The incidence of traumatic injuries, primarily caused by road accidents, in Colombia is rising swiftly. The incidence of such injuries is higher in Latin America (LATAM) than the rest of the world. As per an article published in the journal Burns Trauma, in 2016, 35,430 deaths were reported in Colombia in 2009, all of them caused by external injuries or trauma. These deaths accounted for 18% of all deaths. Traumatic injuries are severe and need immediate medical attention as they increase patients’ susceptibility to infections. The treatment of these injuries is done using advanced wound care dressings, which is driving the demand for wound care in the country.
According to a P&S Intelligence report, the Colombian wound care market generated a revenue of $76.1 million in 2018 and is predicted to reach a value of $93.9 million by 2024, registering a 3.6% CAGR during the forecast period (2019–2024). The three types of wound care product types are traditional, advanced, and surgical. The largest demand during 2014–2018 was created for advanced wound care products, which are expected to be the most in demand during the forecast period as well. Different types of advanced wound care products are wound therapy devices, wound dressings, and wound care biologics, among which, wound dressings are predicted to be the most in demand in the coming years.
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The rising prevalence of diabetes is also contributing significantly to the increasing demand for wound care products. As per the International Diabetes Federation stated that in 2017, more than 2.67 million cases of diabetes were reported in Colombia. The prevalence of diabetes in the country is further expected to rise in the near future. Frequent dressing is needed for the management of diabetic foot ulcer. In addition to this, wounds tend to develop rapidly and heal slowly in patients suffering from diabetes. These factors are resulting in the rising requirement for different wound care products.
A key trend being observed in the Colombian wound care market is the growing application of stem cell therapy in wound care management. Patients who are suffering from chronic wounds need frequent replacement of dressings, which results in high expenditure on medical bills. Keeping this in regard, research focusing on the development of novel therapeutic approaches for wound management, such as stem cell-based therapies, are being conducted. For example, the Colombian treatment center of BioXcellerator, Torre Medica El Tesoro, is focusing on evaluating regenerative medicine and stem cell therapy for the treatment of wounds and other skin disorders.
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