Latin America Advanced Wound Care Market Report and Forecast 2024-2032

Latin America Advanced Wound Care Market Outlook

The Latin America advanced wound care market size reached approximately USD 535.78 million in 2023. The market is estimated to grow at a CAGR of 5.50% between 2024 and 2032, reaching a value of around USD 730.88 million by 2032.

Key Takeaways

• Latin America and the Caribbean has a presence of over 40 million adults with diabetes.

• Governments across the region are improving healthcare access to all, accelerating the development of hospitals and primary healthcare centres.

• In 2022, Latin America had a presence of 88.6 million people over the age of 60, representing 13.4% of the total population, which is estimated to reach 16.5% in 2030.

Latin America is an ageing region owing to a slow but steady increase in life expectancy and falling fertility rates. The prevalence of chronic wounds among the elderly population is critical. It has a significant impact on their quality of life, which has increased the utilisation of advanced wound care in the region.

The number of people in the age group of 60 years or older is rapidly increasing in the Latin American region.

This will subsequently drive the demand for advanced wound dressings, as older people are more vulnerable to chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders. The Latin America advanced wound care market thus benefits from the growth of the healthcare sector and the growing technological advancements, enabling the development of better products and therapies.

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Figure: Latin America and the Caribbean (50 countries and territories): a life expectancy at age 60, by sex and subregion, 2022–2060 (Years)

Key Trends and Developments

Increasing occurrence of chronic wounds; expansion of medical tourism in LATAM; technological developments; and increasing geriatric population are the major factors impacting the Latin America advanced wound care market growth

Oct 27, 2023

Researchers in São Paulo state, Brazil, developed a low-cost anti-inflammatory hydrogel that can help treat chronic skin lesions such as those seen in diabetic individuals.

May 14, 2022

Convatec Group Plc announced the completion of the acquisition of Triad Life Sciences Inc. The latter’s portfolio and product pipeline transitioned to Convatec’s Advanced Wound Care (AWC) business and is known as Convatec Advanced Tissue Technologies.

Jan 24, 2022

Smith+Nephew announced that its PICO 7 and PICO 14 Single Use Negative Pressure Wound Therapy (sNPWT) Systems became the first systems indicated by the FDA for use on both deep and superficial incisional surgical sites.

Rising prevalence of chronic wounds

The growing prevalence of chronic wounds such as pressure ulcers, venous ulcers, and diabetic ulcers, owing to the increasing geriatric population and patients suffering from cancer and diabetes are boosting the utilisation of advanced wound care solutions.

Growing medical tourism sector

The flourishing medical tourism sector in Latin American countries like Mexico, Brazil, Argentina, Costa Rica, and Colombia is positively influencing the demand for advanced wound care treatment.

Technological advancements and innovations

Attempts to develop advanced wound care therapies with different compositions and indications are rising. Additionally, there is a surging focus on utilising the latest technologies such as thermal imaging techniques to understand the biological processes of the wound bed and overcome wound healing challenges, thereby leading to the Latin America advanced wound care market development.

Rising geriatric population

Ageing is usually associated with multimorbidity and the prevalence of non-healing ulcers. Tissue repair capacity reduces with age, resulting in slower healing of wounds. This also increases the risk of infection and the possibility of the wound becoming chronic, increasing the demand for advanced wound management for the elderly.

Latin America Advanced Wound Care Market Trends

A significant Latin American population suffers from obesity which contributes to diabetes. Foot ulcers are a common diabetic complication, which is increasing the need for specialised foot care to protect the foot and the overall well-being of the patient.

The popularity of negative pressure wound therapy (NPWT) is also growing in the region to prevent several post-operative wound complications. It is also applied to wounds caused by burns, pressure ulcers, and diabetic ulcers.

Countries in Latin America, such as Mexico, are witnessing an increase in plastic surgeries, as it provides cost-effective cosmetic procedures. Plastic surgeries are also performed on wounds, such as burns that have limited the patient’s mobility, have caused a loss of sensation, or are cosmetically unappealing. The aftercare of cosmetic procedures includes cleaning, disinfection, and protection of the wound. Since the healing of the surgical site can be slow, it demands advanced wound care.

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Market Segmentation

“Latin America Advanced Wound Care Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Therapy Devices

• Exudate Management

• Infection Management

• Active Wound Care

Market Breakup by Wound Type

• Chronic Wounds

• Acute Wounds

Market Breakup by End User

• Hospitals and Clinics

• Community Health Service Centres

• Others

Market Breakup by Country 

• Brazil

• Mexico

• Argentina

• Chile

• Others

Based on product, therapy devices dominate the Latin America advanced wound care market share

Therapy devices that support healing in non-invasive chronic, acute, and infected wounds are increasingly used for irrigating the wound centres with topical fluids to heal wounds faster, increase the quality of life of patients, and reduce treatment costs.

Negative pressure wound therapy (Npwt) offering ease of mobility, sterile and compact wound care, and low-duty design are utilised to reduce painful dressings, improve microcirculation, prevent secondary infections, enhance ease of dressing, and accelerate and promote healing.

There are growing attempts to develop foam dressings that are designed to offer a gentle and secure fit, promote an optimal moist wound healing environment, protect against skin and tissue breakdown, and minimise the creation of dedicated space for reducing exudate pooling to optimally heal wounds.

Hospitals and clinics significantly contribute to the Latin America advanced wound care market revenue

As complex wounds require a specialised treatment methodology, hospitals and clinics implement advanced wound care plans to prevent complications, improve blood flow, and increase the body’s ability to heal. Clinics in countries such as Colombia are treating burns, vascular ulcers, pressure ulcers, and surgical wounds.

The presence of large hospital complexes in the region and a robust public hospital network in countries, such as Chile have strengthened the accessibility to advanced wound care.

With the rising population in the region and the surging attempts by governments to increase the availability of universal and robust healthcare to remote and poor communities, patients are utilising advanced wound care services from community health service centres.

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Competitive Landscape

The market players are engaging in robust and comprehensive clinical and real-world trials, developing a competitive product portfolio and increasing their footprint.

Smith & Nephew Plc

Smith & Nephew, headquartered in the United Kingdom, manufactures devices to treat joints, skin, soft tissue, and bone, focusing on orthopaedic reconstruction, sports medicine, and advanced wound management.

Essity Aktiebolag

Founded in 2017, the company offers solutions for wound bed management, infection management, exudate management, JOBST UlcerCare, consumer goods, and professional hygiene solutions through various brands.

Coloplast A/S

Headquartered in Denmark, Coloplast is a healthcare company providing product solutions for ostomy care, continence care, skin care, interventional urology, voice, and respiratory care.

ConvaTec Group Plc

Headquartered in United Kingdom, ConvaTec Group Plc is a medical products and technology company mainly focusing on solutions for medical illnesses. They are listed on the London Stock Exchange under the ticker symbol CTEC.

Latin America advanced wound care market are Mölnlycke Health Care AB, 3M Company, and Paul Hartmann AG, among others.

Latin America Advanced Wound Care Market Analysis by Country

The incidence of diabetes mellitus has been consistently rising throughout the Latin America region, with some variation across countries: Mexico, Haiti, and Puerto Rico have higher prevalence, while Colombia, Ecuador, Dominican Republic, Peru, and Uruguay have lower prevalence of diabetes. Chronic wounds are a medical problem closely linked to diabetes and conventional treatment methods such as antibiotics are often not an option, which increases the demand for advanced wound care that aids in healing the wounds quickly and more efficiently.

In Brazil, pressure ulcers are becoming a serious concern among the geriatric population, neurosurgical patients, quadriplegic patients, and patients suffering from chronic health issues, which is surging the use of advanced wound care solutions offering moist environments for promoting epithelialisation process and facilitating the production of granulation tissue.

Key Highlights of the Report

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Latin America Advanced Wound Care Market Report Snapshots

Latin America Advanced Wound Care Market Trends

Latin America Advanced Wound Care Market Regional Analysis

Latin America Advanced Wound Care Companies