ALBANY, New York, July 27, 2015 /PRNewswire/ --
According to a new market research report published by Transparency Market Research "Compression Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global compression therapy market was valued at USD 2.5 billion in 2015 and is estimated to reach USD 4.0 billion in 2023 at a CAGR of 5.2% from 2015 to 2023.
Compression therapy is a medical procedure in which external pressure is applied to the skin and underlying structure (organ) to promote normal flow of venous blood in the body. Compression therapy is recognized as a gold standard for the treatment of lymphedema, chronic venous insufficiency, and deep vein thrombosis as it is easy-to-use, safe, and provides effective treatment in a short time span. Factors such as rising sports injuries, increase in the number of orthopedic surgeries, and rapidly growing obese population boost demand for compression therapy products globally. However, lack of favorable reimbursement policies pertaining to the treatment of vascular diseases with compression therapy products would hamper market growth. The global compression therapy market was valued at USD 2,591.8 million in 2015 and is projected to reach USD 4,026.8 million by 2023, expanding at a CAGR of 5.2% from 2015 to 2023.
For additional information about the Compression Therapy Market Report, visit: http://www.transparencymarketresearch.com/compression-therapy-market.html
Based on technology, the global compression therapy market has been segmented into static and dynamic compression therapy. The static compression therapy segment is projected to dominate the global market from 2015 to 2023 due to easy availability and high demand for the products. Moreover, factors such as easy to use and high preference by doctors are attributed to the dominance of the static compression therapy segment. However, the dynamic compression therapy segment is growing at the highest rate due to its effective treatment result and less frequent bandage changes. Moreover, the market is shifting from static compression therapy to dynamic compression therapy products due to increasing demand for innovative and comfortable compression therapy. Hence, the dynamic compression therapy segment is anticipated to expand at the highest growth rate from 2015 to 2023. However, low level of awareness and lack of clinical evidence is likely to restrict market growth.
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Based on product, the compression therapy market has been segmented into compression pump, compression stocking, compression bandage, and compression tape. The compression bandage product segment accounted for the largest share of the global compression therapy market in 2014. This was primarily due to low cost, easy availability, and stress-free usage. These factors encourage patients to opt for compression bandages in the treatment of vascular disease.
However, the compression pump segment is projected to expand at the highest CAGR during the forecast period due to attributes such as safety, easy to use, and well-tolerated method. Due to these attributes, compression pumps are recognized as a gold standard for the treatment of lymphedema. The compression pump segment is further categorized into intermittent and sequential compression pumps. The intermittent compression pump sub-segment dominated the compression pump segment in 2014 and would continue to maintain its leadership position till 2023.
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The dominance of the segment is majorly due to attributes such as safety, easy to use, and well-tolerated method. Hence, intermittent compression pumps are recognized as a gold standard for the treatment of lymphedema. Moreover, rapidly growing lymphedema cases would boost demand for intermittent pumps globally. However, lack of favorable reimbursement would hinder the growth of the compression pumps market from 2015 to 2023.
The global compression therapy market is highly fragmented, with the presence of a large number of small and multinational players. Companies such as 3M Health Care, ArjoHuntleigh, BSN medical, Medtronic plc, Bio Compression Systems, Inc., medi GmbH & Co. KG, PAUL HARTMANN AG, and SIGVARIS MANAGEMENT AG are the major players operating in the global compression therapy market.
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The global compression therapy market has been segmented into:
- Global Compression Therapy Market, by Technology
- Global Compression Therapy Market, by Product
- Compression Pump
- Compression Stocking
- Compression bandage
- Compression Tape
- Compression Pump
- Global Compression Therapy Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- Saudi Arabia
- Rest of MEA
- North America
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