Akin to the food industry wherein the trend is for organic ingredients, the healthcare industry is experiencing a shift off biochemical medication and onto compression therapies or yoga, if applicable. As a result of deepening penetration of social media with free information – consumers are now tilting towards therapies that offer adequate relief without side effects. Consequently, the market for compression therapies is expanding, which merely uses sustained pressure to overcome problems pertaining to blood flow around joints, ankles, and other veins. According to this business report, the demand in the global compression therapy market will propagate at a notable CAGR of 5.44% during the forecast period of 2017 to 2024. Value-wise, the analyst of the report has estimated the opportunities in the compression therapy market, across the world, to generate a revenue of US$4.25 billion by the end of 2024, mounting from its evaluated worth of US$2.93 billion as of 2017.
Aging population, growing obesity concerns, and sports-inflicted injuries are some of the primary drivers of the global compression therapy market. People aged over 65 years frequently suffer from orthopedic disorders and these therapies go a long way in providing efficient care without medication. On the other hand, poor reimbursement policies in several underdeveloped countries and the lack of awareness are a few challenges mitigating the prosperity of the compression therapy market. That being said, improving healthcare infrastructure in emerging economies in Asia Pacific are anticipated to open vast new opportunities in the near future.
Ubiquitous and Easy to Use Compression Bandages Key Product Segment
Product-wise, this report segments the market into compression pump, compression tapes, compression bandages, and compression stocking. As of 2017, the compression bandages segment was most profitable, generating a demand that was worth US$1,253.2 million. Although this segment is poised to retain its dominant position, the demand for the same is slowing down in comparison to all the other three segments. By the end of 2024, the compression stocking segment, which has been further sub-segmented into anti-embolism and gradient, is the second profitable product category, and is estimated to be worth US$1,424.3 million by 2024. Compression stockings are customized and specialized garments that are from elastic fabrics and are worn mostly during the treatment of venous disorder in the leg and thigh. Several types of stockings are available in the market including socks (knee high and thigh high compression garments) and knitwear (circular knit stockings, flat-bed knit stockings, and one-way stretch stockings). These types of stockings are used to improve symptoms of pain and swelling in patients suffering from venous disorder.
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The analyst of the report has also highlighted compression pump as a segment of high interest. Segmenting it into intermittent and sequential, the report has projected the demand for the overall segment to increment at an above-average CAGR of 6.0% over the course of 2017 to 2024. The intermittent sub-segment is currently dominating in terms of demand, promising for a revenue of US$512.5 million by 2024. Ease of usage and well-tolerated method for the treatment of lymphedema are the drivers of this sub-segment.
Static Compression Therapy Leading Technology Segment
Technology-wise, the market for compression therapy has been bifurcated into static and dynamic. The static compression therapy segment is projected to dominate the global market from 2017 to 2024 due to easy availability and high demand for the products. Moreover, factors such as easy to use and high preference by doctors are attributed to the dominance of the static compression therapy segment. By the end of 2024, this segment is estimated to be worth US$3,379.3 million. However, the dynamic compression therapy segment is growing at a higher rate due to effective treatment result and less frequent bandage changes. Moreover, the market is shifting from static to dynamic compression therapy products due to increasing demand for innovative and comfortable compression therapy.
North America and Europe Generating Most of the Demand
Geographically, the global compression therapy market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of 47.1% of the global compression therapy market in 2017, followed by Europe with 32.0%. Increasing prevalence of vascular diseases, surge in geriatric population, and rising demand for various advanced compression therapy products are expected to boost these regional market in the near future. By the end of 2024, the North America compression therapy market is estimated to be worth US$1,990.2 million.
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In a highly fragmented competitive landscape, the analyst of the report has rated Covidien plc, 3M Health Care, BSN Medical, ArjoHuntleigh, SIGVARIS MANAGEMENT AG., PAUL HARTMAN AG, medi GmbH & Co KG., and Bio Compression Systems, Inc. as a few notable companies in the global compression therapy market.