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Valued at $348.6 million in 2019, the Latin American wound dressing market size is projected to witness a CAGR of 4.9% during the forecast period (2020–2030). The growing geriatric population, increasing prevalence of diabetes, high rate of injuries and trauma, and increasing cases of chronic wounds are the key growth factors driving the wound dressing industry in LATAM.
In 2019, the advanced wound dressing category accounted for the larger size in the Latin American wound dressing market, on the basis of type. This was mainly due to more-complex applications of advanced wound dressing products and increasing number of chronic disease cases in the region.
The advanced wound dressing category is further sub-categorized into foam, hydrocolloid, film, alginate, antimicrobial, hydrogel, collagen, hydrofiber, wound contact layer, superabsorbent, and others. Among these, the antimicrobial category is predicted to be the fastest-growing one in the Latin American advanced wound dressing market during the forecast period. This can be attributed to the growing number of innovations and applications of antimicrobial dressings for the management of various types of wounds.
The traditional wound dressing category is sub-categorized into bandages, gauzes, sponges, abdominal pads, fixation tapes, and others. During the historical period (2014–2019), bandages were the dominant category in the Latin American traditional wound dressing market. It was because of the fact that bandages have the ability to stop the bleeding from the wound more effectively in comparison to other traditional dressings, including gauze and sponge.
The chronic wounds category, based on application, is projected to witness the faster growth in the Latin American wound dressing market during the forecast period. Chronic wounds have a longer healing duration and require more-advanced wound dressings in comparison to acute wounds, mainly on account of the severity of chronic wounds, which include pressure ulcers, fungating wounds, and diabetic foot ulcers (DFUs).
The chronic wounds category is further sub-categorized into pressure ulcers, DFUs, venous leg ulcers (VLUs), and others. Among these, the sale of wound dressing products for the treatment of DFUs is expected to generate the highest revenue in the Latin American market during the forecast period. This is primarily attributed to the increasing prevalence of diabetes in the region.
The acute wounds category is bifurcated into surgical and traumatic wounds; and burns. The market for surgical and traumatic wound dressings is expected to witness the higher growth rate during the forecast period. This can be attributed to the increasing trauma cases and high demand for dressings in the region.
Hospitals and specialty clinics were the major end users in the Latin American wound dressing market in 2019. The category is further expected to hold the largest share in the market during the forecast period. This can be ascribed to the vast patient pool treated in such medical settings.
Hospitals and specialty clinics are further sub-categorized into inpatient and outpatient, of which inpatient settings are expected to lead the wound dressing market in the hospitals and specialty clinics category in the coming years.
During the historical period, Brazil held the largest share in the Latin American wound dressing market, due to the improving healthcare infrastructure and rising prevalence of chronic diseases in the country. Moreover, factors including the increasing prevalence of diabetes and its related complications are further supporting the growth of the wound dressing market in Brazil.
In addition, a number of initiatives are being taken by public and private organizations to raise awareness about wound care in the country, which is expected to positively impact the wound dressing market.
In LATAM, a shift has been observed from traditional wound dressing products to advanced products. Traditional dressings generally involve products that provide “dry” healing, when used for primary dressing, or as a supplementary to a primary moist wound healing product, thereby effectively serving as a secondary dressing to hold the primary dressing in place and/or absorb excess exudate.
Delayed wound healing not only poses multiple challenges for healthcare professionals, but also increases the healthcare burden on patients. Here, advanced wound dressing products offer several advantages, such as faster healing and low risk of infections. Due to such advantages, a shift in the preference toward advanced wound dressing products from traditional products in the region has been noticed.
However, due to COVID-19 pandemic effect, the wound dressing manufacturing industry in the region is hampered in the short run, mainly due to lockdowns, low work force, and less end user demand, which is restraining the market growth in the short-term period.
The increasing aging population is playing a pivotal role in the growth of the wound dressing market in LATAM. The number of people aged 60 years or above is increasing in LATAM, which is expected to fuel the demand for wound dressing products in the region. The population of LATAM is projected to age significantly over the next several decades. According to the United Nations Department of Economic and Social Affairs (UN DESA), 25% of the population of the LATAM and Caribbean regions is expected to be aged 60 years and above by 2050.
Elderly people are more susceptible to chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases, which leads to an increase in the demand for wound dressing products.
|Base Year (2019) Market Size||$348.6 million|
|Forecast Period (2020-2030) CAGR||4.9%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Country Breakdown, Companies’ Strategical Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Type, Application, End User, Geography|
|Market Size of Geographies||Brazil, Mexico, Colombia, Argentina, Chile, Peru, Ecuador|
|Secondary Sources and References (Partial List)||American Academy of Ophthalmology (AAO), American Academy of Wound Management (AWM), Institute for Health Metrics and Evaluation (IHME), International Wound Infection Institute, Pan American Health Organization (PAHO), Wounds International, World Health Organization (WHO)|
The number of diabetic patients is increasing at a significant rate in LATAM. According to the Pan American Health Organization (PAHO), in LATAM, the number of people with diabetes is projected to increase from 25 million in 2011 to 40 million by 2030. Furthermore, DFU is a complication of diabetes mellitus, which requires frequent dressing for effective management. Additionally, in diabetic patients, wounds tend to heal slowly and develop quickly. So, with the growing diabetic population, the demand for wound dressing products is increasing rapidly in the region.
In recent years, players in the Latin American wound dressing industry have chosen mergers and acquisitions as their major strategic measure, in order to stay ahead of their competitors. For instance:
The Latin America wound dressing market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
Based on End User