Compression Therapy Market Size Worth $4.69 Billion By 2025 | CAGR: 6.1%
Published Date : 1 / 03 / 18 | Report Format: PDF
The global compression therapy market is expected to grow at growth rate of 6.1% to reach USD 4.69 billion by 2025.
Compression therapy refers to the use of specialized bandages and stockings for the management and treatment of lymphedema and chronic venous diseases. This therapy includes the use of products such as tubular bandages, hosiery, bandage systems, and others. Collective use of these systems is aimed to develop gradual pressure to lower limb in order to reduce edema and to improve venous return.
Compression therapy is considered to be a cornerstone for the treatment of conditions such as venous insufficiency, varicose veins and to reduce ulcer recurrence. According to the International Journal of Health Sciences (IJHS), chronic venous insufficiency affects more than 50% of the adult population worldwide. Growing incidences of such conditions are expected to increase the demand for this technology, thus bolstering the industry growth.
Further, an introduction of new and innovative products by key players in this segment is also driving the product demand significantly. For instance, in July 2016, Medtronic plc introduced VariLoc Locking Compression Plate System in China. This system enables the physicians to capture fracture fragments and thus, position screw precisely. Such types of new developments would, in turn, boost the utilization of these products, augmenting the market growth. Furthermore, rising incidences of sports injuries, technological advancements, and growing awareness are projected to boost the product uptake in the future period. However, compression therapy is often used sub-optimally in physician practices due to lack of proper knowledge regarding the benefits of this therapy. As a result, patients in low and middle-income countries avoid using such therapies, hence hampering the industry growth to some extent.
Key Takeaways :
- Of the different products, stockings captured a significant share of the total market as it is widely used for the treatment of varicose veins due to its various benefits.
- Compression therapy for varicose veins support healthy blood circulation and helps in preventing such conditions
- Compression pumps segment is growing with the highest CAGR (i.e. 8.1%) owing to the high demand coupled with the introduction of technologically advanced pumps by key players
- Regionally, North America and Europe are the largest regions, accounted for more than 75% share of the global market throughout the study period
- Rising research and development activities, aging population, and increasing product awareness are some of the factors driving the industry growth in these regions
- Asia Pacific region is anticipated to grow with the highest growth rate over the future period
- Companies such as Hartmann, Medtronic, 3M Healthcare, Gottfried, and Spectrum are profiled in the study
- This industry is highly competitive in nature. Most notable participants are Sigvaris, Medi GmbH, BSN Medical which accounts for a considerable share of the market owing to their extensive product offerings.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY TECHNOLOGY
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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