According to the forecast of P&S Intelligence, a market research company based in India, the market would attain a value of $93.9 million by 2024.
The rising incidence of diabetes and chronic wounds, the soaring healthcare expenditure, and the increasing geriatric population in the country are the prominent market growth drivers.
As geriatric people have weakened immunity levels and require longer recovery time periods for wound healing than younger persons, their surging population is positively impacting the demand for wound care in the country. Moreover, they require extensive medical care as they are highly vulnerable to various diseases and ailments. As per an article published in Current Gerontology and Geriatrics Research, nearly 5.2 million people were in the age bracket-60 years and above in Colombia in 2016.
Based on type, the Colombian wound care market is divided into advanced, traditional, and surgical categories. Out of these, the advanced category is predicted to register the fastest growth in the market in the coming years, primarily because of the fact that advanced wound care items have temperature, oxygen, and moisture flow regulating characteristics around wounds. Additionally, these items significantly reduce the frequency of dressing replacement, which makes them highly sought after across the country.
Depending on wound type, the market is classified into chronic and acute. Between these, the chronic category is currently recording higher growth in the market. This is primarily because of the rising incidence of chronic wounds such as pressure ulcers, venous leg ulcers (VLUs), and diabetic foot ulcers (DFUs). Furthermore, the total cost for treating and managing chronic wounds is very high. This makes the revenue being generated by this category higher than that of the acute wounds one.
Hence, it is safe to say that the market will demonstrate huge expansion in the upcoming years, mainly because of the rising incidence of chronic wounds and the increasing geriatric population in the country.