The healthcare sector is at the epicenter of this global pandemic challenge and is expected to have major long-term consequences. This is expected to compel countries and key market players to undergo crucial healthcare reforms once the crisis is eventually under control or has faded. The private healthcare sector is facing twice the burden—investing additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and the eventual treatment of patients alongside the sharp drop in out-patient footfall, elective surgeries, and international patients.
The pandemic has also affected the orthopedics field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for treating COVID-19 patients. Therefore, performing orthopedics and trauma surgeries has become a significant challenge with the non-availability of hospital staff and operation facilities.
Majority of these industries are experiencing a period of uncertainty in terms of global economic conditions, the regional impact of the pandemic on businesses, government laws and preventive regulations, demand from end users, and challenges faced in the supply chain and logistics. As a result, key businesses and market players are forced to shift focus from long-term growth strategies to short-term sustainability tactics that have led to changes in business operations such as manufacturing, supplying, and consumer communication in certain sectors of the global economy.
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The target population for compression therapy products includes patients suffering from lifestyle-related diseases and vascular diseases, such as obesity, diabetes, lymphedema, DVT, and varicose veins. The rising geriatric population across the globe is considered a major factor supporting market growth as geriatric individuals are more susceptible to various health conditions.
These factors are driving the demand and adoption of various treatment procedures, including compression therapy, among patients. Moreover, compression therapy products are increasingly being preferred as the first line of treatment for major target indications and for post-surgery rehabilitation.
Currently, the pressure exerted by stockings is determined by manufacturers on the basis of their laboratory measurements due to the lack of uniform standards for graduated compression stockings worldwide. In addition, factors such as the elasticity and stiffness of stocking material and the size and shape of a patient’s legs can affect the overall pressure exerted by the garment.
[224 Pages Report] The compression therapy market size is expected to reach USD 3.9 billion by 2026, at a CAGR of 5.2%. Growing market demand for preventive care products as well as rising patient emphasis on effective post-surgical rehabilitation are the major factors driving the growth of this market.
Several treatment options, including surgeries, ablation procedures, sclerotherapy, and ligation, are available for chronic venous diseases such as chronic venous insufficiency, varicose veins & spider veins, leg swelling and pain, and leg ulcers. Though compression therapy is considered as the first-line treatment for these diseases, several alternative therapies offer benefits (over compression therapy) such as few or no complications, minimal pain during and after treatment, and reduced hospital stay.
Based on product, the compression therapy market is segmented into compression garments, compression braces, and compression pumps. Compression garments are expected to account for the largest share of the compression therapy market in 2021. This can majorly be attributed to the use of compression garments in a wide range of indications, such as varicose veins, edema, DVT, and lymphedema, as well as in the management of several chronic conditions.
The major players in the compression therapy market are DJO Global, Inc. (US), BSN medical (US), medi GmbH & Co. KG (Germany), Tactile Medical (US), SIGVARIS (Switzerland), Sanyleg S.r.l. (Italy), 3M Company (US), ConvaTec Inc. (US), ArjoHuntleigh (Getinge Group, Sweden), and Julius Zorn GmbH (Germany).
