LONDON, April 12, 2012 /PRNewswire/ -- The Western European compression therapy devices market is in its growth phase, bolstered by an ageing population and the increasing number of patients with venous and lymphatic conditions. Better understanding of pathologies and treatment options, paralleled by the demand for early diagnosis and prevention, will further boost market prospects.
New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com), Compression Therapy Devices Market in Western Europe, finds that the market earned revenues of $771.6 million in 2010 and estimates this to reach $1,306.9 million in 2017. The research covers static and dynamic compression therapy devices.
Nearly a quarter of Western Europe's population is over 60 years. This demographic group will be a primary end user of compression therapy devices due to the high incidence of venous and lymphatic conditions among them.
"Technological advances in material science and chemistry, such as improvements in synthetic materials, along with heightened awareness about the proper application of compression garments, will support the effective treatment of venous and lymphatic conditions, improved compliance and overall market expansion", notes Frost & Sullivan Healthcare Analyst Brahadeesh Chandrasekaran. "Technological advances will also have a particularly beneficial impact on the stockings segment; high-quality, easy-to-apply, comfortable products with excellent aesthetic appearance will result in enhanced penetration rates."
While favourable demographic factors will be a key market driver, greater awareness about compression therapy as a standard treatment procedure for venous and lymphatic conditions will further advance market prospects. Furthermore, pressure to reduce the costs associated with the treatment of chronic venous insufficiencies will boost demand for compression therapy devices.
Leveraging the market's considerable growth potential will depend on healthcare professionals and patients being aware of this treatment method.
"Although awareness about compression therapy for venous and lymphatic conditions is increasing, it still remains low, especially in home care and community care settings," explains Chandrasekaran. "If physicians need to recommend and prescribe this therapy, then there needs to be frequent and strong interaction between medical professionals, manufacturers and patient groups."
Another challenge to the overall market pertains to regional variations in reimbursement. For instance, across most of Italy, there is no reimbursement for bandages and elastic stockings. In France, only a proportion of the cost is reimbursed while, in countries like Spain, there is no reimbursement for dynamic compression devices.
As competition intensifies, manufacturers will have to focus on offering value-added services. Direct interaction will promote brand awareness among user groups and has the potential to expand the use of compression therapy devices, especially in regional markets.
"A key strategy would be for large multinational companies to acquire small market participants, while smaller companies with state-of-the-art offerings could also enter into synergistic partnerships," concludes Chandrasekaran. "This approach would help companies expand their services and product portfolio and their client base."
If you are interested in more information on this study, please send an e-mail with your contact details to Janique Morvan, Corporate Communications, at [email protected].
Compression Therapy Devices Market in Western Europe is part of the Medical Devices Growth Partnership Service programme, which also includes research in the following markets: Less Pain, More Gain - Analysis of the Advanced Wound Management Market, Western European Decontamination Equipment Market and Western European Gels and Scrubs Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Compression Therapy Devices Market in Western Europe
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SOURCE Frost & Sullivan