Compression Therapy Devices Market to grow at a stellar pace reflecting a 5.4% CAGR by 2025
A recently added report by Persistence Market Research (PMI), titled, “Global Market Study on Compression Therapy: Compression Bandage Expected to be the Most Lucrative Product Type Segment during 2017–2025,” throws light on important aspects of the market. It discusses in-depth the different growth drivers and restraints molding the growth path of the market, its size, and prospects going forward. It unravels the competitive dynamics in the market by leveraging popular analytical tools.
The report finds that the compression therapy market will likely expand at a steady 5.4% CAGR during the period between 2017 and 2025 to increase its value from US$1.323 mn in 2016 in the next couple of years.
Compression therapy is recommended by physicians to treat chronic venous insufficiency, lymphedema, and deep vein thrombosis. Its unique perceived benefits are its ease of use, effectiveness, quick healing, and safety. Such advantages are leading to its swift uptake. Besides, other factors having a positive impact on the demand in the market is the growing instances of sports injuries, increase in orthopedic surgeries, and the growing knowledge about compression therapy.
Another positive trend noticed in the market for compression therapy is the partnerships in research and rapid adoption of compression therapy by health management associations. Increasing instances of lymphedema and deep vein thrombosis cases are also boosting the market.
One factor posing a roadblock to the market for compression therapy, on the downside, is the dearth of supportive reimbursement policies. In addition, frequent product recalls and errors in therapy is also dampening sales in the market.
The various types of products purveyed in the global market for compression therapy are compression bandage, compression stocking, compression pump, and compression tape. At present, compression bandage accounts for a dominant share in the market, and will likely retain its position in the upcoming years too. In 2016, the segment’s leading share came to a substantial 44.5%.
Depending upon the technology, the market can be broadly segmented into static and dynamic. Of the two, the static segment leads the market with majority of share – in 2016, for example, its share stood at a mammoth 83.2%. In the near future too, the segment is expected to hold on to its dominant share. The static compression therapy finds application in treatment of chronic venous insufficiency, edema, and continuous arterial circulation. Tapes, bandages, stocking, and hosieries mainly comprise of static compression therapy products.
Some of the prominent end use segments in the global market for compression therapy are hospitals, ambulatory surgical centers, clinics, online portals, and other healthcare facilities. Of them, the segment of hospitals accounts for a leading share in the market and in the upcoming years too will continue to maintain its position. In 2016, its leading share was 34.7%.
Geographically, the key segments of the global market for compression therapy are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among them, the market in North America accounts for maximum market share and is projected to clock a 5.5% CAGR in the forecast period. In terms of growth rate, however, Asia Pacific is expected to outshine all other regions by expanding at a 5.6% CAGR from 2017 to 2025.
Some of the prominent names operating in the global market for compression therapy are Smith & Nephew, 3M, Medtronic, Inc., ArjoHuntleigh (Getinge AB), BSN Medical, Bio Compression Systems, Inc., SIGVARIS, Therafirm, PAUL HARTMANN AG, medi GmBH & Co KG, 2XU Pty. Ltd., Santemol Group Medikal, etc.