Compression Therapy Market
Compression Therapy Market (Technology - Static and Dynamic; Product - Pumps (Intermittent and Sequential), Bandages, Stocking (Gradient and Anti-Embolism), and Tapes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global compression therapy market for the historical period 2017–2018 and forecast period 2019–2027, owing to rising sports injuries, increase in the number of orthopedic surgeries, and rapidly growing obese population boost demand for compression therapy products globally. However, lack of favorable reimbursement policies pertaining to vascular disease treatment with compression products would hamper market growth.
- According to the report, the global compression therapy market was valued at US$ 3.2 Bn in 2018 and is anticipated to expand at a CAGR of 6.1% from 2019 to 2027
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Rising sports injuries boost demand for compression therapy products: Key Drivers
- Compression products 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.
- 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 uptake of compression therapy products during the forecast period.
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Increasing obese population Boost Market Growth
- Obese people are at high risk of developing vascular diseases due to the pressure exerted by the weight of the body on the skin and underlying organs. According to the World Health Organization (2014), the prevalence of obesity had doubled since 1980. The WHO further stated that over 1.9 billion adults aged 18 years and above were reported to be overweight in 2014, of these over 600 million adults were obese. Furthermore, it is estimated that over 35% of the total population was obese in 2016.
- This number is expected to increase during the forecast period. Therefore, rise in the obese population augments the uptake of compression therapy products in order to prevent vascular diseases.
Lack of favorable reimbursement policies to Hamper Market
- Unfavorable reimbursement policies have played a crucial role in the compression therapy industry in the past few years. The treatment of vascular diseases with compression therapy products is expensive and requires large amount of money for follow-ups and monitoring of treatment. Hence, reimbursement is considered to be 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 therapy products to treat vascular disease. This factor is more prominent in developing nations such as India, China, Brazil, and Mexico due to low affordability to purchase highly expensive brand new compression devices.
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Global Compression therapy Market: Competitive Landscape
- This report profiles major players in the global compression therapy market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global compression therapy market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global compression therapy market are
- 3M Health Care
- Bio Compression Systems, Inc
- BSN Medical
- Covidien plc
- medi GmbH & Co KG
- PAUL HARTMANN AG
- SIGVARIS MANAGEMENT AG,.
Global Compression therapy Market: Key Developments
Key players in the global compression therapy market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global compression therapy market. A few expansion strategies adopted by players operating in the global compression therapy market are:
- In 2015, BSN MEDICAL acquired Wright Therapy Products, Inc., a manufacturer of compression therapy systems to strengthen its presence in the compression therapy market.
The report on the global compression therapy market discussed individual strategies, followed by company profiles of manufacturers of compression therapy. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global compression therapy market.
TMR’s report on the global compression therapy market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global compression therapy market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global compression therapy market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global compression therapy market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global compression therapy market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global compression therapy market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global compression therapy market.
The report delves into the competitive landscape of the global compression therapy market. Key players operating in the global compression therapy market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global compression therapy market that have been profiled in this report.
Key Questions Answered in Global Compression therapy Market Report
- What is the scope of growth of product companies in the global compression therapy market?
- What will be the Y-o-Y growth of the global compression therapy market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global compression therapy market?
- Will North America continue to be the most profitable market for compression therapy providers?
- Which factors are anticipated to hamper the growth of the global compression therapy market during the forecast period?
- Which are the leading companies in the global compression therapy market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global compression therapy market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global compression therapy market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the compression therapy market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the compression therapy market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global compression therapy market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global compression therapy market more reliably and accurately.
Regional Segmentation of Compression therapy Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Compression therapy Market - Segmentation
Middle East & Africa