NEW YORK, Sept. 28, 2016 /PRNewswire/ -- The global compression therapy market size is expected to reach USD 3.96 billion by 2022, according to a new report by Grand View Research Inc. Increasing prevalence of chronic venous disorders such as deep vein thrombosis, leg ulcers, lymphedema and venous insufficiency is expected to serve as the key driver.
Growing sports and adventure related injuries are also expected to boost market growth over the forecast period. In Addition, the increasing incidence of diabetes is also likely to support the market demand as diabetic patients usually suffer from swelling in legs, ankles and feet.
Rising geriatric population base is identified as a driver for the compression therapy market owing to the high susceptibility of this age group towards developing chronic venous disorders. Additionally, advancements like use of mobile intermittent pumps and inelastic boots is likely to lead to better compliance and efficacy in patients thereby, leading to greater usage of this therapy.
Further key findings from the report suggest:
Static technology compression therapy dominated the market in 2014, with revenue of over USD 1.75 billion. Extensive use of static devices owing to their easy application and removal as compared to the other traditional therapies like treatment with heparin is a key factor contributing towards the dominance of this segment.
Dynamic therapy is expected to witness substantial growth over the forecast period owing to the benefits associated with this technology. Dynamic devices mimic the lymphatic system and promote fluid movement and hence have higher efficacy in wound healing. In addition, studies showed that these devices reduce the cost of therapy and provide faster healing as compared to the static therapy.
Compression bandages dominated the product segment in 2014 at over USD 1.2 billion, owing to their increased demand as a consequence of ease of application; reduce slippage and less bulkiness which allows patients to wear normal footwear.
North America compression therapy market dominated this industry with over 45% of revenue share in 2014, owing to the increasing geriatric population base, rising prevalence of diabetes, unhealthy lifestyle of people and high awareness amongst people about venous diseases.
Asia Pacific is expected to grow at over 7.5% over the coming seven years as a consequence of rapidly improving healthcare infrastructure in this region which has improved the access for compression devices
Key players operating in this industry include Medtronic Plc, SIGVARIS, BSN Medical GmbH, ArjoHuntleigh, Medi GmbH & Co. and Julius Zorn GmbH. These companies are involved in various developmental strategies such as mergers and acquisitions to sustain their market share.
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