Latest Study on “Compression Therapy Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Compression Therapy market size is expected to be worth around US$ 4.0 Billion by 2027, according to a new report by nova one advisor.
The global Compression Therapy market size was valued at US$ 2.9 Billion in 2020 and is anticipated to grow at a CAGR of 7.0% during forecast period 2021 to 2027.
Overview of Compression Therapy Market Study
Compression Therapy market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/5788
The presence of a large target patient population and the rising incidence of sports injuries and accidents are the major factors driving the growth of this market. However, poor patient compliance for compression garments and the lack of universally accepted standards for compression products are the key factors that are expected to restrain the growth of this market during the forecast period.
Compression therapy Market Dynamics
Driver: Presence of a large target patient population
The target population for compression therapy products includes patients suffering from lifestyle-related diseases and vascular diseases, such as obesity, diabetes, lymphedema, DVT, and varicose veins. The rising geriatric population across the globe is considered a major factor supporting market growth as geriatric individuals are more susceptible to various health conditions. These factors are driving the demand and adoption of various treatment procedures, including compression therapy, among patients. Moreover, compression therapy products are increasingly being preferred as the first line of treatment for major target indications and for post-surgery rehabilitation.
Restraints: Lack of universally accepted standards for compression products
The lack of uniform international pressure standards for compression therapy garments across the globe may cause confusion regarding the selection of the garment for the treatment of different diseases. Globally, several standards, including the German RAL, French ASQUL, and British standards, exist with different pressure specifications included in each standard. For instance, as per the British, French, and German standards, the pressure applied by Class I compression hosiery should be 14–17 mmHg, 15 mmHg, and 18–21 mmHg, respectively.
Additionally, the US FDA does not have any set standards for compression garments. Currently, the pressure exerted by stockings is determined by manufacturers on the basis of their laboratory measurements due to the lack of uniform standards for graduated compression stockings worldwide. In addition, factors such as the elasticity and stiffness of stocking material and the size and shape of a patient’s legs can affect the overall pressure exerted by the garment. Considering the lack of uniform standards in the market, a wide range of products are offered at different price points with varying levels of medical efficacy. The varying efficacy of these products can potentially hamper customer trust in compression therapy, thereby restraining the growth of this market.
Opportunities: Growth potential offered by emerging markets
Emerging economies such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for players operating in the compression therapy market during the forecast period. Factors such as the presence of a large patient population, rising healthcare expenditure, increasing disposable income levels, and growing awareness among physicians, surgeons, and patients about the latest treatment options available for various orthopedic and vascular disorders are expected to drive the demand for compression therapy products in these countries. Asia is home to a large and rapidly growing patient population for target diseases, such as diabetes and cancer. Moreover, the geriatric population in Asia is expected to increase significantly in the coming years, which will further increase the prevalence of target diseases in the region. For instance, between 2015 and 2040, the diabetes population in Southeast Asia is estimated to increase from 78.3 million to 140.2 million; this figure is expected to increase from 153.2 million to 241.8 million across Western Pacific countries during the same period (Source: IDF). Considering the potential growth opportunities in these regions, prominent as well as emerging product manufacturers in the orthopedic and medical device industries are increasingly focusing on expanding their business across emerging Asian and LATAM countries in order to increase their profitability and strengthen their presence in the global compression therapy market.
Challenges: Significant adoption of alternative therapies for specific target indications
Several treatment options, including surgeries, ablation procedures, sclerotherapy, and ligation, are available for chronic venous diseases such as chronic venous insufficiency, varicose veins & spider veins, leg swelling and pain, and leg ulcers. Though compression therapy is considered as the first-line treatment for these diseases, several alternative therapies offer benefits (over compression therapy) such as few or no complications, minimal pain during and after treatment, and reduced hospital stay. Also, unlike compression therapy, these alternative therapies cure the disease and not just the symptoms. For instance, varicose veins are majorly treated with ablation procedures, such as laser and radiofrequency ablation. These ablation procedures are performed with local anesthetics and typically require no sedation. Likewise, DVT is commonly treated with anticoagulants such as heparin and warfarin. Considering the potential benefits of these alternative therapies, their preference has increased among patients as well as healthcare providers over the years. This is considered a major challenge for the growth of the compression therapy market in the coming years.
Compression garments are the largest product segment in the compression therapy market
Based on product, the compression therapy market is segmented into compression garments, compression braces, and compression pumps. Compression garments are expected to account for the largest share of the compression therapy market in 2021. This can majorly be attributed to the use of compression garments in a wide range of indications, such as varicose veins, edema, DVT, and lymphedema, as well as in the management of several chronic conditions.
Lymphedema treatment is estimated to be the fastest-growing application segment in the compression therapy market
On the basis of application, the compression therapy market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment, and other applications. The lymphedema treatment segment is estimated to grow at the highest CAGR during the forecast period owing to the rising incidence of lymphedema and the high preference for compression therapy products for the treatment and management of lymphedema among end users.
North America is estimated to be the largest regional market for compression therapy products in 2021
In 2021, North America is expected to account for the largest share of the compression therapy market. This can majorly be attributed to the rising number of orthopedic and spinal surgeries; growing number of patients suffering from DVT, varicose veins, and lymphedema; increasing incidence of sports injuries; and the presence of a number of compression therapy product manufacturers in the region.
Buy Complete Assessment of Compression Therapy market Now@ https://www.novaoneadvisor.com/report/checkout/5788
COVID-19 Impact on Compression Therapy Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Compression Therapy market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Compression Therapy market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Compression Therapy market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Compression Therapy market include:
DJO Global, Inc., BSN medical, medi GmbH & Co. KG, Tactile Medical, SIGVARIS, Paul Hartmann AG, Sanyleg S.r.l., 3M, ConvaTec Inc., ArjoHuntleigh Julius Zorn GmbH, Bio Compression Systems, Inc., Cardinal Health, Inc., and Smith & Nephew plc .
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Compression Garments
- Compression Stockings
- Compression Bandages & Wraps
- Other Compression Garments
- Compression Braces
- Compression Pumps
- Other compression garments include foot caps, arm sleeves, gauntlets, compression shirts and bras, chin straps, face masks, and abdominal gloves.
- Static Compression Therapy
- Dynamic Compression Therapy
- Varicose Vein Treatment
- Deep Vein Thrombosis Treatment
- Lymphedema Treatment
- Leg Ulcer Treatment
- Other Applications
- Other applications include the use of compression therapy during traveling, pregnancy, foot ulcers, and leg pain
- Pharmacies & Retailers
- Hospitals & Clinics
- E-Commerce Platforms
Why Buy this Report?
The purpose of Nova one advisor’s Compression Therapy market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5788
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Call: +1 9197 992 333