Market Insight
Market reports associated with the healthcare industry recently have been published by Market Research Future states that the global compression therapy market is anticipated to display a CAGR growth of 5.2% during the forecast period. The market also gained a valuation of USD 2600 million in 2017, which is also expected to increase by the forecast period.
Compression therapy is being increasingly incorporated in medical organizations for medicating pain cause in legs. The therapy is practiced evenly over a painful area with the help of compression therapy tools, that are made to worn in forms such as shin sleeves, elbow sleeves, and even masks. An increase in the use of this therapy is paving ways for the market to proliferate.
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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.
LIST OF TABLES
Table 1 Compression Therapy Market Synopsis, 2020-2027
Table 2 Compression Therapy Market Estimates and Forecast, 2020-2027 (USD Million)
Table 3 Global Compression Therapy Market, by Region, 2020-2027 (USD Million)
Table 4 Global Compression Therapy Market, by Technique, 2020-2027 (USD Million)
Table 5 Global Compression Therapy Market, by Product, 2020-2027 (USD Million)
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