Wound care products are primarily flexible dressings used for supporting wound curing, and scratch formation, decreasing nerve loss and aiding the hemostasis. It also protects deeper substances from infectious damage, machine-driven damage (bumps & cuts), thermal damage (heat & cold), organic damage (acids & bases), and electromagnetic radiation (sunlight) etc. The major types of wound care products are defined by therapy devices, dressings, surgical wound care, and active wound care. Surgical wound care products are classified as tissue adhesives, glues, sealants, and sutures & staples.
According to study, “Latin America Wound Care Product Market (2018-2023)” the major companies that are operating in the Latin America wound care product market Integra Life Sciences Holdings Corporation, DeRoyal Industries Inc., Derma Sciences Inc., Medtronic plc., Hollister Incorporated, Oculus Innovative Sciences, Johnson & Johnson Pvt. Ltd., Organogenesis Inc., Acelity L.P.Inc., Mo-Sci Corporation, Coloplast Corporation, ConvaTec Plc., Molyncke Health Care, Smith and Nephew Plc. Companies assisted in the expertise of making wound care products to prove it as an operative for acquiring the share by the market growth in the anticipated period.
On the basis of wound healing therapy, the wound care product market is segmented into silver, keratinocyte, biological dressings, collagen, Biological Skin Equivalents (BSE), Intermittent Pneumatic Compression Therapy (IPCT), pressure relief devices, platelet-derived wound healing, Electromagnetic Therapy (EMT), Topical Oxygen Therapy (TOT), Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), platelet-rich plasma and Ozone Oxygen Therapy (OOT). NPWTis one of the main therapy device, which is segmented into stand-alone NPWT, NPWT accessories or canisters, single-use disposable NPWT devices, and portable NPWT devices.
The based on the application market is fragmented into wound care product such as surgical wound, skin ulcers and burn wounds. Some of the major product types are advanced wound care, surgical wound care, and traditional wound care. Advanced wound care product is segmented into Hydrofiber, hydrogels, films, foams, superabsorbent, collagen, alginates, foams, wound contact layers and hydrocolloids. Traditional wound care products are classified as sponges, gauzes, abdominal pads, bandages and others. In addition based on services, the market is segmented into inpatient services and outpatient services.
The Latin America wound care product is mainly driven by increasing new business strategies, rapid rise in the technological advancements, rising middle-class people, government initiatives, growing adoption of products, increasing funding for wound care research, followed by rising incidence of hard-to-heal wounds, improved access to better healthcare, increasing awareness about cost-effective therapies. Apart from the advantages, some of the major challenges are the absence of personnel, an increasing number of acquisitions, and high costs & repayment issues. In addition, some of the new prospects include the potential application of stem cell therapy, emerging economies and the growing popularity of active wound care products.
Brazil is one of the biggest markets in the Latin America region owing to enormous opportunities for wound care product producers to boost their businesses. It is expected that Latin America wound care product market is expected to reach the US $2.4 billion, at a CAGR of 6.4 %, by 2023. In near future, it is estimated that the market is expected to grow fast due to increasing chronic diseases and increasing demand for combination dressings.
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Ankur Gupta, Head Marketing & Communications