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What are Key Factors Driving the Growth of Colombian Wound Care Market?

The Colombian wound care market was valued at $76.1 million in 2018, which is projected to reach $93.9 million by 2024, with a CAGR of 3.6% during the forecast period (2019–2024).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.

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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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A major reason behind the increasing prevalence of chronic wounds is the rise in the number of elderly people in the country. As per a 2016 article in the Current Gerontology and Geriatrics Research journal, the nation was home to 5.2 million people in the age group of 60 years and above. Moreover, according to DANE, Colombian government’s statistics agency, compared to 28.7% in 2005, 40.4% of the nation’s population was over 60 years old in 2018.

This study covers

  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
  • Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
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