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Wound Care Market in Colombia to Generate Revenue Worth $93.9 Million by 2024

Wound Care Market in Colombia to Generate Revenue Worth $93.9 Million by 2024

Published: September 2019

The Colombian wound care market was valued at $76.1 million in 2018, which is projected to reach $93.9 million by 2024, with a CAGR of 3.6% during the forecast period (2019–2024). Based on type, the advanced category held the largest market share in 2018, and is also expected to witness the fastest growth during the forecast period. The market growth is mainly driven by rising incidence of diabetes, traumatic injuries, and chronic wounds; and surge in geriatric population.

Potential Applications of Stem Cell Therapy is a Key Trend Observed in the Colombian Wound Care Market

Research studies evaluating novel stem cell-based therapeutics, which limit the requirement of repetitive treatment, are observed as a key trend in the Colombian wound care market. The use of stem cells has demonstrated considerable potential for improving the rate and quality of wound healing and regenerating the skin.

Wound Care Market in Colombia is Likely to Witness Significant Growth due to Increasing Healthcare Coverage

With the growth in healthcare coverage provided by public and private organizations, there has been a rise in demand for wound care facilities in Colombia. According to an article published in the Health and Human Rights journal in 2016, the growth in healthcare coverage in Colombia was remarkable during 1991–2016, with an increase from 25% of the population covered in 1992 to approximately 96% in 2016. This rapid increase in healthcare coverage represents a key dimension of the right to health, a matter of basic rights for the majority of citizens in the country. This boosts the growth of the wound care market in Colombia.

Segmentation Analysis of Wound Care Market in Colombia

The advanced category is expected to witness the fastest growth, mainly due to the fact that advanced wound care products have moisture, temperature, and oxygen flow regulating properties around wounds. In addition, these products reduce the frequency of changing the dressings in comparison to traditional wound care products.
The chronic category generates larger revenue in the Colombian wound care market. This is mainly due to the increasing prevalence of chronic wounds, including diabetic foot ulcers (DFUs), pressure ulcers, and venous leg ulcers (VLUs), as compared to acute wounds. Moreover, the cost for treating chronic wounds is high, thereby increasing its overall revenue contribution in the market throughout the analysis period.
Wound care products are largely being used in hospitals and specialty clinics. This category is expected to grow with the fastest CAGR throughout the forecast period. This can be ascribed to the fact that patients with chronic wounds require extensive care under the supervision of trained healthcare professionals.
The hospitals category held the largest share in the Colombian wound care market in 2018, owing to the easy availability and large variety of dressings in hospitals’ pharmacies.

Geographical Analysis of the Colombian Wound Care Market

Cundinamarca is expected to account for the largest share in the Colombian wound care market by 2024. This can be mainly attributed to the increased healthcare spending, and rising research and development (R&D) activities with the support of government initiatives in the state.

Bogota is the largest and fastest growing market in the Colombian wound care market, on the basis of city. This can be ascribed to the presence of wound care specialty hospitals and increasing prevalence of diabetes mellitus in the city.

Browse report overview with detailed TOC on "Colombian Wound Care Market Research Report: By Product (Advanced, Surgical, Traditional), Wound Type (Chronic Wounds, Acute Wounds), End-User (Hospitals and Specialty Clinics, Home Healthcare, Long-Term Care Settings), Distribution Channel (Hospitals, Clinics, Retail Pharmacies) – Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/colombian-wound-care-market

Other states, such as Antioquia, Valle del Cauca, Atlántico, Bolívar, and Santander, also hold considerable shares in the Colombian wound care market, on account of rising incidence of diabetic wounds, burns, and traumatic injuries, and surging geriatric population.

Medellin is expected to lead the wound care market in Antioquia throughout the forecast period. This can be mainly attributed to the rising incidences of road accidents and the presence of well-developed hospitals in the city.
Cali is the largest market for wound care products in Valle del Cauca, due to the ongoing development in the healthcare industry in the city. Various developments related to the advancement in remote treatment and modernization of communication are observed in the city.

Competitive Landscape of the Colombian Wound Care Market

ConvaTec Group PLC, Mölnlycke Health Care AB, 3M Company, B. Braun Melsungen AG, BSN medical GmbH, Coloplast A/S, Smith & Nephew plc, Acelity L.P. Inc, and Paul Hartmann AG are some of the major players operating in the Colombian wound care industry. Some other players operating in the market are Hollister Incorporated, Techoquimicas SA, and Beiersdorf AG.

Market Segmentation by Product

Advanced
- Wound dressings
  - Foams
  - Hydrocolloids
  - Films
  - Alginates
  - Antimicrobials
  - Hydrogels
  - Hydrofiber
  - Others
- Wound care biologics
  - Skin substitutes
  - Growth factors
  - Collagen-based
  - Others
- Wound therapy devices
  - Negative pressure wound therapy (NPWT) devices
  - Pressure relief devices
  - Oxygen and hyperbaric oxygen equipment
  - Electrical stimulation devices
  - Others
Surgical
- Sutures and staples
- Tissue adhesives, sealants, and glues
- Others
Traditional
- Bandages
- Gauzes
- Sponges
- Abdominal pads
- Others

Market Segmentation by Wound Type

Chronic Wounds
- Diabetic foot ulcers (DFUs)
- Venous leg ulcers (VLUs)
- Pressure ulcers
Acute Wounds
- Surgical and traumatic wounds
- Burns
- Others

Market Segmentation by End User

Hospitals and Specialty Clinics
- Inpatient settings
- Outpatient settings
Home Healthcare
Long-Term Care Settings

Market Segmentation by Distribution Channel

Hospitals
Clinics
Retail Pharmacies

Market Segmentation by Geography

By State
- Cundinamarca Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Antioquia Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Valle del Cauca Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Atlántico Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Bolívar Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Santander Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
By City
- Bogota Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Medellin Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Cali Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Barranquilla Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Cartagena Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel
- Bucaramanga Wound Care Market
  - By type
  - By wound type
  - By end user
  - By distribution channel