The compression therapy market has been forecast to increase at a compound annual growth rate (CAGR) of 5% over the next six years, increasing from a value of $2.4 billion in 2012, to reach a total of $3.4 billion by 2019.
The industry is set to be driven primarily by the increasingly large population that is both elderly and diabetic and leading to a high incidence of venous diseases.
There is a lack of awareness among patients and physicians about the importance of compression therapy in the management and acceleration of wound healing. However, campaigns organised by companies and non-profit organisations have helped to raise awareness of the complications associated with venous diseases and the importance of compression therapy in their management.
The concept of compression therapy is based on a simple and efficient mechanical principle consisting of applying an elastic garment around the leg. By compressing the limb with graduated compression (strongest at the ankle and decreasing going up the leg), the compression stocking acts as a layer of muscle by gently squeezing the stretched vein walls together, allowing the valves to close.
Advances in garments, textile technology, compression stockings, and bandages aimed at improving patient comfort are expected to drive future growth. It is imperative that governments worldwide provide better access to compression therapy, as it can help to significantly reduce a country's healthcare burden.
Inadequate or a total lack of reimbursement for compression therapy, even in developed economies such as the US and Europe, will continue to slow down demand.
According to a recent market report, 'Compression Therapy Market to 2019,' in 2012, the US was the largest market for compression therapy and accounted for 49% of global market revenue. It will remain the largest market during the forecast period, growing from a value of $1 billion in 2012 to $1.6 billion by 2019 at a CAGR of 6%.
Europe and Asia-Pacific are expected to account for slightly smaller shares by 2019 as the share of the US increases slightly to strengthen its leading position. Inadequate reimbursement for compression therapy in the US is however a major restraint for future growth.
Leading companies and non-profit organisations are focusing on awareness campaigns to increase awareness of the complications of venous diseases and the importance of compression therapy in their management. The campaigns focus on the importance of screening venous diseases in order to reduce complications.
For more information on the compression therapy market, see the latest research: Compression Therapy Market
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