabetes Federation (IDF), the prevalence of diabetes among adults in the general population of the country was 8.7% in 2017.
Latin America Wound Dressing Market Dynamics
A shift in the preference from traditional products to more advanced therapies is a major trend in the Latin American wound dressing market. Traditional dressing generally involves products that provide “dry” healing when used for primary dressing; or supplementary to a primary moist wound healing product (serving as a secondary dressing to hold the primary dressing in place and/or absorb excess exudate). Whereas, advanced wound dressing products accelerate healing as well as provide optimal quick comfort and recovery to the patients.
Growth Drivers and Restraints
Increasing aging population is playing pivotal role in the growth of wound dressing market in the region. The number of people aged 60 years or above is increasing globally, including LATAM, which is expected to fuel the demand for wound dressing products in the region. Population in the region is projected to age significantly over the next several decades. As per the United Nations (UN), in LATAM and the Caribbean regions, the population aged 60 years and above is expected to increase from 12% of the total population in 2017 to 25% by 2050.
Moreover, the number of diabetic patients is increasing at a significant rate in the region. According to the World Health Organization (WHO), in LATAM, the number of people with diabetes is projected to increase from 25 million in 2011 to 40 million by 2030. Moreover, as per the IDF, in South and Central America (which includes considerable part of LATAM), the prevalence of diabetes is expected to rise from 7.9% in 2017 to 10.3% by 2045 of the total population. This region had 28 million people suffering from diabetes in 2017, and this figure is expected to reach 48 million by 2045. Brazil, Colombia, Argentina, Venezuela, and Chile are the top five countries with the highest number of diabetic patients in the region.
However, high cost of advanced wound dressing products and inability of traditional wound dressing to treat severe wounds will negatively impact the growth of the market in the coming years.
Latin America Wound Dressing Market - Competitive Landscape
Key players in the Latin American wound dressing industry are seeking approvals for various products used in the treatment of wounds. For instance, 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 portfolio of advanced wound dressings, which helped in strengthening its position as the global provider in the advanced wound healing. The terms of transaction were not disclosed.
The key manufacturers in the Latin American wound dressing market are Hollister Incorporated; DeRoyal Industries Inc., Johnson & Johnson, Smith & Nephew plc, ConvaTec Group Plc, Mölnlycke Health Care AB, 3M Company, BSN Medical GmbH, HARTMANN GROUP, B. Braun Melsungen AG, and Coloplast A/S.