DUBLIN--(BUSINESS WIRE)--The "Latin America Wound Dressing Market Research Report: By Type (Advanced, Traditional), Application (Chronic Wounds, Acute Wounds), End User (Hospitals & Specialty Clinics, Home Healthcare, Long-Term Care Settings) - Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Latin American (LATAM) wound dressing market generated a revenue of $348.6 million in 2019 and is predicted to progress at a CAGR of 4.9% between 2020 and 2030.
Furthermore, the market is predicted to attain a valuation of $579.2 million by 2030. The surging geriatric population, the rising incidence of diabetes, the high occurrence rate of trauma and injuries, and the growing prevalence of chronic wounds are the major growth drivers of the market.
The soaring geriatric population in various Latin American countries is a major factor fueling the progress of the Latin American wound dressing market. In this region, the population of people in the age bracket - 60 years or above is growing rapidly. As per the United Nations Department of Economic and Social Affairs (UNDESA), as much as 25% of the people in the Caribbean and LATAM regions are predicted to fall in the age bracket - 60 years and above by 2050.
This will subsequently boost the demand for wound dressing in the region in the future. This will be because geriatric people are highly vulnerable to various chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders. Apart from the increasing population of geriatric people, the growing incidence of diabetes is also driving the advancement of the Latin American wound dressing market. Diabetes is one of the most highly prevalent chronic diseases in the region.
As per the Pan American Health Organization (PAHO), in the LATAM region, the population of diabetic people is predicted to rise from 25 million to 40 million from 2011 to 2030. Additionally, DFU is a major complication of diabetes mellitus and requires regular dressing for quick and effective management. As wounds tend to develop very quickly and heal very slowly in diabetic people, the rising incidence of diabetes massively pushes up the demand for wound dressing.
Depending on type, the Latin American wound dressing market is divided into traditional and advanced categories. Between the two, the advanced category is predicted to dominate the market in the forthcoming years, primarily because of the growing incidence of chronic diseases. When application is taken into consideration, the market is classified into acute and chronic wounds. Between these, the chronic wounds division is predicted to record higher growth in the market in the upcoming years.
The market registered the highest growth in Brazil in the years gone by and will exhibit lucrative growth in the country in the future years as well, as per the estimates of the publisher, a market research company based in India. The major factors fueling the expansion of the market in the country are the growing incidence of chronic diseases such as diabetes and the presence of rapidly improving healthcare facilities and infrastructure.
Hence, it can be inferred from the above paragraphs that the market will exhibit rapid expansion in the upcoming years, primarily because of the increasing geriatric population and the growing incidence of diabetes and other chronic diseases in the region.
Market Dynamics
Trends
- Shift in preference from traditional products to advanced therapies
Drivers
- Growing geriatric population
- Increasing prevalence of diabetes
- High rate of injuries and trauma cases
- Increasing prevalence of chronic wounds
- Impact analysis of drivers on market forecast
Restraints
- High cost of advanced wound dressing products
- Inability of traditional wound dressing to treat severe wounds
- Impact analysis of restraints on the market forecast
Opportunities
- Improving economies offer lucrative growth opportunities
Porter's Five Forces Analysis
Impact of COVID-19
Companies Mentioned
- Hollister Incorporated
- DeRoyal Industries Inc.
- ConvaTec Group plc
- Johnson & Johnson
- Smith & Nephew PLC
- Molnlycke Health Care AB
- 3M Company
- Essity AB
- Paul Hartmann AG
- B. Braun Melsungen AG
- Coloplast A/S
- Tecnoquimicas S.A.
- Beiersdorf AG
- Integra LifeSciences Holdings Corporation
- Wright Medical Group N.V.
For more information about this report visit https://www.researchandmarkets.com/r/azyi55
