Transparency Market Research (TMR) has published a new report titled, 'Compression Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027'. According to the report, the global compression therapy market was valued at US$ 3,067.3 Mn in 2018 and is projected to expand at a CAGR of 6.1% from 2019 to 2027.
Compression therapy is a medical procedure, wherein external pressure is applied to the skin and underlying structure (organ) to promote the normal flow of venous blood in the body. It aims to increase venous and lymphatic fluid in the limb through the utilization of external force (exerted by compression products).
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Based on technology, the compression therapy market has been segmented into static and dynamic compression technology. The static technology segment accounted for the largest share of the global compression therapy market in 2018 primarily due to the low cost, easy availability, and high demand for static compression products.
North America dominated the global Compression Therapy market in 2018 and the trend is anticipated to continue during the forecast period. Rising prevalence of vascular diseases (venous ulcers, lymphedema, and deep vein thrombosis) and increasing demand for various advanced compression therapy products are driving the compression therapy market in the region.
The compression therapy market in Asia Pacific is anticipated to expand at the fastest rate during the forecast period compared to that in North America and Europe. Increase in geriatric population in countries such as Japan, China, and Singapore is propelling the demand for accurate and reliable compression therapy products, thereby driving the market in the region.
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Increase in the number of orthopedic surgeries to Drive Market
The number of orthopedic surgeries performed globally has increased significantly due to various social and environmental factors (accident, bone disease). Hence, orthopedic procedures such as knee construction, partial hip replacement, and spinal fusions have witnessed considerable increase.
Moreover, spinal surgeries are becoming increasingly popular; around 432,000 spinal fusions are performed in the U.S. every year. Compression therapy products are the primary choice for orthopedic surgery as these provide faster healing, reduce swelling and inflammation, and decrease acute or chronic pain. Therefore, increasing number of orthopedic surgeries is expected to propel demand for compression therapy during the forecast period.
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Static Technology Segment to Dominate Market
Based on technology, the global Compression Therapy market has been divided into static and dynamic. The static segment dominated the global Compression Therapy market in 2018 and the trend is projected to continue during the forecast period. The easy availability and high demand for the products along with factors such as easy to use and high preference by doctors are attributed to the dominance of the static compression therapy segment.
North America to Dominate Global Market
In terms of region, the global Compression Therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Compression Therapy market in 2018, followed by Europe.
North America accounted for major share of the global Compression Therapy market in 2018, owing to increasing prevalence of vascular diseases (venous ulcers, lymphedema, and deep vein thrombosis) and rising demand for various advanced compression therapy products propel the growth of the market in the region. In addition, rise in lymphedema and DVT cases are poised to boost demand for compression therapy in North America. Vascular diseases present a significant challenge to acute care hospitals and clinics in the U.S due to hospital-acquired infections.
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The Compression Therapy market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Increasing geriatric population in countries such as Japan, China, and Singapore have accelerated the demand for accurate and reliable compression therapy products, thereby driving the market in the region. In addition, rising disposable income and increase in health care infrastructure in countries such as India, China, and Malaysia is expected to support market growth.
The global Compression Therapy market is fragmented in terms of number of players. Key players in the global market include 3M Health Care, ArjoHuntleigh, Bio Compression Systems, Inc., BSN Medical, Covidien plc, medi GmbH & Co KG, PAUL HARTMANN AG, and SIGVARIS MANAGEMENT AG, among others.
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