Market Insight
Market reports associated to healthcare industry recently have been published by Market Research Future states that global compression therapy market is anticipated to display a CAGR growth of 5.2% during the forecast period. The market also gained a valuation of USD 2600 million in 2017, which is also expected to increase by the forecast period.
Compression therapy is being increasingly incorporated in medical organizations for medicating pain cause in legs. The therapy is practiced evenly over a painful area with the help of compression therapy tools, that are made to worn in forms such as shin sleeves, elbow sleeves, and even masks. Increase in the use of this therapy is paving ways for the market to proliferate.
Market Drivers & Trends
The global compression therapy is majorly driven by rising cases of arthritis that is common among people in the recent generation. Relatively increasing case of sports injuries and accidents have contributed to the growth of market size considerably. Other factors such as technological advancements in compression therapy, presence of a large population of patients and raising awareness regarding the benefits are also anticipated to propel the growth of the global compression therapy market over the forecast period.
Other factors include regular training of the product to physicians that helps them to understand better about the product, and use of fancy garment for the production of stockings and bandages are growing the market size considerably over the approaching years.
On the flip side, factors such as lack of information about the indication of disease among the patients and inadequate reimbursement for compression therapy products from government health infrastructures in developed countries is expected to slow down the growth of the global compression market in the forecast period.
Market Segmentation
The global compression therapy market has been segmented on the basis of technique, product, application, and region.
In terms of technique, the market is segmented into static compression therapy and dynamic compression therapy.
In terms of product, the market has been segmented into compression garments, compression pumps, and compression braces. Further, the compression garments segment is classified as compression stockings, compression bandages & wraps, and others.
In terms of application, the market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment, and others.
Regional Outlook
In the current study, the global compression market is covered into top regions that are the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The significant share of the market is controlled by the Americas owing to the presence of major market players and developed economies like the US and Canada. In this region, SIGVARIS launched diabetic compression socks in 2015 in consideration to provide maximum therapeutic relief for diabetic patients. Apart from this, according to the data proposed by the Centers for Disease Control and Prevention (CDC), approximately 54.4 million US adults had arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia from 2013-2015. It is also projected that an estimated 78 million US adults are projected to have doctor-diagnosed arthritis, by 2040.
In the European region, the global compression therapy market stood at the second position in 2017, which was accredited to the mounting research and development investments. According to the 2018 study available in the Burns & Trauma journal, venous ulcers were recorded to be a common chronic problem in many countries especially in Northern Europe where overall prevalence of this condition was 1%-3% in the population above 65 years of age.
In the Asia Pacific, the market for compression therapy was the fastest in 2017 due to the growing healthcare sector, increasing the entry of the market players, and increasing healthcare expenditure. According to the data proposed by the Australian Institute of Health and Welfare, Australia spent almost USD 181 billion on health in 2016–2017. On the other way, the Middle East and Africa recorded to have the minimum share in the global compression therapy market owing to the low per capita income in the African region.
Key Players
The market players that are a part of the global compression therapy market are 3M, Medtronic PLC, Bio Compression Systems, Inc., BSN Medical, Medi GmbH & Co. Kg, Paul Hartmann AG, Smith & Nephew PLC., Cardinal Health, Inc., Sigvaris, Sanyleg S.R.L., Tactile Medical, Convatec Inc., DJO Global Inc., Getinge AB, Juzo and others.
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