Compression Devices: Introduction

  • Compression therapy is a medical procedure in which external pressure is applied to the skin and underlying structure (organ) to promote normal flow of venous blood in the body. Compression therapy is recognized as a gold standard for the treatment of lymphedema, chronic venous insufficiency, and deep vein thrombosis as it is easy-to-use, safe, and provides effective treatment in a short time span.
  • Compression therapy is the primary intervention for prevention and management of venous hypertension, venous edema, and venous leg ulcers. The therapy increases venous and lymphatic fluid in the limb with the utilization of an external force.
  • In addition, rapidly increasing lymphedema and deep vein thrombosis cases would boost global demand for compression devices. However, lack of favorable reimbursement and transmission of post-operative infection associated with compression devices are likely to restrict market growth during the forecast period.
  • Technological advancements coupled with increase in demand for better healthcare facilities are expected to trigger the growth of the global compression devices market.

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Key Drivers and Restraints of Global Compression Devices Market

  • Rising Sports Injuries Boost Demand for Compression Devices Market
    • Compression devices are frequently used by athletes and sports persons as these reduce muscle pain, increase mobility, and enhance athletic performance. The most common causes of sports injuries are competitive, recreational, or obligatory (physical education) activities.
    • According to the Centers for Disease Control and Prevention (CDC), high school athletes alone account for 2 million injuries, 50,000 doctor visits, and 30,000 hospitalizations in the U.S. each year
    • Ankle joint sprain, knee ligament injury, spinal straining, bone fracture, and shoulder sprain are commonly observed sports injuries among athletes in the U.S. Compression devices provide immediate and effective treatment for these sports injuries.
    • Hence, health care professionals (chiropractors and physiotherapists) extensively utilize these products for both amateur and professional sport patients and their regular clinic patients. Therefore, increasing number of sports injuries and growing preference by health care professionals are anticipated to increase the demand for compression devices during the forecast period.
  • Lack of Favorable Reimbursement Policies Restricts Market Growth
    • Unfavorable reimbursement policies have played a crucial role in the compression devices market in the past few years. The treatment of vascular diseases with compression devices is expensive and requires large amount of money for follow-ups and monitoring of treatment.
    • Hence, reimbursement is considered as an essential aspect of the treatment. The Centers for Medicare and Medicaid Services (CMS) provides reimbursement only to patients who have undergone a four-week trial of conservative therapy before opting for intermittent pump.
    • Moreover, private insurers are adopting these reimbursement restrictions for compression devices to treat vascular disease. This factor is more prominent in developing countries such as India, China, Brazil, and Mexico due to low affordability to purchase highly expensive brand new compression devices. Thus, unfavorable reimbursement policies would restrain market growth during the forecast period.

Intermittent Compression Devices Segment to Dominate Global Market

  • In terms of application, the global compression devices market can be classified into pain control, lymphedema, deep vein thrombosis, and others
  • Based on product type, the global compression devices market can be categorized into intermittent compression devices, sequential compression devices, and others
  • Based on end-user, the global compression devices market can be divided into hospitals, rehabilitation centers, and others.

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North America to Dominate Global Compression Devices Market

  • In terms of region, the global compression devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America is expected to dominate the market for compression devices. Increasing prevalence of vascular diseases such as venous ulcers, lymphedema, and deep vein thrombosis; and rising demand for various advanced compression devices propel the market in the region.
  • Europe comprises major countries such as Germany, France, the U.K., Spain, and Italy, along with other countries. The geriatric population is more prone to venous disease due to reduced immunity and longer stay in hospitals, as wound healing is slow in elderly people. The European Commission (Eurostat) has estimated that the geriatric population in Europe would reach 525 million by 2035. The British Geriatric Society stated that apart from the geriatric population, a number of medical conditions such as diabetes mellitus and cardiovascular disease are also associated with cardiovascular disease.
  • This large and increasing elderly population would contribute significantly to the number of surgeries performed due to their higher susceptibility to various chronic as well as acute disorders. Hence, increasing geriatric population boosts the demand for compression devices in Europe.

Leading Players Operating in Global Compression Devices Market

The global compression devices market was highly fragmented in 2019. Key players operating in the global compression devices market are:

  • Getinge AB
  • 3M
  • Bio Compression Systems, Inc.
  • BSN medical
  • Medtronic
  • Terumo Corporation
  • Teleflex Incorporated

Global Compression Devices Market: Research Scope

Global Compression Devices Market, by Application

  • Pain Control
  • Lymphedema
  • Deep Vein Thrombosis
  • Others

Global Compression Devices Market, by Product Type

  • Intermittent Compression Devices
  • Sequential Compression Devices
  • Others

Global Compression Devices Market, by End-user

  • Hospitals
  • Rehabilitation Centers
  • Others

Global Compression Devices Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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