For the majority of sportspersons and athletes, compression therapy
is one of the most common procedures of treating injuries. Over the
years, the therapy has been facilitating the healing process in
various cases of musculoskeletal and spinal injuries. Besides this,
the increasing number of orthopedic surgeries conducted worldwide
also has been fuelling demand for compression therapy. With the
increasing obese population, the global compression therapy market
stands to reach US$4.24 bn by 2024, exhibiting a CAGR of 5.3% between
2016 and 2024.
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. Recognized as a gold
standard for treating lymphedema, chronic venous insufficiency, and
deep vein thrombosis, compression therapy is safe, easy-to-use and
provides effective treatment in a short time span. The therapy aims
to increase venous and lymphatic fluid in the limb through the
utilization of an external force (exerted by compression products).
This report studies the current scenario as well as future market
potential for compression therapy across the globe. The research
comprises an elaborate executive summary, which includes a market
snapshot that provides market dynamics of various segments and
sub-segments that are included in the report in a precise manner. The
report provides in-depth analysis of the compression therapy market.
The stakeholders for this report include companies involved in the
manufacturing of compression pumps, bandages, tapes and stocking. The
executive summary section further summarizes the market size, trends
and competition in different regions.
The majority of the companies operating in the market are vying to
emerge dominant through mergers and acquisitions. They are also
witnessing attractive prospects in the emerging economies of Asia
Pacific. TMR recommends that adopting collaborative strategies could
help these companies capitalize on untapped opportunities in the
region. With the population in China, Japan, Singapore, and South
Korea increasing at a rapid pace, combined with their increasing
interest in sports and fitness, manufacturers of compression therapy
products stand chance to gain a competitive edge in the market.
Capitalizing on Untapped Opportunities in Emerging Economies Could
Boost Market
TMR finds that the ripest opportunities lie in emerging economies of
Latin America and Asia Pacific. “Immense potential for healthcare
products in countries such as South Korea, Brazil, China, Mexico, and
India will prove to be lucrative for companies vying for sizeable
share in the global compression therapy market,” said a TMR
analyst. “Due to the increasing investment on the healthcare
infrastructure, increasing disposable income, and the rising
incidence of chronic ailments, these regions exhibit robust prospects
for the compression therapy market,” he added.
In the last few years, compression therapy has emerged as one of the
most preferred procedures for treating sports related injuries. The
growth witnesses by the market therefore corresponds directly to the
growing popularity for sports worldwide. Besides this, the rising
prevalence of obesity and increase in the number of orthopedic
surgeries also create ample opportunities favoring the market’s
expansion.
Absence of Reimbursement Regulations to Negatively Impact Sales of
Compression Therapy Products
Despite growth prospects for the market being robust, the absence of
proper reimbursement will have an adverse impact on its growth
trajectory. Nevertheless, the increasing investment on the
development of the healthcare infrastructure in developing companies
will provide considerable opportunities for vendors to boost their
sales.
Presently, the market has been witnessing lucrative prospects for the
sale of static compression products. Supported by clinical evidence,
static garments are preferred more by doctors as patient care
products. Additionally, patients favor static compression hosiery
more since it is made with comfortable material and due to its
aesthetic appeal.
North America Exhibits Highest Prospects for Compression Therapy
Regionally, the prospects for compression therapy seem most lucrative
in North America. The region held over 47.2% of the global
compression therapy market in 2015, followed by Europe, which
accounted for a share of 32.2% in the market. Obesity being a
widespread problem in developed economies such as the U.S., North
America will be witnessing a high incidence of vascular diseases.
This is evidently proving favorable for enterprises offering
compression therapy products to maximize their sales.
Transparency Market Research forecasts the global compression therapy
market to reach US$4.25 bn by 2024 from a valuation of US$2,693.4 mn
in 2015. If these figures hold true, the market will exhibit a CAGR
of 5.3% between 2016 and 2024.
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