Compression Therapy Market to Thrive on the back of Sprouting Number of Orthopedic Surgeries: Future Market Insights
According to a new market study by Future Market Insights (FMI), the compression therapy market is forecasted to expand at a healthy CAGR of 5.4% between 2020 and 2030. Compression Therapy Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2030 to 2030
The report attributes the growth of the market to the rising incidence of vein disorders such as lymphedema, deep vein thrombosis, leg ulcers, varicose veins, blood clots. According to the estimates of the National Center for Biotechnology Information (NCBI), around half of the global population is affected by a form of chronic vein abnormalities.
On this premise, the demand for compression therapy products such as bandages and stockings is substantially increasing in order to provide comfort to patients. Likewise, compression therapy has proven successful in easing the pain, limiting swelling, and speeding the functional recovery.
Along similar lines, compression garments are finding wide-scale application as sports medicine to prevent swelling and inflammation in trauma and injury cases. Furthermore, compression therapy aids in facilitating smooth blood circulation and minimizing the coagulation of fluids in the tissue space, thus improving mental health. This is expected to further fuel market growth.
“Market players are leveraging the increasing number of orthopedic surgeries and road accidents across the world, and are increasing their production capacity on this premise”, opines FMI analyst.
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Compression Therapy Market – Key Takeaways
- Increasing incidence of diseases such as reduction of leg and foot volume, venous reflux, and hypertension, is expected to act as a major growth driver to the market.
- Static compression therapy is projected to remain the most sought-out therapy type backed by its user-friendly nature coupled with high adoption in the treatment of edema and sports-related injuries to alleviate pain.
- Among products, bandages are expected to account for the majority of market share owing to a high preference among medical professionals in the treatment of venous and lymphatic disorders of the lower limb, cooped with availability in different sizes and shapes.
Compression Therapy Market – Key Trends
- The demand for intraoperative sequential compression device systems is swiftly growing owing to an increasing number of laparoscopic surgeries globally.
- Application of compression garments as a sports medicine is expected to gain prominence in the years to come owing to an increasing number of trauma injuries.
Compression Therapy Market – Regional Analysis
- North America is projected to remain at the forefront of the regional landscape, accounting for nearly half of global value, owing to favorable reimbursement policies coupled with surging number of sports and orthopedic injuries in the region.
- Europe will remain the second most lucrative region, on the back of high prevalence chronic venous disorders in the region.
- Asia-Pacific is projected to exhibit tremendous growth potential backed by the presence of a large number of diabetic people in India and China.
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Compression Therapy Market – Competitive Landscape
Some of the key players operating in the market include Paul Hartmann AG, Sigvaris AG, Cardinal Health Inc., and 3M Health Care Ltd. Market players are focusing on widening their geographical footprint and are entering partnerships with other players to achieve the same.
On these lines:
- In Oct 2019, 3M acquired Acelity, Inc. to widen its distribution of effective and safe solutions.
- In Jun 2017, Cardinal Health announced acquisition Deep Vein Thrombosis – “Patient Care and Nutritional Insufficiency” business of Medtronic for US$ 6.1 Bn
Compression Therapy Market – Taxonomy
Pneumatic compression therapy-
1. Non-segmented pneumatic compression pumps
2. Pneumatic compression sleeves
- Lower pneumatic compression sleeves
- Upper pneumatic compression sleeves
3. Segmented pneumatic compression pumps
- Segmented pneumatic compression pumps with calibrated gradient
- Segmented pneumatic compression pumps without gradient
Static compression therapy-
1. Anti-embolism stockings
2. Compression bandages
3. Compression garments
- Lower compression garments
- Upper compression garments
- Chronic ulcers
- Non-healing surgical wounds
- Institutional sales
- Retail sales
- Rest of Latin America
- Rest of Europe
- Sri Lanka
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- ● Rest of MEA
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Get Valuable Insights into the Compression Therapy Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global compression therapy market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the compression therapy market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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