Market Analysis:
The global compression therapy market is eyeing for substantial growth at a notable 5.2% CAGR over the forecast period (2018-2023).
Simply put, Compression Therapy Market Analysis is a method to apply external pressure on the limbs or some other body parts which can treat different chronic diseases. It is an extremely effective treatment especially for disease indications namely chronic & diabetic ulcers, lymphedema, varicose veins, venous thrombolism, (VTE), and deep vein thrombosis (DVT). Earlier compressions were available only in two forms, socks and stockings but today other varieties are also available such as masks, elbow sleeves, and shin sleeves. A compression stocking is specially designed for providing support to veins and legs, help with circulation and also minimize swelling. It will provide one with the needed support for maintaining and enhancing their lifestyle. No matter it is spending time travelling, participating in favorite hobbies or doing the daily chores, one can continue with their activities and at the same time receive the therapeutic advantages of compression.
There are many factors that are driving the growth of the compression therapy market. Some of these factors as per the Market Research Future (MRFR) report include aging population, increasing awareness among patients, rising cases of disease indications, product durability, ease of application, rising incidences of accidents and sports injuries, advancements in technology, advances in textile and garments technology, bandages and compression stockings that is improving patient comfort and existence of a huge target patient population. On the other hand, factors such as lack of knowledge concerning the disease indication, inadequate reimbursement from government agencies especially in developed countries, low patient compliance, adoption of alternative techniques and lack of standards for such products may hinder the growth of the compression therapy market.
Key Players:
Leading players profiled in the compression therapy market include Juzo, Getinge AB, DJO Global Inc., Convatec Inc., Tactile Medical, Sanyleg S.R.L., Sigvaris, Cardinal Health, Inc., Smith & Nephew PLC., Paul Hartmann AG, Medi GmbH & Co. Kg, BSN Medical, Bio Compression Systems, Inc., Medtronic PLC, 3M, and others.
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Market Segmentation:
As per the MRFR report, the compression therapy market is segmented on the basis of technique, application, and product.
Based on technique, it is segmented into dynamic compression therapy and static compression therapy.
Based on application, the compression therapy market is segmented into leg ulcer treatment, lymphedema treatment, deep vein thrombosis treatment, varicose vein treatment, and others.
Based on product, it is segmented into compression braces, compression pumps, and compression garments. Compression garments are further segmented into wraps, compression bandages, compression stockings, and others.
Regional Analysis:
Based on the region, the compression therapy market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America will dominate the market over the forecast period owing to the presence of leading players in the region. Europe will grab the second largest position in the compression therapy market due to increasing investment in research and development activities and growing incidences of venous leg ulcers in Northern Europe. The compression therapy market in the APAC region is anticipated to be the fastest growing during the forecast period owing to a couple of factors namely increasing healthcare expenditure, rising penetration of market player in the region and the expanding healthcare sector. On the other hand, the compression therapy market in the Middle East and Africa is anticipated to have a minimal share over the forecast period owing to low-per capita income in the African region.
Competitive Analysis:
The global compression therapy market is competitive and highly fragmented which obstructs the access to new players in this market. However, the functional players are expected in restoring to strategic alliances, acquisitions, and mergers for expanding their geographical reach.
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