Latin America Wound Dressing Market To Generate Revenue Worth $549.5 Million in 2030
- Published: March 2021
The rising number of older people, increasing prevalence of diabetes and chronic wounds, and high number of people suffering from injuries and physical trauma are the major growth drivers for the Latin American (LATAM) wound dressing market. Due to the aforementioned factors, the industry is projected to generate $549.5 million revenue in 2030, advancing at a CAGR of 5.0% during the forecast period (2021–2030).
In 2020, the number of patients with the COVID-19 infection was quite high in LATAM, which put its healthcare ecosystem and resources under unprecedented pressure. This was due to the rising demand for healthcare facilities, and medical equipment, devices, drugs, and research studies regarding the treatment. Additionally, LATAM is facing constrained public finances and poor economic growth prospects. In the same way, the manufacturing industry in LATAM is dealing with workforce reduction, government mandates for lockdowns, and lower demand for the products from end users, including for wound dressing. Although, due to the availability of vaccines, the market is expected to recover by the end of 2021.
Advanced Wound Dressing Category Is Dominating Industry in LATAM
Based on type, the wound dressing market of LATAM is categorized into advanced and traditional wound dressings. Among these, the advanced wound dressing category dominated the industry during the historical period (2014–2020), and it is expected to be the faster-growing category in the coming years. This would mainly be due to the rising prevalence of the chronic wounds associated with chronic diseases and rising preference for advanced products for their treatment of wounds.
Furthermore, based on application, the market is categorized into chronic and acute wounds. Of these, the chronic wounds category accounted for the larger share in the wound dressing industry in LATAM in 2020 owing to the rising prevalence of diabetic foot ulcers, fungating wounds, and other kinds of chronic wounds. Such wounds require a longer healing duration and application of wound dressing more frequently.
Based on country, Brazil was the largest contributor to the wound dressing market in LATAM in 2020, and further, it is expected to witness the highest growth rate during the forecast period. This can be mainly attributed to the improving healthcare infrastructure because of the rising healthcare expenditure and high prevalence of chronic diseases in the country.
Mergers and Acquisitions Are Most-Effective Strategic Measures among Players in Market
Players in the LATAM wound dressing industry are involved in acquisitions and mergers to gain a significant position. For instance, in February 2020, Essity AB, a hygiene and health company, signed an agreement to acquire a 75% stake in ABIGO Medical AB, a Swedish medical solutions company. ABIGO Medical AB develops, manufactures, and markets the Sorbact technology for advanced wound care. The acquisition has been a good strategic fit for Essity, as it strengthens its medical solutions business, including advanced wound care products that reduce the spread of bacteria without increasing the resistance to antibiotics.
Similarly, in April 2019, Smith & Nephew PLC acquired Leaf Healthcare Inc., the 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 by patients at risk of pressure injuries.
Major players operating in the LATAM wound dressing market include Hollister Incorporated, DeRoyal Industries Inc., ConvaTec Group plc, Johnson & Johnson, Smith & Nephew PLC, Mölnlycke Health Care AB, 3M Company, Essity AB, Paul Hartmann AG, and B. Braun Melsungen AG.