Transparency Market Research has published a new market research report titled, “Compression Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report, the global compression therapy market was valued at US$ 2.7 Bn in 2015 and is projected to reach US$ 4.2 Bn in 2024 at a CAGR of 5.3% from 2016 to 2024.
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Compression therapy is the primary intervention for prevention and management of venous hypertension, venous edema, and venous leg ulcers. Compression therapy is recognized as a gold standard for the treatment of lymphedema, chronic venous insufficiency, and deep vein thrombosis as it is easy-to-use, safe, and provides effective treatment in a short time span. In addition, rapidly increasing lymphedema and deep vein thrombosis cases are likely to boost the global demand for compression therapy products. Increasing prevalence of vascular diseases, surge in geriatric population, and rising demand for various advanced compression therapy products boost market growth globally. Moreover, rising disposable income, increase in health care infrastructure, and distribution and partnership strategies adopted by key players support market growth in the region. The global compression therapy market was valued at US$ 2.7 Bn in 2015 and is estimated to reach US$ 4.3 Bn by 2024, expanding at a CAGR of 5.3% from 2016 to 2024.
Based on technology, the global compression therapy market has been segmented into static and dynamic compression therapy. The static compression therapy segment is projected to dominate the global market from 2016 to 2024 due to easy availability and high demand for the products. Moreover, factors such as easy to use and high preference by doctors are attributed to the dominance of the static compression therapy segment. Dynamic compression therapy segment, on the other hand, is growing at the highest rate due to its effective treatment result and less frequent bandage changes. Furthermore, the market is shifting from static compression therapy to dynamic compression therapy products due to increasing demand for innovative and comfortable compression therapy. Low level of awareness and lack of clinical evidence is, however, likely to hamper market growth.
Based on product type, the compression therapy market has been segmented into compression pump, compression stocking, compression bandage, and compression tape. The compression bandage product segment accounted for the largest share of the global compression therapy market in 2015 due to low cost, easy availability, and stress-free usage. These factors encourage patients to opt for compression bandages in the treatment of vascular disease. The compression pump segment is projected to expand at the highest CAGR during the forecast period due to attributes such as safety, easy to use, and well-tolerated method. The compression pump segment is further categorized into intermittent and sequential compression pumps. The intermittent compression pump sub-segment dominated the compression pump segment in 2015. The sub-segment is likely to sustain its leadership position until 2024. The dominance of the segment is majorly due to attributes such as safety, easy to use, and well-tolerated method. Hence, intermittent compression pumps are recognized as a gold standard for the treatment of lymphedema. Moreover, rapidly growing lymphedema cases is anticipated to boost demand for intermittent pumps across the globe. However, lack of favorable reimbursement is expected to hinder the growth of the compression pumps market from 2016 to 2024. Compression stockings have been segmented into gradient and anti-embolism stockings. Increasing application of gradient stocking in venous disorders such as deep vein thrombosis and lymphedema is expected to drive the market for gradient stockings.
The global compression therapy market is highly fragmented, with the presence of a large number of small and multinational players. Companies such as 3M Health Care, ArjoHuntleigh, BSN medical, Medtronic plc, Bio Compression Systems, Inc., medi GmbH & Co. KG, PAUL HARTMANN AG, and SIGVARIS MANAGEMENT AG are the major players operating in the global compression therapy market.
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