In 2020, Brazil registered 592,212 cancer cases and 259,949 deaths, as per the International Agency for Research on Cancer (IARC). Moreover, as per the World Health Organization (WHO), Latin America (LATAM) had recorded 1.3 million new cancer cases in 2018, which, according to the IARC, surged to 1.4 million in 2020. Similarly, the cases of heart diseases are also rising in the region on account of an unhealthy lifestyle, exposure to pollution, stress, and several genetic factors.
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As per P&S Intelligence, due to the surging prevalence of such chronic conditions, the LATAM wound dressing market size will grow from $344.3 million in 2020 to $549.5 million in 2030, at a 5.0% CAGR between 2021 and 2030. This is because often, these chronic diseases result in long-lasting wounds, which are slow and hard to heal. Moreover, the surgeries done to treat these conditions also lead to wounds, which require an array of dressings for their management.
Another chronic disease responsible for the increasing number of people suffering from such wounds in the region is diabetes. This fairly common disease has pressure ulcers, venous leg ulcers, and foot ulcers as its complications, which are all long-lasting wounds. Therefore, with the WHO predicting the diabetes incidence in LATAM to increase to 40 million by 2030 from 25 million in 2011, the cases of all such wounds will continue to rise. As a result, the demand for advanced and traditional wound dressing products will keep increasing in the region.
Due to these reasons, the hospitals & specialty clinics, long-term-care settings, and home healthcare settings in the region are witnessing a rising footfall. Among these, hospitals and specialty clinics account for the highest usage of wound dressing products because these places are generally the first choice of patients, as they have advanced medical equipment and employ staff with years of experience. Apart from merely diseases, complex wounds are also a result of accidents, burns, and other forms of physical trauma, which hospitals and specialty clinics are the best equipped to deal with.
Presently, Brazil is the largest country in the LATAM wound dressing market, and it will continue to generate the highest demand for such products in the years to come. This is because it is the most-populated country and also the one with the most-advanced healthcare infrastructure in the region. Moreover, several private and public organizations are taking initiatives to raise awareness on wound care in the country. Additionally, the increasing number of people suffering from chronic diseases is leading to a rise in the incidence of chronic wounds and, in turn, the usage of wound dressings here.
Therefore, with the growing prevalence of chronic wounds, the demand for wound dressing products will continue to escalate in the LATAM region.
