The increasing prevalence of diabetes, growing geriatric population, high rate of injuries and trauma cases, and increasing incidence of chronic wounds are the key growth factors for the Latin American wound dressing market. Due to these factors, the industry is expected to generate $579.2 million revenue by 2030, advancing at a CAGR of 4.9% during the forecast period (2020–2030).
Advanced Category To Hold Larger Share in Market throughout Forecast Period
On the basis of type, the Latin American wound dressing market is classified into the advanced and traditional categories. Between these, the advanced category is expected to lead the market in the coming years, due to the increasing prevalence of chronic diseases, which leads to a high requirement for advanced wound dressing products.
Further, on the basis of application, the Latin American wound dressing market is categorized into chronic and acute wounds. Of these, the chronic wounds category is projected to hold the larger revenue share during the forecast period. This would primarily be due to the increasing cases of diabetic foot ulcers (DFUs), venous leg ulcers (VLUs), and pressure ulcers.
Brazil is expected to witness lucrative growth during the forecast period, on account of the high incidence of chronic diseases and related complications and rise in the initiatives being taken to spread wound care awareness in the country.
Mergers and Acquisitions Are Strongest Strategic Measure Taken by Players in Market
Players in the Latin American wound dressing market are focusing on mergers and acquisitions to enhance their market presence. For instance, in October 2019, 3M Company completed the acquisition of Acelity Inc. and its KCI subsidiaries for a total enterprise value of approximately $6.7 billion, including assumption of debt and other adjustments. The acquisition is expected to help the company expand its medical solutions business and support its strategy to offer comprehensive advanced and surgical wound care solutions.
Similarly, in April 2019, Smith & Nephew PLC acquired Leaf Healthcare Inc., a developer of the Leaf patient monitoring system for pressure injury prevention and patient mobility monitoring, to complement its advanced wound management portfolio. The system comprises a small, lightweight, wearable sensor that wirelessly monitors patients’ mobility, while in the hospital. The data is further used to automate and document the compliance with prescribed protocols for managing patient injuries, for patients at a risk of pressure injuries.
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Some of the major players operating in the Latin American wound dressing market are ConvaTec Group PLC, Johnson & Johnson, Smith & Nephew PLC, Mölnlycke Health Care AB, 3M Company, Paul Hartmann AG, Hollister Incorporated, DeRoyal Industries Inc., Essity AB, B. Braun Melsungen AG, Wright Medical Group N.V., Integra LifeSciences Holdings Corporation, Beiersdorf AG, Tecnoquimicas SA, and Coloplast A/S.