Transparency Market Research
(TMR) has published a new report titled, ‘Compression Therapy Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global Compression Therapy Market was
valued at US$ 3,067.3 Mn in 2018 and is projected to expand at a CAGR of 6.1%
from 2019 to 2027.
Overview
Compression therapy is a medical
procedure, wherein external pressure is applied to the skin and underlying
structure (organ) to promote the normal flow of venous blood in the body. It
aims to increase venous and lymphatic fluid in the limb through the utilization
of external force (exerted by compression products).
Based on technology, the
compression therapy market has been segmented into static and dynamic
compression technology. The static technology segment accounted for the largest
share of the global compression therapy market in 2018 primarily due to the low
cost, easy availability, and high demand for static compression products.
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North America dominated the
global Compression Therapy market in 2018 and the trend is anticipated to
continue during the forecast period. Rising prevalence of vascular diseases
(venous ulcers, lymphedema, and deep vein thrombosis) and increasing demand for
various advanced compression therapy products are driving the compression
therapy market in the region.
The compression therapy market in
Asia Pacific is anticipated to expand at the fastest rate during the forecast
period compared to that in North America and Europe. Increase in geriatric
population in countries such as Japan, China, and Singapore is propelling the
demand for accurate and reliable compression therapy products, thereby driving
the market in the region.
Increase in the number of
orthopedic surgeries to Drive Market
The number of orthopedic
surgeries performed globally has increased significantly due to various social
and environmental factors (accident, bone disease). Hence, orthopedic procedures
such as knee construction, partial hip replacement, and spinal fusions have
witnessed considerable increase.
Moreover, spinal surgeries are
becoming increasingly popular; around 432,000 spinal fusions are performed in
the U.S. every year. Compression therapy products are the primary choice for
orthopedic surgery as these provide faster healing, reduce swelling and
inflammation, and decrease acute or chronic pain. Therefore, increasing number
of orthopedic surgeries is expected to propel demand for compression therapy
during the forecast period.
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Static Technology Segment to
Dominate Market
Based on technology, the global
Compression Therapy market has been divided into static and dynamic. The static
segment dominated the global Compression Therapy market in 2018 and the trend
is projected to continue during the forecast period. The easy availability and
high demand for the products along with factors such as easy to use and high
preference by doctors are attributed to the dominance of the static compression
therapy segment.
North America to Dominate
Global Market
In terms of region, the global
Compression Therapy market has been segmented into North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America dominated
the global Compression Therapy market in 2018, followed by Europe.
North America accounted for major
share of the global Compression Therapy market in 2018, owing to increasing
prevalence of vascular diseases (venous ulcers, lymphedema, and deep vein
thrombosis) and rising demand for various advanced compression therapy products
propel the growth of the market in the region. In addition, rise in lymphedema
and DVT cases are poised to boost demand for compression therapy in North
America. Vascular diseases present a significant challenge to acute care
hospitals and clinics in the U.S due to hospital-acquired infections.
The Compression Therapy market in
Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
Increasing geriatric population in countries such as Japan, China, and
Singapore have accelerated the demand for accurate and reliable compression
therapy products, thereby driving the market in the region. In addition, rising
disposable income and increase in health care infrastructure in countries such
as India, China, and Malaysia is expected to support market growth.
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Competitive Landscape
The global Compression Therapy
market is fragmented in terms of number of players. Key players in the global
market include 3M Health Care, ArjoHuntleigh, Bio Compression Systems, Inc.,
BSN Medical, Covidien plc, medi GmbH & Co KG, PAUL HARTMANN AG, and
SIGVARIS MANAGEMENT AG, among others.
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