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 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 market in the span of next six years.
In 2014, the global compression therapy market was valued at US$ 2,377.8 Mn. The global compression therapy market is projected to reach US$ 3,232.3 Mn, expanding at a CAGR of 5.2% over the forecast period, 2014-2020.
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Some of the major players in the compression therapy market:
- BSN medical GmbH.
- PAUL HARTMANN AG.
- Julius Zorn GmbH.
- Smith & Nephew plc.
- medi GmbH & Co. KG.
- Medtronic plc.
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.
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 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 market. Such factors are predicted to escalate growth of the market in the span of next six 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 market in the upcoming years.
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On the basis of product type, the global compression therapy 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.
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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 market in the span of next six 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 market in the upcoming years. The compression therapy market of North America is projected to escalate from US$ 2,377.8 Mn in 2014 to US$ 1,515.4 Mn, registering a CAGR of 5.4% by 2020-end.
Attributed to surge in incidences related to sports injuries, the compression therapy 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 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 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 market in the span of next six years.
India, Japan, and China are projected to be the fastest growing countries in the compression therapy 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).
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Key Market Players
Some leading players of the global compression therapy market include 3M Company, Smith & Nephew plc, Medtronic plc, and SIGVARIS. Other prominent key players that operate in the compression therapy market comprise PAUL HARTMANN AG, medi GmbH & Co. KG, ArjoHuntleigh, Julius Zorn GmbH., THUASNE, and BSN medical GmbH.