Compression Therapy Market: Snapshot
Compression therapy, mostly used in treating musculoskeletal and spinal injuries in sportspersons and athletes, has been gaining traction steadily in the market. Its demand has been supported by the rising prevalence of orthopedic problems and obesity worldwide. Providing headwinds to its swift uptake is the dearth of solid reimbursement policies. Increasing investments in developing economies and the unmet medical needs in these countries, however, will help to overcome the market restraint.
Currently, the global compression therapy market is highly fragmented on account of the presence of numerous local and global companies. To gain a competitive edge, astute players are resorting to mergers and acquisitions and collaborations. They are also increasing focusing on the relatively untapped markets in Asia Pacific. Further, entry barriers to new players in the market is relatively low on account of lack of proper regulations for the commercialization of products and forward integration by raw material suppliers.
Transparency Market Research forecasts the global market for compression therapy to expand at a CAGR of 5.3% from 2016 to 2024 to attain a value of US$4.24 bn by 2024 from US$2.69 bn in 2015.
Clinical Evidence Propels Demand for Static Compression Products
Depending upon the technology leveraged, the global compression therapy market can be bifurcated into static and dynamic. Of the two, the static compression products holds out a strong promise of growth. This is because static garments are preferred more by doctors for patient care on account of clinical evidence supporting them. Patients also prefer static compression hosiery as they are crafted from comfortable materials and impart a better look. Other factors leading to their swift uptake is their affordability and easy availability.
The different types of compression therapy products available in the market are compression pumps, compression tapes, compression stocking, and compression bandages. Compression pumps can be further segmented into intermittent and sequential. Similarly, compression stocking can be classified further into gradient and anti-embolism. Of these, bandages hold a sway over the market. In 2015, it held a whopping 43.1% of the market.
Underserved Asia Pacific Market Holds out Strong Promise
From a geographic standpoint, North America spells maximum opportunity in the global market for compression therapy. It accounted for almost 47.2% of the market in 2015 and was trailed by Europe, with a 32.2% share. The market in the U.S. provides ample room for growth on account of the widespread prevalence of obesity that ups the risk of vascular diseases. As per the American Academy of Orthopedic Surgeons (AAOS), around 600,000 knee arthroplasty surgeries were conducted in the U.S. in 2010 and by 2030 the number is slated to exceed 3 million.
Besides North America and Europe, Asia Pacific and Latin America are other key markets that hold out strong promise of growth on account of widespread unmet demands. The countries of Brazil, Mexico, South Korea, China, and India will help to power maximum growth in the regions. Other factors stimulating the market in Asia Pacific are rising investment in healthcare infrastructure, growing disposable income, and higher occurrence of chronic ailments.
Global Compression Therapy Market: Overview
The global market for compression therapy is treading along a positive growth path on account of the rise in sports and strenuous activities. In compressive therapy, an elastic garment is clung to the body part to exert gradual compression on the limb. The treatment of muscular pain has found immense utility through these therapies that are easy to administer for both, the patient and the physician. As a large population endorses compression therapies. the demand within the market is expected to accelerate in the coming years. Health practitioners have found that there is greater compliance from patients when it comes to treatment through compressive therapies. Thereby, the rising investments in healthcare coupled with the willingness of the patients to resort to compressive therapies shall keep bolstering the growth prospects of the market.
The global market for compressive therapies is segmented based on the following parameters: product type, technology, and geography. The heterogeneity of treatments has given rise to various products types. The technologies used are undergoing constant innovation to devise the best products.
The report outlines several factors that lead to the progress of the market. With a view to offer a window to holistically analyze the market, the report backs each assertion with facts and figures. Moreover, the opportunities that rest in the market have been elucidated to help the market players in spotting the growth spaces. Market share, market value, and growth rate are some of the key performance indicators that have been highlighted in the report.
Global Compression Therapy Market: Key Trends and Opportunities
Orthopedic problems have become a major concern for the medical fraternity. The success rate of compressive therapies in alleviating orthopedic disorders have been acknowledged by healthcare professionals. This is an important standpoint that drives the growth of the global market. Moreover, the uptake of sports and a propensity towards strenuous exercises has also been a prudent factor that propels demand for compressive therapies. Obesity is the root cause of a number of subsidiary problems and disorders within the human body. Since compressive therapies are extensively recommended to obese patients, the market is anticipated to gain a strong consumer base from these patients. Post-surgery activities prescribed by surgeons often include compressive therapies, which further enhances demand.
The prevalence of chronic diseases has placed a negative toll in the overall global health index. This calls for better treatments mechanisms. The hope offered by compressive therapies in relieving the prolonged ailments of patients would play a pivotal role in increasing demand within the market.
Global Compression Therapy Market: Regional Outlook
On a regional footing, there are abundant growth opportunities in North America that accounted for 47.20% of the total market share in 2015. U.S. is a significant contributor to the bright prospects of the North American market because of the daunting obesity rates in the U.S. Europe has also shown sparks of excellence in the market with a total market share of 32.20% in the same year. Other key regions include Asia Pacific, the Middle East and Africa, and Latin America. The emerging economies of Asia Pacific offer tremendous growth opportunities due to a rising disposable income and an upward graph of healthcare development.
Global Compression Therapy Market: Competitive Landscape
The market is highly fragmented that obstructs the entry of new players in the market. The functional players in the market are expected to resort to mergers, acquisitions, and strategic alliances in order to expand their geographical reach. The contemporary market players are Covidien plc, BSN Medical, SIGVARIS MANAGEMENT AG.,3M Health Care, ArjoHuntleigh, PAUL HARTMAN AG, Bio Compression Systems, Inc., and medi GmbH & Co KG.
Global Compression Therapy Market: by Technology
Global Compression Therapy Market: by Product
- Compression Pumps
- Compression Bandages
- Compression Stocking
- Anti- Embolism
- Compression Tapes
Global 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