Factors such as the rising prevalence of diabetes, growing aging population, increasing cases of injuries and physical trauma, and surging incidence of chronic wounds are projected to propel the growth of the Latin American (LATAM) wound dressing market at a CAGR of 5.0% in the forecast period (2021–2030). At this growth rate, the market size is expected to reach $549.5 million by 2030 from $344.3 million in 2020. Moreover, the market is witnessing a shifting preference toward more-advanced products from traditional wound dressings.
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One of the prime factors propelling the LATAM wound dressing market is the surging geriatric population. The population in LATAM is projected to age significantly over the next few decades. According to the World Population Ageing 2019 report, the number of people aged 65 years and above is projected to rise to 19.0% by 2050 from 8.7% in 2019 of the total population in the LATAM and Caribbean regions. Aged people have weakened body functions, leading to a longer period for wound healing.
On the basis of country, in 2020, Brazil held the largest share in the market. Additionally, the Brazilian market is projected to record the highest CAGR during the foreseeable period. This is attributed to the increasing healthcare spending, advancing healthcare infrastructure, and surging incidence of chronic illnesses. As per the WHO, 8.1% of the people suffered from diabetes in Brazil in 2020. Further, public and private associations have taken a number of initiatives to increase the awareness regarding wound care, which is likely to drive the market in the country.
Thus, the rising incidence of chronic wounds and the surging geriatric population are expected to propel the demand for wound dressings in LATAM during the forecast period.