COLOMBIA WOUND CARE BIOLOGICS MARKET ANALYSIS

Wounds are the injuries that tear the skin or tissues by punctured skin, scratches, cuts, and scrapes. Wounds mostly happen accidently, but in rare cases sutures, stitches, or surgery also cause wounds. Wound healing is nothing but healing of the skin. It begins immediately after an injury. Wounds can be classified into acute wounds and chronic wounds. Acute wounds takes only a few weeks to completely heal while chronic wounds takes few months to heal completely. Chronic wounds include pressure sores and venous leg ulcers. Wound healing, as a normal biological process in the human body, is achieved through four precisely and highly programmed phases such as hemostasis, inflammation, proliferation, and remodeling. For a wound to heal successfully, all four phases must occur in the proper sequence and time frame.

The Colombia wound care biologics market is estimated to be valued at US$ 9.6 million in 2021 and is expected to exhibit a CAGR of 5.4% over the forecast period (2021-2028).

The increasing product launches are expected to drive the market growth over the forecast period.

For instance, in September 2020, MiMedx Group, Inc. an industry leader in advanced wound care and an emerging therapeutic biologics company, launched EpiCord Expandable. EpiCord Expandable is clinically efficient to use for the treatment of diabetic foot ulcers.

Figure 1. Colombia Wound Care Biologics Market Value (%), By Product Type, 2021

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The increasing mergers and acquisitions by the key players is expected to drive the market growth over the forecast period.

For instance, in June 2018, Acelity L.P. Inc., the world’s largest wound care company and Crawford Healthcare U.K.-based advanced wound care and dermatology company entered into an acquisition agreement. Under which Acelity would acquire Crawford with all of its assets. Therefore, this acquisition would expand Acelity’s portfolio of advanced wound dressings.

Figure 2. Colombia Wound Care Biologics Market Value (%), By Application, 2021

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The increasing product approvals are expected to drive the market growth over the forecast period.

For instance, in July 2018, ConvaTec Group Plc, a leading global medical products and technologies company, received the U.S. Food and Drug Administration (FDA) approval for its innovative and advanced antimicrobial dressing AQUACEL Ag Advantage dressing for wound management.

Colombia Wound Care Biologics Market– Impact of Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on November 25, 2021. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 258,830,438 cases and 5,174,646 deaths due to coronavirus (COVID-19) were reported till July 25, 2021, across the globe.

The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic has made a negative impact on Colombia wound care biologics market, owing to reduced access to wound management clinics due to lockdown.

Colombia Wound Care Biologics Market - Restraint

Increasing adoption of alternative wound care products and high cost of the wound care biologics products are expected to hinder growth of the Colombia wound care biologics market over the forecast period. The wound care biologic products are relatively expensive, significantly contributing towards cost of total wound management procedure, thereby deterring the patients from seeking advanced wound care. This is a major factor responsible for increasing inclination of patients towards conventional wound care management techniques such as traditional and antimicrobial dressing.

For instance, Collagenase SANTYL Ointment is the only enzymatic debride costing for around US$ 244 for 30 gm quantity. Furthermore, skin substitute products and engineered growth factor could find it difficult to make headway into the Colombian market as these are specialized products with cost that may be difficult to afford.

Traditional wound care products such as polymer dressings, cotton balls, and emulsion are still a common approach for wound healing, owing to its easy application, high accessibility to surgical hospitals, and low costs. Moreover, the medical professionals majorly prefer advanced therapies for wound management such as negative pressure wound therapy and hyperbaric therapy to minimize the occurrence of allergic reactions caused due to skin substitutes tissues. Alternative therapies such as negative pressure wound therapies and others are also proved to have higher efficacy in treating chronic wounds with well-established positive clinical results.

Key Players

Major players operating in the Colombia wound care biologics market include Smith & Nephew, Plc, Organogenesis, Inc., Integra Life Sciences Corporation, MiMedx Group, Inc., Skye Biologics, Inc., Amino Technology LLC, Osiris Therapeutics, Inc., Alphatec Holdings, Inc. Mallinckrodt Plc., Amniox Medical, Inc., Acelity L.P. Inc., ConvaTec Group Plc, Generex Biotechnology Corporation, and Olaregen Therapeutix Inc.