Compression Therapy Market to Register Moderate Growth Till 2020, Growth Avenues to be Seen in Dynamic Compression Therapy Systems Segment
Published On : May 04, 2015
Compression therapy - customarily used for treating venous diseases and conditions - is centered on a simple and effective principle: The application of pressure using an elastic garment on the affected body part. The demand for compression therapy has witnessed an upward growth graph in recent years because of a reported rise in lymphatic and venous diseases, which include deep vein thrombosis, diabetic foot ulcers, lower limb edema, and venous eczema. The demand for treating these conditions has created a large compression therapy market globally. Market analysts expect that by 2020, compression therapy will be a US$3,232.3 million market, showing a 5.2% CAGR between 2014 and 2020. As of 2014, this market was estimated to be worth US$2,377.8 million.
Compression therapy can be administered in the static form or dynamic form. Static compression therapy can be of the following types: Compression garments, compression bandages, diabetic shoes, and others. Similarly, dynamic compression therapy can be administered via segmented pneumatic pumps and non-segmented pneumatic pumps.
Rising Awareness of Venous Diseases Translates into Higher Demand for Compression Therapies
Although the expected CAGR of the compression therapy market may not look too exciting, there are several positive changes occurring in it. For one, consumers now have heightened awareness about the applications of compression therapy. This awareness is further accentuated by supporting factors such as: An increase in the prevalence of diabetes, higher number of sports injuries being reported, and rising geriatric population. Companies have responded proactively to these market drivers by introducing advanced compression therapy machines and products.
However, even as they invest in developing new and innovative compression therapy units, market players will have to brave a few risks, most of which are on the consumer side. For one, the lack of favorable reimbursement policies will mar growth and a few emerging companies will find their growth limited because the health complications associated with the use of compression therapy machines and systems.
High Incidence of Sports Injuries in North America will Prove Favorable for Compression Therapy Market in the Region
The reason why North America dominates the compression therapy market globally is because a vast number of sports injuries are reported from countries in the region. This is corroborated by the recent findings of organizations such as Safe Kids Worldwide, which says that the U.S. witnesses a staggering 1.3 million sports injury cases are reported among children and youngsters. The other factor at play in propelling the North America compression therapy market is the diabetes and obesity epidemic here.
The compression therapy market in Europe is showing upward growth because of similar reasons. The European Injury Database or the IDB recently said that the number of people aged 15 years and above treated for sports injuries approximates 4.5 million annually. This creates an evident opportunity for the sale of compression therapy machines and products. Diabetes also wields a growing influence on the demand for compression therapy in the European region.
While they were earlier few and far between, sports injuries are now gathering pace in the Asia Pacific region. However, the number of sports injuries reported still remains lower in APAC as compared to North America and Europe. The Asian Federation of Sports Medicine (AFSM), which functions under the aegis of the International Federation of Sports Medicine (FIMS), says that APAC reports an average of 21,334 sports injuries annually. Interestingly, Asia Pacific will likely show the fastest pace of growth in the global compression therapy market. The other factors affecting the Asia Pacific market are the increasing numbers of diabetes cases reported from here.
Moving forward, dynamic compression therapy systems are expected to gain a large share in the compression therapy market, which will likely prompt many companies to focus on this emerging segment.
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