Market Potential and Pitfalls:
The surging cases of arthritis are considered one of the major factors accelerating the compression therapy market. As per the data suggested by the CDC, approximately 54.4 million of the US adults had some form of rheumatoid arthritis, arthritis, lupus, gout, or fibromyalgia from 2013-2015. It is also estimated that 78 million US adults are likely to have doctor-diagnosed arthritis, by the end of 2040. The augmenting cases of sports accidents and injuries, presence of a large patient population base, advancing technology, and growing awareness regarding the benefits of compression therapy are some of the major factors bolstering the market growth across the globe. People aged more than 65 years usually undergo orthopaedic disorders. These therapies help in providing efficient care without medication.
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People these days are extensively facing health related issues owing to the trending lifestyle along with changing food habits. Especially the senior citizens are likely to suffer the most due to several age-related problems such as orthopaedic and cardiac disorders. Compression therapy provides relief without any side effects. People suffering from orthopaedic disorders, obesity, sports injury, and other dysfunctions are inclined towards remedies which offer no medication but effective care. The shift towards compression therapies is likely to offer a boost to the market growth across the globe.
On the contrary, the rapid adoption rate of alternative therapies for specific target indications, low patient compliance for compression garments, and dearth of universally accepted standards for compression products are some of the top barriers likely to vitiate the market growth during the appraisal period.
Competitive Dashboard:
The prominent players operating in the compression therapy market comprises Paul Hartmann AG, Juzo, Sigvaris, Medtronic PLC, DJO Global Inc., Smith & Nephew PLC., Cardinal Health Inc., Getinge AB, Sanyleg S.R.L., BSN Medical, Bio Compression Systems Inc., Tactile Medical, Convatec Inc., 3M, Medi GmbH & Co. Kg, and others.
Market Scenario:
Market Research Future (MRFR) asserts that the global compression therapy market is estimated to garner 5.2% CAGR during the forecast period (2018-2023). The surging incidences of sports injuries are estimated to favor the market growth globally. Compression therapy can be defined as the process by which the pressure is applied evenly over a painful area by squeezing in order to support the veins. They come in the form of socks or stockings, elbow sleeves, shin sleeves, and masks.
The therapy involves wearing socks or elastic garments which are intended to contain and support the veins in order to increase the circulation of blood vessels in legs. Such therapies are generally used to treat swelling legs and discomfort, which offer an improved circulation for the restoration of normal leg functioning. The compression stockings help to reduce vein cavity and decrease the venous pressure, which further prevents the venous stasis along with the impairment of venous walks.
Global Compression Therapy Market: Segmental Analysis
The global compression therapy market has been segmented on the basis of product, technique, and application.
By mode of product, the global compression therapy market has been segmented into compression pumps, compression garments, and compression braces. Among these, the compression pumps are likely to gain prominence owing to the surging number of incidences of lymphedema and others venous disorders. These pumps are specifically designed to facilitate the delivery of controlled pressure depending upon the severity of the disorder, which renders it more effective than other alternatives.
By mode of technique, the global compression therapy market has been segmented into static compression therapy and dynamic compression therapy. Among these, the static technique is likely to gain prominence in the coming years. The user-friendly and high convenience attributes of this technology is likely to boost its growth. The high accessibility of these products to treat edema and sports-related injuries in order to enable pressure and pain relief is contributing to the market’s growth.
By mode of application, the global compression therapy market has been segmented into deep vein thrombosis treatment, varicose vein treatment, leg ulcer treatment, lymphedema treatment, and others. Among these, the varicose vein treatment is anticipated to gain prominence owing to the surging incidences of obesity, hypertension, and age-related degeneration.
Industry Updates:
May 02, 2018: A division of VGM Group, Inc., VGM Fulfillment has recently announced the launch of their latest compression stocking resupply program. The addition of flexible enterprise resource planning system and almost more than 20,000 square feet of warehouse along with office space has further resulted in the expansion of the new program, thus complimenting the VGM Fulfillment’s existing CPAP resupply program.
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Regional Insights:
Geographically, the compression therapy market span across regions namely, Europe, America, Asia-Pacific and the Middle East & African.
Considering the global scenario, the American region is estimated to dominate the global market for compression therapy. The region is likely to retain its pole position due to the presence of major market players along with the developed nations such as Canada and the U.K. For instance, SIGVARIS launched diabetic compression socks in 2015 in order to offer maximized therapeutic relief for patients suffering from diabetes.
The European region is likely to occupy the second spot in the global market. The growth can be ascribed to the surging investments in R&D activities. As per a study published in 2018 by the Burns & Trauma journal, venous ulcers are considered a common chronic problem is several countries especially in the region of North Europe.
The Asia Pacific region is likely to expand at the fastest growth rate owing to the rising healthcare industry, growing expenditure on healthcare, and surging proliferation of the market players among the region. As per the data by the Australian Institute of Health and Welfare, Australia has spent USD 181 billion on healthcare in 2016–2017.
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