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
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.
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
Market Segmentation by Wound Type
Market Segmentation by End User
Market Segmentation by Distribution Channel
Market Segmentation by Geography
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