Compression Therapy Devices Market
Global Market Study on Compression Therapy Devices: North America Projected to Continue Dominance through 2031
Compression Therapy Segmented By Compression Bandage, Compression Garments as Static Compression Therapy and Non-segmented Pneumatic Pumps, Segmented Pneumatic Pumps as Dynamic Compression Therapy
Compression therapy devices industry analysis by Persistence Market Research reveals that the market increased at a stable CAGR of 4.9% over the past five years, and the industry is currently worth US$ 3 Bn. Market value is expected to increase 1.6X by 2031 at a healthy CAGR of 5.3%. The market in Japan is valued at US$ 165 Mn, and is set to expand at a CAGR of 4.5% over the next ten years.
Find Out More about the Report Coverage
- BSN medical GmbH.
- PAUL HARTMANN AG.
- Julius Zorn GmbH.
- Smith & Nephew plc.
- medi GmbH & Co. KG.
- Medtronic plc.
Key Points Covered in Compression Therapy Devices Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on sales of compression therapy devices and how to navigate
- Recommendation on key winning strategies
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Increasing Application Scope of Compression Therapy Devices
Increasing instances of injuries caused due to the prevalence of venous diseases and rising sports activities has created substantial demand for devices that are required to treat these issues and injuries.
- Bio Compression Systems Inc. recently entered into a joint agreement with InfuSystem Holdings Inc., through which, InfuSystem will add Lymphedema Therapy to its Integrated Therapy Service (“ITS”) platform. Through this new agreement, InfuSystem will start providing solutions such as pneumatic compression devices and certified technicians for the proper fitting of compression systems.
Implementation of compression therapy in various healthcare aspects is a real possibility that is yet to be explored in its complete potential.
- In May 2021, AIROS® Medical Inc., a medical technology manufacturer specializing in compression therapy products, announced the launch of AIROS 6 Sequential Compression Therapy devices and Arm Plus garments soon after it was granted multiple regulatory approvals by the U.S. Food and Drug Administration (FDA). These new launches will assist breast cancer patients who are battling lymphedema with a new treatment option.
With increasing use of compression therapy devices across various aspects of healthcare, we can expect the market to see some major shift in scope and potential over the coming years.
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Increasing participation in sports activities, increasing awareness about various venous diseases and various such factors are the outcome of various injuries. Such injuries and anatomical targets need to be compressed with application of an external force, which has escalated demand for equipment and tools related to compression. Due to such factors, the global compression therapy devices market is projected to witness an upsurge in growth.
The compression therapy can be conducted with the application of various garments and devices such as bandages, air pumps, boots or gloves, and inflatable supplementary sleeves. Various hospitals and clinics are increasingly purchasing various compression devices and garments, due to surge in injuries, venous, diabetic or lymphatic diseases.
Inclination of various hospitals, clinics and medical stores towards storage and application of such garments and devices add to list of various factors projected to witness a boost in demand for various compression garments and tools, which in turn is fueling growth of the global compression therapy devices market in the span of next ten years.
The global compression therapy devices market is valued at US$ 3 Bn, and is projected to reach US$ 5.1 Bn, expanding at a CAGR of 5.3% over the forecast period of 2021-2031.
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Key Market Dynamics
Surge in old population, rising prevalence of diabetes, lymphatic diseases venous diseases, and surge in sports injuries are a few factors, which are estimated to boost demand for the range of compression equipment, garments, and devices in the near future.
Deep vein thrombosis, venous eczema, diabetic foot ulcers, and lower limb edema are various kinds of lymphatic diseases, where compression therapy tools, garments, and devices find application, which in turn revs up growth of the global compression therapy devices market in the near future.
Into the bargain, owing to developing technology regarding compression equipment, garments, and devices flaunting additional features, are further responsible for driving demand for the global compression therapy devices market. Such factors are predicted to escalate growth of the market in the span of next ten years.
The compression garments, devices, and equipment avoid the blood from pooling into the legs, which in turn helps maintaining a health blood circulation, throughout the body. Application of compression therapy garments, and devices are mainly designed for application of varying degree of pressure to anatomical targets.
Conversely, rising threats of complications and insufficient reimbursement policies pertaining to compression therapy garments, devices and equipment are anticipated to inhibit growth of the global compression therapy devices market in the upcoming years.
On the basis of product type, the global compression therapy devices market is segmented into dynamic compression therapy, and static compression therapy. The dynamic compression therapy is further classified into segmented pneumatic pumps, non-segmented pneumatic pumps, and others.
Whereas, the static compression therapy is further classified into compression garments, diabetic shoes, compression bandages, and others.
On the basis of region, owing to surge in old population in parallel to rise in sports related injuries, North America is projected to retain dominance in the compression therapy devices market in the span of next ten years. Nearly 1.3 Mn cases regarding sports injuries among youngsters are annually reported in the U.S., according to Safe Kids Worldwide, which is a global organization committed to avoiding children from getting injured.
Into the bargain, surge in obese population, and rapid prevalence of diabetic issues are further predicted to boost demand for compression garments, and devices, which in turn is estimated to escalate growth of the compression therapy devices market in the upcoming years.
The compression therapy devices market in North America is valued at US$ 1.3 Bn, and is projected to expand at a CAGR of 5.5%.
Attributed to surge in incidences related to sports injuries, the compression therapy devices market in Europe is estimated to witness a moderate growth. France, Germany, Spain, Italy, and the U.K. account for the major share of the compression therapy devices market in Europe, in the upcoming years.
Around 4.5 Mn people beyond 15 years age limit are admitted in the hospitals for treating sports related injuries annually, according to the European Injury Database (IDB).
Furthermore, owing to rising occurrences of sports injuries in various Southeast Asian countries, such as India, the compression therapy devices market is predicted to contribute significantly towards growth in the coming years.
Additionally, surge in old population, in parallel to rising prevalence of diabetic issues are significantly supporting growth of the compression therapy devices market in the span of next ten years.
India, Japan, and China are projected to be the fastest growing countries in the compression therapy devices market in Asia. Nearly, 21,334 incidences of sports injuries occur annually in Asia, according to Asian Federation of Sports Medicine (AFSM), which is a fragment of International Federation of Sports Medicines (FIMS).
Key Market Players
Some leading players of the global compression therapy devices market include 3M Company, Smith & Nephew plc, Medtronic plc, and SIGVARIS. Other prominent key players that operate in the compression therapy devices market comprise PAUL HARTMANN AG, Medi GmbH & Co. KG, ArjoHuntleigh, Julius Zorn GmbH., THUASNE, and BSN medical GmbH.
- FAQs -
At present, the compression therapy devices market is valued at approximately US$ 3 Bn.
The compression therapy devices industry is anticipated to progress at a positive CAGR of 5.3% and reach US$ 5.1 Bn by the end of the decade.
The compression therapy devices industry saw stable expansion at a CAGR of 4.9% over the past 5 years.
Top 5 manufacturers of compression therapy devices account for a huge 67% of the global market share.
The U.S., China, Japan, Germany, and France are major nations guiding the demand for compression therapy devices.
The Japanese market is worth US$ 165 Mn and the South Korean market is valued at around US$ 28.5 Mn.
Increasing mergers and acquisitions to offer effective treatment products coupled with rising promotional activities are trends that are influencing the industry.
The market in Germany is set to expand at a CAGR of 4.3%, Italy at 5.2%, France at 5.9%, the U.K. at 6.1%, and Spain at 4.8%.
The North American market is valued at US$ 1.3 Bn, and is slated to expand at a CAGR of 5.5%.
Increasing sports injuries and road accidents coupled with rising cases of chronic ulcers and venous insufficiency are the major factors influencing the demand for compressed therapy devices.