How is Increasing Geriatric Population Leading to Growth of Colombian Wound Care Market?

In 1992, merely 25% of the Colombian population had insurance coverage, and by 2016, this percentage had risen to 96%! This reflects the strong commitment of private and public companies in this small South American nation to offering citizens affordable healthcare, which is a basic human right. With insurance, the majority of the people in the nation can access clinics, hospitals, and a range of healthcare services, one of the most important of which is the treatment of wounds. Such physical features range from a simple one, caused when children fall down, to big, nasty ones, caused by burns or car crashes.

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Therefore, with the increasing affordability of healthcare, the Colombian wound care market, which valued $76.1 million in 2018, is projected to grow at a 3.6% CAGR during 2019–2024, to ultimately reach $93.9 million in 2024. The field of wound care encompasses the disinfection, closing, and long- and short-term management of the wound. Wounds are categorized as chronic and acute, depending on how long they last, of which, healthcare facilities and pharmacies have been visited more by people for the treatment of chronic wounds. Pressure ulcers, diabetic foot ulcers (DFUs), and venous leg ulcers (VLUs), which are classified as chronic wounds, are increasing in prevalence in Colombia.

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This is also why, of the two types of wound care products available — traditional and advanced — the advanced variants have witnessed higher sales; they are better suited for chronic wounds. Such products keep the area under treatment hydrated, oxygenated, and thermally stable. Moreover, advanced wound care products also stop the colonization of the wound by bacteria and fungi, thereby speeding up the healing process. As a result, the dressing has to be replaced less often than with traditional wound care products, which ultimately reduces the burden on the healthcare fraternity and cost of treatment for patients.