Colombia Wound Care Market to Generate $118.7 Million Revenue by 2030
- Published: January 2022
The surging geriatric population, increasing prevalence of diabetes, rising cases of traumatic injuries, high incidence of chronic wounds, and growing healthcare coverage are propelling the Colombian wound care market. Due to the aforementioned factors, the industry is projected to generate $118.7 million revenue in 2030, advancing at a CAGR of 4.5% during 2021–2030.
During the COVID-19 pandemic, cases of injuries reduced in Colombia due to the several restrictions, including lockdowns, that forced people inside their homes. Essentially, the reduced incidence of road and industrial accidents and burn cases and a lower surgery volume led to a lower demand for wound care products. Moreover, as manufacturing facilities were closed during the pandemic, the production of wound care products halted. Due to the aforementioned factors, there was a negative impact on the Colombian market for wound care products.
Advanced Wound Care Products To Witness Fastest Growth in Sales
The market is categorized into advanced, surgical, and traditional, based on type. Among these, the advanced category is expected to witness the fastest growth during the forecast period (2022–2030) and hold the largest share till the end of this decade. This is majorly attributed to the fact that these products provide improved healing, increased epithelization, reduced infection risk, and enhanced collagen synthesis around the wound area.
Moreover, the market is categorized into hospitals and specialty clinics, home healthcare settings, and long-term-care settings, based on end user. Among these, the hospitals and specialty clinics category dominated the market in 2021, and it is expected to retain its position during the forecast period, owing to the increasing number of people with chronic wounds and severe injuries in the country. Additionally, the rising surgery volume in the country is a major factor driving the demand for wound care products in hospitals and specialty clinics.
Geographically, the Cundinamarca state holds the dominating share in the Colombian wound care market. Moreover, it is expected to witness the highest growth rate in the forecast period owing to the presence of a large number of big hospitals and clinics, along with the growing number of surgeries.
Product Launches and Mergers and Acquisitions Are Most-Effective Strategic Measures
Players in the Colombian wound care industry have been extensively involved in product launches and mergers and acquisitions. For instance, in February 2020, Integra LifeSciences Holdings Corporation launched the AmnioExcel Plus placental allograft membrane to support soft tissue repair. AmnioExcel Plus is a next-generation, thicker, tri-layer, non-side-specific allograft consisting of amnion–chorion–amnion layers, which aid in closing complex wounds. The proprietary DryFlex processing technology preserves the inherent growth factors, cytokines, and extracellular matrix (ECM) found in native placental tissue.
Similarly, in February 2020, Essity AB, a hygiene and health company, signed an agreement to acquire a 75% share of ABIGO Medical AB, a Swedish medical solution company. ABIGO Medical AB develops, manufactures, and markets the Sorbact technology for advanced wound care. The acquisition strengthened Essity’s medical solutions business, including the advanced wound care portfolio, which reduces the spread of bacteria without increasing resistance to antibiotics.
Key enterprises in the Colombian market for wound care products include B. Braun Melsungen AG, Essity AB, Coloplast A/S, 3M Company, Smith & Nephew PLC, ConvaTec Group PLC, Paul Hartmann AG, Mölnlycke Health Care AB, Hollister Incorporated, Techoquimicas SA, Beiersdorf AG, and Johnson & Johnson.