Registering a CAGR of 3.6% during the forecast period (2019–2024), the Colombian wound care market is predicted to reach $93.9 million by 2024, witnessing a substantial increase in its revenue from $76.1 million in 2018.
Taking the geography of the country into consideration, the largest market share in the Colombian wound care market is expected to be held by the state of Cundinamarca. This is mainly ascribed to the increasing research & development activities and rising expenditure on healthcare due to supportive government policies and initiatives. Other states, such as Bolivar, Atlántico, Valle del Cauca, Santander, and Antioquia also hold significant shares in the market on account of the surging incidence of traumatic injuries, burns, and diabetic wounds as well as rising geriatric population.
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The Colombian wound care market is witnessing growth due to the rising focus on healthcare services. The wound care facilities in Colombia are witnessing a surge in demand as both the public and private organizations are increasing healthcare coverage. An article published in the Health and Human rights journal in 2016, mentioned that in the country, the healthcare coverage witnessed a remarkable increase during 1991–2016; starting from 25% population in 1992, the health cover facilities were available to 96% population in 2016. This is indicative of the rising focus of the government on providing excellent healthcare facilities and means to the residents of the country.
Stem cell therapy in wound management is becoming the trend in the Colombian wound care market. Extensive research on stem cells has established their remarkable regenerative abilities, which may help in speeding up the wound healing process. A biotechnology company, BioXcellerato LLC, has its treatment center in Colombia by the name of Torre Medica El Tesoro that provides stem cell treatment for various cosmetic and other conditions. Further, it is involved in stem cell therapy and regenerative medicine research for finding prospective treatments for wound and other skin disorders.
Some of the major players in the Colombian wound care market are Paul Hartmann AG, Acelity L.P. Inc, Smith & Nephew plc, Coloplast A/S, BSN medical GmbH, B. Braun Melsungen AG, 3M Company, Mölnlycke Health Care AB, and ConvaTec Group plc.
