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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Moreover, the surging incidence of chronic wounds is another key factor driving the LATAM wound dressing market. The burden of chronic illnesses like cancer and cardiovascular diseases is growing rapidly in LATAM. For example, as per the International Agency for Research on Cancer (IARC), in 2020, the number of new cancer cases reached 1.4 million and 713,414 cancer-related deaths were reported in the region. Cardiovascular disorders and cancer often lead to chronic wounds, which are tough to heal and need extensive care for a longer period of time.

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The type segment of the LATAM wound dressing market is classified into advanced and traditional. Of these, the advanced category accounted for the larger market share in 2020, and it is projected to witness the faster growth in the coming years. This can be ascribed to the surging incidence of chronic wounds, along with the rising cases of chronic diseases and the increasing usage of advanced dressing products for the treatment of these wounds, in the LATAM region.