Compression Therapy Market will exhibit a CAGR of 5.3% between 2016 and 2024

Inadequate regulations for the commercialization of products and forward integration by raw material suppliers have kept the threat of new entrants high in the global compression therapy market, finds Transparency Market Research in a new study. This, combined with presence of a large number of local and global players, renders the market highly fragmented. Suppliers in the market also don’t enjoy a high bargaining power due to their presence in large numbers.

Transparency Market Research forecasts the global compression therapy market to reach US$4.25 bn by 2024 from a valuation of US$2,693.4 mn in 2015. If these figures hold true, the market will exhibit a CAGR of 5.3% between 2016 and 2024.

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The majority of the companies operating in the market are vying to emerge dominant through mergers and acquisitions. They are also witnessing attractive prospects in the emerging economies of Asia Pacific. TMR recommends that adopting collaborative strategies could help these companies capitalize on untapped opportunities in the region. With the population in China, Japan, Singapore, and South Korea increasing at a rapid pace, combined with their increasing interest in sports and fitness, manufacturers of compression therapy products stand chance to gain a competitive edge in the market.

Capitalizing on Untapped Opportunities in Emerging Economies Could Boost Market

TMR finds that the ripest opportunities lie in emerging economies of Latin America and Asia Pacific. “Immense potential for healthcare products in countries such as South Korea, Brazil, China, Mexico, and India will prove to be lucrative for companies vying for sizeable share in the global compression therapy market,” said a TMR analyst. “Due to the increasing investment on the healthcare infrastructure, increasing disposable income, and the rising incidence of chronic ailments, these regions exhibit robust prospects for the compression therapy market,” he added.

In the last few years, compression therapy has emerged as one of the most preferred procedures for treating sports related injuries. The growth witnesses by the market therefore corresponds directly to the growing popularity for sports worldwide. Besides this, the rising prevalence of obesity and increase in the number of orthopedic surgeries also create ample opportunities favoring the market’s expansion.

Absence of Reimbursement Regulations to Negatively Impact Sales of Compression Therapy Products

Despite growth prospects for the market being robust, the absence of proper reimbursement will have an adverse impact on its growth trajectory. Nevertheless, the increasing investment on the development of the healthcare infrastructure in developing companies will provide considerable opportunities for vendors to boost their sales.

Presently, the market has been witnessing lucrative prospects for the sale of static compression products. Supported by clinical evidence, static garments are preferred more by doctors as patient care products. Additionally, patients favor static compression hosiery more since it is made with comfortable material and due to its aesthetic appeal.

North America Exhibits Highest Prospects for Compression Therapy

Regionally, the prospects for compression therapy seem most lucrative in North America. The region held over 47.2% of the global compression therapy market in 2015, followed by Europe, which accounted for a share of 32.2% in the market. Obesity being a widespread problem in developed economies such as the U.S., North America will be witnessing a high incidence of vascular diseases. This is evidently proving favorable for enterprises offering compression therapy products to maximize their sales.

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Modern Tech Lends Helping Hand to Global Compression Therapy Market Growth

Venous disease occurs when the valves in the veins of a patient’s legs start to weaken. Once the valves cross a certain threshold of strength loss, they cannot maintain the unidirectional flow of blood, causing it to flow backwards. At the same time, if only superficial veins are compromised, the internal ones have to work harder to compensate for them. This is a possibility in the case of people who suffer from severe varicose veins. After a certain duration of weakness in the external veins, they can no longer pump any blood. Blood is left in the veins and will not move even with walking. In most situations like these, compression therapy can help ease the pain and restore blood flow.

Advantages of Compression Therapy Boost its Adoption Worldwide

Compression therapy is one of the most simple and effortless methods of improving the rate of blood flow in a patient’s legs. What compression therapy essentially does is improve the strength of the veins in a patient’s legs through the application of external pressure. The pressure can be applied with the means of specialized pads, special compression boots, or even simple compression leggings or socks. These products then apply steady pressure on the external walls of the superficial veins, helping the valves regain control of the veins.

The global compression therapy market is advancing at a CAGR of 5.20% from 2015 to 2023. This market was valued at US$2.592 bn in 2015, and by the end of 2023, it will reach US$4.027 bn. This says a lot about the condition that thousands of people suffer from worldwide, because the drivers of the global compression therapy market are pointing to positive growth. These drivers include the growing geriatric demographics, the growing number of obese people, the increasing number of sports-related injuries, and the increase in the number of orthopedic surgeries across the world. These are all factors that promote a higher usage of compression therapy, which is considered to be the gold standard in the treatment of deep vein thrombosis, chronic venous insufficiency, and lymphedema.

Modern Tech for Compression Therapy

One of the more recently devised ways to give a patient compression therapy involves the use of advanced technology. For instance, a group of researchers in Compression Solutions, Oklahoma have consistently worked on improvements on Triple Pay VT and Triple Play Pro. Both are devices that are useful in monitoring the progression of vein-related issues. The devices can be critical in reducing the chances of blood clots after a surgery, especially in the elderly.

The global compression therapy market is still hindered by a few factors, including the lack of reimbursement options covering vascular disease therapy using compression products. This is still a relatively minor hindrance, as the market will keep growing due to a higher demand. There is also an increase in the number of lymphedema cases, further boosting the global compression therapy market.

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