Wound Care Market in Colombia to Witness the Highest Growth in Coming Years

The wound care market in Colombia was valued at $76.1 million in 2018, which is projected to reach $93.9 million by 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.

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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.

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.

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.