According to Market Research Future (MRFR)’s report, the global compression therapy market is assessed to reach a substantial valuation at a moderate CAGR of 5.2% over the forecast period.
The factors influencing the growth of the global compression therapy market are the increasing occurrence of sports injuries and accidents, and the growth in the target patient populace. Additionally, the technological advancements in the healthcare industry, along with the growing awareness regarding the advantages of compression therapy among consumers, is also expected to impact the global market positively. Moreover, the advancements in the textiles and garment industry have led to the manufacturing of better quality bandages and compression stockings. This has increased patient comfort and contributed to a rise in the patient population.
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On the other hand, inadequate reimbursement government policies in developing countries, low patient compliance for compression garments, adoption of substitute therapies for certain target indications and the lack of broadly accepted standards for compression products are likely to hinder the market growth for compression therapy over the review period.
Market Segmentation
As per the MRFR report, the compression therapy market is segmented on the basis of technique, application, and product.
Based on technique, it is segmented into dynamic compression therapy and static compression therapy.
Based on application, the compression therapy market is segmented into leg ulcer treatment, lymphedema treatment, deep vein thrombosis treatment, varicose vein treatment, and others.
Based on product, it is segmented into compression braces, compression pumps, and compression garments. Compression garments are further segmented into wraps, compression bandages, compression stockings, 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.
Competitive Analysis
The global compression therapy market is competitive and highly fragmented which obstructs the access to new players in this market. However, the functional players are expected in restoring to strategic alliances, acquisitions, and mergers for expanding their geographical reach.
Key players
The significant market players identified in the global compression therapy market are 3M, Bio Compression Systems, Inc., BSN Medical, Cardinal Health, Inc., Convatec Inc., DJO Global Inc., Getinge AB, Juzo, Medtronic PLC, Medi GmbH & Co. Kg, Paul Hartmann AG, Sigvaris, Sanyleg S.R.L., Smith & Nephew PLC., Tactile Medical, and others.
LIST OF TABLES
Table 1 Compression Therapy Market Synopsis, 2020-2027
Table 2 Compression Therapy Market Estimates and Forecast, 2020-2027 (USD Million)
Table 3 Global Compression Therapy Market, by Region, 2020-2027 (USD Million)
Table 4 Global Compression Therapy Market, by Technique, 2020-2027 (USD Million)
Table 5 Global Compression Therapy Market, by Product, 2020-2027 (USD Million)
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