From $348.6 million in 2019, the Latin American (LATAM) wound dressing market is predicted to reach a revenue of $579.2 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 4.9% between 2020 and 2030.
The soaring geriatric population in various LATAM countries is a major factor driving the advancement of the market. As per the United Nations Department of Economic and Social Affairs (UNDESA), as much as 25% of the population of the Caribbean and LATAM regions is predicted to lie in the age group— 60 years and above by 2050. This would massively push up the demand for wound dressing in the region.
This would be because the geriatric people are highly vulnerable to chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders. The increasing incidence of diabetes is another important factor propelling the growth of the LATAM wound dressing market. As per the Pan American Health Organization (PAHO), the number of people suffering from diabetes in the LATAM region is predicted to rise from 25 million to 40 million from 2011 to 2030.
Depending on type, the Latin American wound dressing market is categorized into traditional and advanced. Of these, the advanced category is predicted to dominate the market in the forthcoming years. This is ascribed to the rising incidence of chronic diseases and the subsequent surge in the sales of advanced wound dressing products in the region. When application is taken into consideration, the market is divided into acute and chronic wounds.
Between these, the chronic wounds category will record higher revenue growth in the market in the future. This would be due to the rising incidence of DFUs, pressure ulcers, and venous leg ulcers (VLUs) in the region. The LATAM wound dressing market is currently recording the highest growth in Brazil, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the rapidly improving healthcare facilities and the soaring incidence of chronic diseases in the country.
Hence, it can be said with certainty that the market would demonstrate huge expansion all over the world in the coming years, mainly because of the rising incidence of diabetes and chronic wounds and the presence of a surging geriatric population in the region.