The presence of a multitude of local and global players renders the global compression therapy market highly fragmented, Transparency Market Research (TMR) says in a new report. Insufficient regulations for commercialization of products make for easy entry of new players making the market highly competitive as well.
Mergers and acquisitions is the focus of majority of companies operating in the global compression therapy market to strengthen their positions. The emerging economies of Asia Pacific and Latin America are also displaying attractive growth prospects.
“Adopting collaborative strategies is the way to leverage untapped opportunities that can translate into business gains,” says a TMR analyst. With growing population in China and India along with their increasing interest in sports and fitness, compression therapy product manufacturers stand a chance to obtain gainful opportunities in this market.
TMR estimates the global compression therapy market to be worth US$4.25 bn by 2024 increasing from US$2.6 bn in 2015 at a CAGR of 5.3% between 2016 and 2024.
Clinical Evidence Boost Sales of Static Compression Products
Based on technology, the global market for compression therapy is segmented into static and dynamic. Between the two, the segment of static compression products holds promising growth. Static garments are preferred by doctors for patient care owing to the clinical evidence that support their use. Patients also prefer static compression garments as they are made from comfortable materials and are aesthetically appealing. Other factors contributing to the uptake of static garments are affordability and easy availability.
In terms of product, compression pumps, compression stocking, compression tapes, and compression bandages are the segments into which the compression therapy market is segmented. Among these, compression stocking hold a sway with the product segment accounting for a whopping 43.1% of the market in 2015.
Geographically, North America presents maximum opportunity in the global compression therapy market. The region held a share of close to 47.2% in the global market in 2015 followed by Europe with a share of 32.2% in the same year. The U.S. provides ample growth opportunities to the market due to the widespread prevalence of obesity that ups the ante for vascular diseases.
Asia Pacific extends Lucrative Growth Opportunities
The emerging economies of Asia Pacific and Latin America present the ripest growth opportunities, says the TMR report. Tremendous potential for healthcare products in countries such as China, Mexico, Brazil, and India will present lucrative opportunities for companies vying for a significant share in the global compression therapy market. In emerging nations, advancement of healthcare services, increasing disposable incomes, and increasing prevalence of chronic diseases are expected to present robust growth opportunities for players in the compression therapy market.
Compression therapy is considered as one of the most effective procedures for treating sports related injuries. The growth of compression therapy market directly corresponds to the rising popularity of sports across the world. Apart from this, the increasing incidence of obesity and increasing number of orthopedic surgeries are also presenting ample opportunities for the growth of this market.
Despite robust growth prospects, lack of reimbursement policies for compression garments will adversely impact the growth of this market. Nevertheless, improvement in healthcare infrastructure in developing countries is expected to provide considerable opportunities for vendors in the compression therapy market.
The review presented is based on the findings of Transparency Market Research report, titled “Compression Therapy Market (Technology – Static, Dynamic; Product – Compression Pumps (Intermittent, Sequential), Compression Bandages, Compression Stocking ( Gradient, Anti-Embolism), Compression Tapes)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 "
The global compression therapy market is segmented as follows:
Compression Therapy Market, by Technology
Compression Therapy Market, by Product
- Compression Pumps
- Compression Bandages
- Compression Stocking
- Anti- Embolism
- Compression Tapes
Compression Therapy Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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