The Global compression therapy market is expected to grow at an approximate CAGR of 5.2% during forecast period, 2018–2023.
Increasing participation of market players is the key factor driving the compression therapy market. For instance, in 2015, SIGVARIS launched diabetic compression socks to provide maximum therapeutic relief for diabetic patients.
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Various other factors such as increasing incidence of sports injuries and accidents, technological advancements, presence of a large target patient population and rising patient awareness regarding the benefits of compression therapy are also expected to propel the growth of the market.
However, low patient compliance for compression garments, adoption of alternative therapies for specific target indications and lack of universally accepted standards for compression products can hinder the market growth over the forecast period.
Competitive Analysis:
Leading players in the global 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, and 3M.
Segmental analysis
The market for compression therapy is segmented on the basis of technique, product, and application.
The global compression therapy market is bifurcated into dynamic compression therapy and static compression therapy.
The multiple products available in the global compression therapy market are compression braces, compression garments, and compression pumps. The compression garments segment is sub-segmented into compression bandages and wraps, compression stockings, and others.
The applications of compression therapy are deep vein thrombosis treatment, leg ulcer treatment, lymphedema treatment, varicose vein treatment, and others.
Regional Analysis:
The Americas dominated the global compression therapy market in 2017 on the back of the presence of leading economies such as the U.S. and Canada in the region. These countries are home to some of the largest players in the global compression therapy market and are also home to constant innovation and technological updation in the market. The developed economies in North America are also home to significantly developed healthcare sectors that are home to the latest technologies and products. Constant product innovation and development have also added to the prospects of the compression therapy market in North America, as consumers in the region can enjoy the latest product advancements in the market.
The growing geriatric population and prevalence of arthritis, varicose veins, and deep vein thrombosis in North America are also likely to be major drivers for the compression therapy market in the region. The geriatric population in North America has grown rapidly over the last few years due to the strong healthcare sector, supportive government policies, etc. This has led to a growing demand for geriatric care products. Varicose veins and deep vein thrombosis are also more prevalent among the elderly, leading to a growing demand from the compression therapy market.
Europe is also a leading compression therapy market and is likely to retain a sizeable share in the global compression therapy market over the forecast period. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period from 2018 to 2023.
Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Macroeconomic Indicators
4.5 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
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