How is Rising Prevalence of Diabetes Driving Latin America Wound Dressing Market?

The prevalence of diabetes in Latin America (LATAM) is rising. As per the World Health Organization (WHO), the number of people with diabetes in LATAM is expected to reach 40 million by 2030 from 25 million in 2011. Furthermore, according to the Pan American Health Organization, obesity rate in adults is 30% high or more in Mexico and Belize. Diabetic foot ulcer, a complication of diabetes mellites, needs frequent dressing for its management. In addition to this, wounds tend to heal slowly and develop quickly. Due to this, the demand for wound dressing in the LATAM region is increasing rapidly.

As per a report by P&S Intelligence, in 2018, the Latin America wound dressing market size generated a revenue of $309.1 million and is expected to grow at a 4.6% CAGR during the forecast period (2019–2024). Traditional and advanced are the two types of wound dressing, between which, advanced wound dressing products were utilized the most during 2014–2018. This is because of the innovative applications in the treatment of wounds and rising prevalence of chronic diseases in the region. Different types of advanced wound dressing products are hydrocolloids, alginates, collagen, wound contact layers, foams, films, hydrogels, hydrofiber, and superabsorbent. Other types include alcohol preps, tissue engineered skin substitutes, antimicrobial dressings, and charcoal dressing.

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The rising prevalence of chronic wounds is a key driving factor of the LATAM wound dressing market. The burden of degenerative and chronic diseases, including trauma, cancer, and cardiovascular diseases is increasing in the LATAM region. As per the WHO, about 1,318,000 deaths were caused by cancer in 2014. Cardiovascular diseases and cancer often lead to chronic wounds, which are hard to heal and need extensive care for longer period. In addition to this, chronic diseases need surgery at some point which also need wound dressing products. Attributed to these factors, the requirement for wound dressing products is rising.

The growing rate of injuries and trauma cases is also resulting in the rising need for wound dressing products in the LATAM region. As per the WHO Global Status Report on Road Safety 2013, about 19.2 road fatalities per 100,000 inhabitants was reported in LATAM, which is three times more than some European countries. Trauma and injuries are the most common causes of open wounds, thereby increasing the demand for wound dressing products. Apart from this, the growing aging population is also contributing significantly to the rising demand for wound care products. Elderly people are more prone to chronic diseases, the treatment for which requires surgery at some point.