The global compression therapy market size can touch USD 3.96 billion by 2022, according to a report by Grand View Research, Inc. Prevalence of chronic venous disorders such as venous insufficiency, leg ulcers, deep vein thrombosis, and lymphedema can augment market in the forthcoming years. The market size can expand by exhibiting a 5.2% CAGR in the near future.
According to the Department of Vascular Surgery, chronic vein maladies are present in nearly 50% of individuals. Frequent use of products such as bandages and stockings can augur market expansion in near future. Rise in the number of orthopedic surgeries and prevalence of obesity are anticipated to influence market in the forthcoming years. Benefits of compression products in mitigating pain during surgeries and assisting in rapid recovery are expected to bode well for the market.
Application of compression garments in sports to heal injuries can open up opportunities of growth for the compression therapy market. The growing number of geriatric patients and subsequent rise in the use of inelastic boots and intermittent pumps are expected to influence the use of compression therapy in the forthcoming years. In addition, utilization of compression products to treat musculoskeletal injuries can widen the ambit of the market.
Full Research Report On Compression Therapy Market Analysis: https://www.grandviewresearch.com/industry-analysis/compression-therapy-market
The worldwide compression therapy market is segmented according to technology, product, and region. By technology, the market is bifurcated into static and dynamic compression therapy. The static technology segment dominated the market generating revenue over USD 1.75 billion in 2014. This can be credited to their high use in treating sport injuries and edema. The easy application and removal feature associated with this therapy as compared to other therapies like heparin can positively impact market =development. The dynamic segment is predicted exponential growth due to benefits such as high venous return and external control. Recommendations by clinicians for dynamic therapy can encourage segment demand in the near future.
Major products include compression tapes, compression stockings, compression bandages, and compression pumps. The compression bandages segment dominated the market by contributing over USD 1.2 billion in 2014. The increased demand for bandages can attributed to ease of use and less bulkiness. Benefits associated with bandages have led to their adoption in treating venous and lymphatic disorders. Variants of bandages such as short-stretch, long-stretch, and multilayer and their capacity in yielding successful outcomes can spur segment demand in the forthcoming years. Compression pumps are expected to exhibit a decent CAGR in the years ahead due to their ability to assist in the delivery of controlled pressure to treat the disorder. According to the Journal of the America Medical Association (JAMA), these pumps have been successful in reducing hospital stays and outpatient visits.
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Regions covered in the market report include North America, Middle East & Africa (MEA), Latin America (LATAM), Europe, and Asia Pacific (APAC). The North America region dominated the market for compression therapy with over 45% revenue share in 2014 on account of geriatric population, unhealthy lifestyle of consumers, awareness regarding venous maladies, and high prevalence of diabetes. Introduction of reimbursement schemes and awareness regarding these disorders among consumers can bolster market in near future. The U.S. is one of the best performing regions in terms of revenue and overall market share due to growing number of chronic diseases and presence of pharmaceutical companies.
The APAC market is expected to exhibit a CAGR over 7.5% from 2015 to 2022 facilitated by continuous improvements in the healthcare sector. Investments by players in R&D to improve the product coupled with initiatives by manufacturers to lower the price to make it affordable for consumers are expected to bode well for the compression therapy market. Continuous improvements to healthcare infrastructure and disposable incomes of patients are other factors which can influence market revenues in the forthcoming years.
Prominent market players include Julius Zorn GmbH, Medtronic Plc, BSN Medical GmbH, Medi GmbH & Co. KG, and SIGVARIS AG. Strategies such as mergers and acquisitions, novel product development, and expanding their reach through new distribution channels and partnerships are used by players to sustain their market hold. For instance, BSN Medical acquired FarrowMed Medical Solutions in 2015 to expand the product portfolio and offer treatments for lymphdema and other venous diseases.
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