The forecast period will witness a shift of notion about healthcare from just being “sick care” to “health and wellness”. The Compression Therapy Market entails the integration of this shift into the design of delivery locations/channels and service offerings by the key market participants. This could include at-home prescription delivery, virtual care, self-service application for behavior modification, and decision support.
According to a new market report published by Persistence Market Research “Global Market Study on Compression Therapy – Asia to Witness Highest Growth by 2020”, the global compression therapy market was valued at USD 2,377.8 million in 2014 and is expected to expand at a CAGR of 5.2% from 2014 to 2020, to reach USD 3,232.3 million by 2020.
Compression therapy is a procedure entailing the delivery of an external force to tired and aching legs and other relevant anatomical targets where compression is required for management. This therapy is used to treat venous and lymphatic diseases such as lower limb edema, venous eczema, deep vein thrombosis, and diabetic foot ulcers.
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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.
Globally, the market for compression therapy is witnessing significant growth due to the increasing prevalence of diabetes, growth of the aging population, high incidence of sports injuries, rising awareness about various venous diseases, and the advanced features of compression therapy garments and devices.
However, inadequate reimbursement policies and the risk of complications associated with compression therapy systems inhibit the growth of the market.
North America dominates the compression therapy market due to increasing numbers of sports injuries in the region. For instance, according to Safe Kids Worldwide, a global organization dedicated to preventing injuries in children, every year about 1.3 million cases of sports injuries among youngsters are registered in the U.S. Increasing prevalence of diabetes, aging population, and rising obesity are also supporting the growth of compression therapy market in North America.
The compression therapy market in Europe is growing due to rising incidence of sports injuries in the region. According to the European Injury Database (IDB), approximately 4.5 million people above 15 years of age are treated in hospitals for sports injuries every year in the region. In addition, increasing the prevalence of diabetes and the growth of the aging population are also supporting the growth of the compression therapy market in Europe.
Asia is the fastest-growing region in the compression therapy market. According to the Asian Federation of Sports Medicine (AFSM), a part of International Federation of Sports Medicine (FIMS), on average 21,334 sports injuries occur every year in the region. Moreover, a growing aging population and increasing prevalence of diabetes are also supporting the growth of the compression therapy market in the region.
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