Global Compression Therapy Market is expected to grow at a CAGR of 4.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Compression Therapy Market by Product (Compression Garment, Compression Pumps, Compression Braces and Compression Tapes), Technique (Static and Dynamic), Applications, End-User, Region and Global Forecast 2020-2027.
The global compression therapy market is expected to grow from USD 3.31 billion in 2019 to USD 4.74 billion by 2027, at a CAGR of 4.6 % during the forecast period 2020-2027. North America is the dominant market in terms of share. The reason can be attributed to the increasing number of spinal and orthopaedic surgeries, increasing cases of sports injuries and the rising number of patients suffering from chronic diseases. However, Asia-Pacific is expected to grow at a lucrative rate. The increasing investment in R&D sector and the growing presence of the large number of manufacturers are the primary reason for the market growth. Additionally, the rising disposable income, growing healthcare facilities and awareness among the consumers are the reasons which are expected to drive the market growth further.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the compression therapy market are Tactile Medical, BSN Medical, Medi GmbH & Co. KG, DJO Global Inc., 3M Company, Julius Zorn GmbH, SIGVARIS, ConvaTec Inc., Sanyleg S.r.l., ArjoHuntleigh and others. A major player, Tactile Medical, launched a new product, Flexitouch Plus System in 2018.
The product segment includes compression garment, compression pumps, compression braces and compression tapes. The compression garment segment further includes stockings, wraps, bandages and others. Compression garments holds majority of the market share. The garments are widely used in a variety of indications. Compassion garments are considered as an essential addition for the athletics. It is used in varicose veins, DVT, lymphedema, edema, etc. Further, it is used in the management of various chronic diseases. Bandages holds a maximum share in the product segment. It is cost-effective, has high sustainability and elasticity, which makes it popular among the garments segment. The technique segment includes static and dynamic. Static technique is the dominant segment. It is user-friendly and is convenient to use. The technique is highly effective in treating sports injuries and edema. They provide relief from pain and pressure instantly. The applications segment includes deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment, varicose vein treatment and others. Out of these, lymphedema constitutes a large part of the share. The lymphedema treatment is in demand because of the increasing incidences of lymphedema. Further, compression therapy is highly preferred by the consumers for the treatment due to which the segment is witnessing impressive growth. The end-users segment includes hospitals, clinics, ambulatory surgical centres and home care settings. Hospitals are the dominant end-user. Hospitals provide more number of facilities to offer than the other segment. Further, the demand for hospitals is more significant than other alternatives.
The compression therapy has been used to accelerate the flow of blood effectively. The increase in demand for compression therapy can be attributed to the growing issue of leg ulcers, lymphedema, blood clots and varicose veins. The therapy is most useful for the athletes. It helps to reduce the pain of sports injuries and also accelerates the recovery process.
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About the report:
The global compression therapy market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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