Chile Wound Care Management Market Size

Chile Wound Care Management Devices Market Analysis

The Chile Wound Care Management Market is expected to register a 6.61% CAGR over the forecast period.

The pandemic affected the studied market. Due to the pandemic, elective surgeries were canceled or postponed, impacting the market. Various research studies were published to provide insight into this. For instance, in March 2021, a research study published in the National Library of Medicine stated that surgical specialties experienced a significant decrease in clinical practice owing to several measures established to limit the spread of the virus. Thus, the pandemic adversely impacted the market. However, with the initiatives of key market players, the market is expected to grow during the forecast period. For instance, in June 2021, a hospital was inaugurated in Chile, with USD 89 million in funding for a capacity of 100 beds. It expanded the short-stay, dialysis, geriatric care, and administrative areas. Such initiatives will increase the demand for surgeries,' and thus, the market will witness stable growth during the forecast period of the study.

Factors such as increasing road accidents and initiatives by public and private organizations in the country will boost market growth. The National Road Safety Strategy 2021-30, published by the Ministry of Transport and Telecommunications in December 2020, established a target of 30% fewer annual road fatalities by 2030 than the average for 2011-19. It is due to the increasing number of road accidents in the country. The rising number of road accidents will increase wound care products' adoption and market growth during the forecast period. Furthermore, in May 2022, CMR Surgical launched its Versius Surgical Robotic System in Chile to perform surgical procedures across various surgical specialties, including gynecology, colorectal surgery, thoracic surgery, general surgery, and urology. Such surgeries will increase the adoption of wound management devices in the country and augment market growth during the forecast period.

Similarly, partnership is another factor in market growth. For instance, in March 2021, Marizyme, Inc., a global biotechnology company developing products to reduce ischemia-reperfusion injury burden in tissue grafting, organ transplant, and other surgical indications, entered into a supply and distribution agreement with Abdera Financial, Inc. The latter is a Chilean-based distributor distributing Marizyme's DuraGraft product in Chile. Thus, such a partnership will increase the adoption of surgical devices. It will also improve surgical treatments, thus, increasing the demand for wound care products in the country during the forecast period.

However, the high treatment cost will hinder the market growth.