How is Increasing Geriatric Population Leading to Growth of Colombian Wound Care Market?

[Pramod Kumar]

In 1992, merely 25% of the Colombian population had insurance coverage, and by 2016, this percentage had risen to 96%! This reflects the strong commitment of private and public companies in this small South American nation to offering citizens affordable healthcare, which is a basic human right. With insurance, the majority of the people in the nation can access clinics, hospitals, and a range of healthcare services, one of the most important of which is the treatment of wounds. Such physical features range from a simple one, caused when children fall down, to big, nasty ones, caused by burns or car crashes.

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Therefore, with the increasing affordability of healthcare, the Colombian wound care market, which valued $76.1 million in 2018, is projected to grow at a 3.6% CAGR during 2019–2024, to ultimately reach $93.9 million in 2024. The field of wound care encompasses the disinfection, closing, and long- and short-term management of the wound. Wounds are categorized as chronic and acute, depending on how long they last, of which, healthcare facilities and pharmacies have been visited more by people for the treatment of chronic wounds. Pressure ulcers, diabetic foot ulcers (DFUs), and venous leg ulcers (VLUs), which are classified as chronic wounds, are increasing in prevalence in Colombia.

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As the elderly are physically weak, their normal biophysical functions slow down, which is why, even wounds, which would be acute for younger people, become chronic for them, taking a lot longer to heal. Moreover, they also suffer from numerous chronic diseases, many of which also lead to the formation of wounds, such as DFUs. This is why they have to visit the hospital or a clinic more often than younger people, thereby creating a constantly high demand for wound care products.

Hence, as the Colombian government extends its support in offering citizens affordable and quality healthcare, the requirement for wound care products will keep rising here.