Compression therapy is a process to increase blood flow over a certain area by strengthening vein support. It can apply pressure to arms and legs by wearing specially designed stockings. Benefits of compression therapy include reduced soreness, low muscle recovery time, and increased blood flow and articulation. The global compression therapy market report by Market Research Future (MRFR) outlines several factors, drivers, and drawbacks for the period between 2018 and 2023 (forecast period).
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Compression Therapy Market Outlook
The global compression therapy market is expected to expand in size by exhibiting a CAGR of 5.2% during the forecast period. Rising prevalence of vein disorders such as varicose veins is likely to drive the market growth. Increasing cases of arthritis can work in favor of the market demand. According to the Centers for Disease Control & Prevention (CDC), close to 54.4 million adults were reportedly afflicted with some form of arthritis from 2013-2015.
Various iterations of compression garments ranging from bandages to devices which can alleviate the pain levels of patients as well as the extension of the process to other diseases can augur well for the global compression therapy market. Furthermore, patient awareness of the therapy, increasing cases of sport injuries and accidents, and a large patient pool are other factors which can spur the market growth.
But availability of alternative therapies, paucity of standards of compression products, and low patient compliance may impede the market growth.
Compression Therapy Market Segmentation Analysis
The global compression therapy market is segmented based on technique, product, application and region.
The global market for compression therapy, by technique is segmented into static compression therapy and dynamic compression therapy.
The market, by product, is segmented into compression garments, compression pumps and compression braces. The compression garments segment is further classified as compression stockings, compression bandages & wraps and others.
Based on application, the market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment and others.
Compression Therapy Market Regional Analysis
The Middle East & Africa (MEA), Americas, Europe, and Asia Pacific (APAC) are major regions in the global Compression Therapy Market.
The Americas is expected to dominate the global market due to the presence of various vein disorders and the large susceptible geriatric population. Presence of reputed market players launching new products, reimbursement plans, and growing healthcare awareness in economies of Canada and the U.S. are other drivers which can be lucrative for the compression therapy market in the region.
Europe will assume the second position in the global market due to various cases of leg ulcers and heavy investments in research and development in devices to provide relief to patients with orthopedic pain. According to the Burns & Trauma Journal report of 2018, venous ulcers are a common problem with the condition prevalent to nearly 3% of the regional population above 65 years of age.
The APAC region is predicted to showcase the fastest growth due to the expansion plans of the regional healthcare sector, large healthcare budget, and penetration of international market players. For instance, Australia spent close to USD 181 billion on health alone for the period between 2016-2017. Initiatives to lower the price of products to make it affordable to customers and the rising expendable income levels of patients can play a pivotal role for the global compression therapy market.
Compression Therapy Market Competitive Outlook
Tactile Medical, Paul Hartmann AG, DJO Global Inc., Sigvaris, 3M, Sanyleg S.R.L., Cardinal Health, Inc., Getinge AB, BSN Medical, Medi GmbH & Co. Kg, Medtronic PLC, Convatec Inc., Smith & Nephew PLC., Bio Compression Systems, Inc., Juzo, and others are reputed companies currently operating in the global compression therapy market.
Industry Update
The Wave Company has developed an electronic muscle stimulation (EMS) suit which can reduce fatigue levels using kinesiology taping. The suit known as WaveWear will be available on Kickstarter for commoditization. Known uses of the suit include pain reduction, posture correction, and injury prevention.
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Compression Therapy Market Analysis By Top Leaders 2020- Global Industry Growth By Size, Share, Revenue And Value Chain, Emerging Technologies Future Trends and Growth Opportunities Up To 2023
