Market Overview
Market Research Future (MRFR) says that the compression therapy product market had touched USD 2600 million in the year 2017 and should attain a growth rate of 5.2% between 2020 and 2027 (review period).
Primary Drivers and Barriers
Compression therapy and the products used during treatment offer a host of benefits including reduction of foot and leg volume, hypertension and venous reflux. The soaring awareness about these benefits and the rising purchasing capacity of consumers are projected propel the market demand in the coming years. Additionally, the surging availability of products like bandages, stocking and pneumatic devices that facilitate effective treatment among patients with different conditions should also enhance the market share in the years to come.
The global market for compression therapy receives a significant boost from the escalating number of orthopedic surgeries in view of growth in accidents as well as obese patients. The expanding geriatric patient pool suffering from orthopedic conditions will also favor the global industry in the near future. Extensive use of compression garments for the treatment of sports injuries can offer lucrative opportunities to the major manufacturers. Compression therapy is increasingly being used by sports doctors for preventing swelling and inflammation due to trauma or injury. Compression products are also used for boosting the blood circulation, restricting coagulation of the fluids present in tissues, which helps promote muscle health.
Affluent firms in the market are indulging in fierce competition by adoption the outsourcing strategy. Manufacturers are also focused on setting their production units in emerging nations to reduce production costs and leverage untapped growth opportunities.
Market Segmentation
The compression therapy industry has been considered for technique, product and application.
The key compression therapy techniques are dynamic compression therapy as well as static compression therapy.
The products listed in the market study include compression pumps, compression braces and compression garments. The types of compression garments in the market are compression bandages & wraps, compression stockings, and more. Bandages and wraps generate considerable demand in the market since they are largely used for treating venous, lymphatic and edema disorders related to the lower limb. Benefits of bandages and wraps include robust tension sustainability, cost-effectiveness, elasticity and extensibility, which raise their demand for the treatment of various venous disorders.
Top applications of compression therapy include deep vein thrombosis treatment, varicose vein treatment, leg ulcer treatment, lymphedema treatment, and others.
Regional Status
The compression therapy industry has been segregated with respect to a few major regions, namely Asia Pacific/APAC, MEA or Middle East & Africa along with the Americas as well as Europe.
The Americas is the highest revenue generating market and the demand for compression therapy is found to be significantly high in the US and Canada. These countries accommodate some of the world-renowned companies that offer extensive lines of compression therapy products and devices. The stunning growth in the number of spinal and orthopedic surgeries coupled with the expanding patient population suffering from varicose veins, lymphedema and DVT enhance the market size in the region. Other encouraging factors can be accelerated cases of sports injuries.
Europe stands as the second most lucrative market for compression therapy, thanks to the exhaustive research and development activities conducted by the players. Surge in the prevalence of vein disorders including deep vein thrombosis, leg ulcers, varicose veins, blood clots and lymphedema. Sales of compression therapy products like bandages and stockings are booming in the region, with strong support from the government in the form of favorable reimbursement schemes. High awareness level among patients and the presence of a vast number of reputed pharmaceutical vendors that strive to commercialize their products also ensure optimistic prospects for the European market.
Asia Pacific, with the rapid penetration of a number of global players and improvement in the healthcare sector, has procured the fastest CAGR in the global market. The market size in APAC continues to expand rapidly backed by the growth in healthcare spending and substantial investments on researches by the established companies. Increase in people’s disposable income and the continuous advances in healthcare will offer a host of attractive opportunities in the ensuing years. Japan is a prominent market for compression therapy in the region, presumably due to the frequent technological advances and players constantly teaming up to boost their distribution networks and more.
Key Firms
The major companies in the global market for compression therapy include Medtronic PLC, Bio Compression Systems, Inc., Medi GmbH & Co. Kg, 3M, Cardinal Health, Inc., Sanyleg S.R.L., Tactile Medical, BSN Medical, Convatec Inc., DJO Global Inc., Paul Hartmann AG, Smith & Nephew PLC., Juzo, Sigvaris, Getinge AB, to name a few.
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