The largely
fragmented vendor landscape for the global compression therapy market
faces a massive threat from new entrants owing to inadequate
commercialization related regulation and chances of forward
integration by raw material providers, says Transparency Market
Research in a recent report. Suppliers of raw material also have a
low power of bargaining owing as they are present in large numbers.
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A large number of
vendors in the market are resorting to collaborations, mergers, and
acquisitions to acquire a larger share of the market and the growth
opportunities it presents. The presence of a vast set of untapped
opportunities in emerging economies across regions such as Asia
Pacific and Latin America is encouraging companies to extend their
business offerings in these new and relatively underdeveloped
regional markets. The market in these regional markets is also
expected to see the rise of a number of new companies catering to the
thriving market for sports and fitness products in countries such as
Japan, China, Singapore, and South Korea.
Transparency Market
Research estimates that the global compression therapy market will
reach an opportunity of US$4.25 bn by 2024 from a valuation of
US$2,693.4 mn in 2015, exhibiting a promising CAGR of 5.3% from 2016
to 2024.
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In terms of
technology, the global market has shown more preference to static
compression therapy products over the years as these products are
prescribed by doctors for patient care, due mostly to the clinical
evidence supporting their health benefits. Demand for static
compression therapy garments in high among patients owing to their
features such as better looks and comfortable fabric. Easy
availability and affordability of static compression therapy products
also work in favor of their swift uptake.
From a geographical
standpoint, the market for compression therapy in North America is
presently the most lucrative and massive. The regional market
accounted for over 47% of the global market in 2015, followed by the
Europe market with a 32% of the global market in the same year.
Alarming rise in the number of obese people in these regions is one
of the key drivers of the market for compression therapy and is
projected to remain a leading factor fueling the demand for a variety
of compression therapy products in the near future as well.
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The study states
that the immense growth potential of the healthcare industry in
emerging economies of Brazil, Mexico, India, and China will be one of
the key factors boosting the global market for compression therapy in
the near future. The increased demand for a variety of healthcare
products from the vast population of high disposable income
individuals in these countries combined with government efforts aimed
at the rapid development of healthcare facilities will contribute to
the increased sourcing of compression therapy products in these
countries.
Increased population
of people with a variety of chronic diseases, rising prevalence of
chronic pain, and the rising inclination of people towards sports and
fitness activities will also drive the demand for compression therapy
products in these countries and regions. Developed regions such as
North America and Europe will continue to be high-growth potential
markets on account of the large and rising population of obese people
and the high prevalence of chronic pain and several chronic
diseases.
Despite mostly positive growth prospects, the market for compression therapy will be
challenged by factors such as the absence of encouraging
reimbursement policies in a number of key regional markets and
limited product portfolios in underdeveloped markets. Nevertheless,
the increasing focus on the development of healthcare infrastructure
in developing economies will help gain the market sustainable pace
for future growth.
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