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. 

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Smart Bandages Trend to Drive Wound Dressing Market

Expected to generate $17.3 billion in 2023, the worldwide wound dressing market would grow at a 7.2% CAGR during the forecast period (2018–2023) from the 2017 figures of $11.4 billion. The quickening of the wound healing process by allowing gaseous exchange, preventing the spread of infections, absorbing exudates, and providing thermal insulation is achieved by using wound dressings. They are extremely helpful in treating different types of wounds, such as those of surgical and chronic nature and ulcers.

The wound dressing market is observing the trend of the inclusion of smart bandages in wound management. Smart bandages, which are capable of curing chronic wounds, were designed by the researchers of Massachusetts Institute of Technology, University of Nebraska–Lincoln, and Harvard Medical School. Smart bandages are capable of releasing dose-dependent and multiple drugs at one time, which accelerates the healing process; that is why they are being increasingly adopted. These bandages are equipped with microprocessors that control the drug release, and also alarms and temperature and pH sensors.

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Technical advancements in the development of wound dressing products are another influential factor in the wound dressing market progress. Many companies are enthusiastically investing in new and innovative technologies to come up with advanced wound healing products. For instance, AQUACEL, a product that minimizes the risk of infection at the site of surgery, was launched by ConvaTec Group PLC in September 2016. This surgical dressing aids in wound healing by conforming to specific wound types, including lumbar spine surgery and cesarean section and imparting antimicrobial protection to the wounds.

On the basis of region, the wound dressing market is categorized into North America, Latin America, Europe, Middle East & Africa, and Asia-Pacific (APAC). During the historical period (2013–2017), the North American region held the largest share in the market. During the forecast period, the fastest growth is predicted to be witnessed by the APAC region. This can be correlated to the rising diabetes prevalence in numerous Asian countries, particularly China. The International Diabetes Federation predicted that by 2035, approximately 142.7 million people would suffer from diabetes in China.

Therefore, the market for wound dressing is predicted to witness significant growth in the forecast period due to the innovations that aim to introduce highly effective wound dressings that work in the in minimal time possible with least complexities.

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Rising Geriatric Population Responsible for Hong Kong Wound Dressing Market Growth

The wound dressing market in Hong Kong is predicted to reach a value of $27.1 million by 2024, witnessing a CAGR of 5.5% during the forecast period (2019–2024). The factors responsible for the growth of the market include the increasing incidence of traumatic injuries, rising geriatric population, and surging prevalence of diabetes. Wound dressings are used for the treatment of chronic, acute other types of wounds. They accelerate the healing of the wound by providing thermal insulation, absorbing exudates, preventing the entry of infectious agents, and allowing gaseous exchange.

The increasing prevalence of diabetes is among the major driving factors of the Hong Kong wound dressing market. As per the Centre of Health Protection, diabetes is one of the major causes of mortality and morbidity in Hong Kong. Furthermore, obese people have a higher probability of suffering from diabetes. Wound development in diabetic patients is rapid and they tend to heal slowly. For instance, diabetic foot ulcer, a chronic complication of diabetes mellitus, needs to be dressed frequently for effective management, thereby leading to the rising demand for wound dressings.

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The Hong Kong wound dressing market is divided into long-term care settings, home healthcare, and hospitals & specialty clinics, on the basis of end-user. Out of these, the hospitals & specialty clinics division accounted for the major share of the market during the historical period and is also projected to experience the highest CAGR, of 6.0%, during the forecast period. The reason for this is the growing applications of advanced wound dressing products in hospitals in Hong Kong in order to address the needs of chronic wound patients.

A key trend in the Hong Kong wound dressing market is the shift in preference from traditional products to advanced therapies. While traditional products facilitate dry healing when used for primary or secondary dressing, advanced variants accelerate the healing, thereby providing relief quickly to the patients. Since delayed wound healing poses challenges for both the patients and healthcare professionals, they are becoming more inclined toward adopting advanced wound dressing products, as they carry a lower risk of infections and facilitate faster healing of the wound.

The rapidly growing geriatric population and increasing prevalence of diabetes in Hong Kong are thus leading to the growth of the market.   

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