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 market for compression therapy. This can be attributed to the presence of major market players within the region.
Owing to the rising research and development investment and increasing prevalence venous leg ulcers, European compression therapy market stood second in 2017. According to the 2018 study published in the Burns & Trauma journal, venous ulcers are a common chronic problem in many countries especially in Northern Europe. The overall prevalence of this condition is 1%-3% in the population above 65 years of age.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region. According to the data suggested by the Australian Institute of Health and Welfare, Australia spent nearly USD 181 billion on health in 2016–2017.
On the other hand, the Middle East and Africa held least share in the global compression therapy market due to the low per capita income, especially within the African region.
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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