Compression Therapy Market Top 7 Key Players Revenue, Share Forecast 2023
Posted by Diksha Pote on September 4th, 2019
Compression Therapy Market Highlights:
The Global compression therapy market is expected to grow at an approximate CAGR of 5.2% during forecast period, 2018–2023.
Increasing participation of market players is the key factor driving the compression therapy market. For instance, in 2015, SIGVARIS launched diabetic compression socks to provide maximum therapeutic relief for diabetic patients.
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Various other factors such as increasing incidence of sports injuries and accidents, technological advancements, presence of a large target patient population and rising patient awareness regarding the benefits of compression therapy are also expected to propel the growth of the market.
However, low patient compliance for compression garments, adoption of alternative therapies for specific target indications and lack of universally accepted standards for compression products can hinder the market growth over the forecast period.
The Global compression therapy market is segmented based on technique, product, application and region.
The Global market for compression therapy, by technique is segmented into static compression therapy and dynamic compression therapy.
The market, by product, is segmented into compression garments, compression pumps and compression braces. The compression garments segment is further classified as compression stockings, compression bandages & wraps and others.
Based on application, the market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment and others.
Some of the key players in the global compression therapy market are 3M, Medtronic PLC, Bio Compression Systems, Inc., BSN Medical, Medi GmbH & Co. Kg, Paul Hartmann AG, Smith & Nephew PLC., Cardinal Health, Inc., Sigvaris, Sanyleg S.R.L., Tactile Medical, Convatec Inc., DJO Global Inc., Getinge AB, Juzo and others.
The Americas dominated the global market for compression therapy. This can be attributed to the presence of major market players within the region.
Owing to the rising research and development investment and increasing prevalence venous leg ulcers, European compression therapy market stood second in 2017. According to the 2018 study published in the Burns & Trauma journal, venous ulcers are a common chronic problem in many countries especially in Northern Europe. The overall prevalence of this condition is 1%-3% in the population above 65 years of age.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare sector, increasing penetration of the market players within the region, and increasing healthcare expenditure drives the regional markets of the Asia Pacific region. According to the data suggested by the Australian Institute of Health and Welfare, Australia spent nearly USD 181 billion on health in 2016–2017.
On the other hand, the Middle East and Africa held least share in the global compression therapy market due to the low per capita income, especially within the African region.
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About the AuthorDiksha Pote
Joined: April 17th, 2019
Articles Posted: 193
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