Compression Therapy Market is anticipated to grow at a CAGR of ~4.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Compression Therapy Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Compression Therapy Marketaccounted for over US$ 3 million in 2019. It is anticipated to grow at a CAGR of ~4.5% from 2020 to 2030.
Compression therapy is a recognized treatment of choice for recurrent chronic venous diseases. Chronic venous diseases arise among individuals with increased strain on veins of the leg, thereby, resulting in the blood to flow back up and eventually pool out in the legs.The goal of the therapy isthe healing of the ulcer and reduction of edema, lipodermatosclerosis, and pain associated with the ailment.These products are also extensively utilized to promote the circulation of blood within the body and prevent coagulation of fluids in tissue spaces, and therefore promote muscle health.
Thegrowth of the compression therapy market can be attributed to the increasing number of orthopedic procedures,a rising number of accidents, and growing obese populations, around the globe. According to the American Academy of Orthopedic Surgeons (AAOS), by 2030, primary Total Hip Replacements (THR) and Total Knee Replacements (TKR)procedures are projected to grow a staggering171% and 189% respectively. Moreover,rising geriatric population, whichis highly susceptible to orthopedic conditions,is anticipated to contribute to the high number of orthopedic procedures, which in turn is expected to propel the adoption of compression therapy products significantly in the coming years.
Other factors,such as the increasing application of compression therapy products in sports medicine is expected to providelucrative growth opportunities for the market. Similarly, compression therapy products are also widely used among patients suffering from arthritis; and a growing population suffering from such disorders is projected to considerably boost the marketto a certain extent during the forecast period.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Compression Therapy Market by Technique (Static, Dynamic), Product (Compression Garment, Compression Braces, Compression Pumps), Application (Varicose Veins, Deep Vein Thrombosis (DVT), Lymphedema, Leg Ulcers), Distribution (Pharmacies & Retailers, Hospitals & Clinics and E-commerce Platforms) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/compression-therapy-market/283
However, lack of knowledge &confidence in utilizing compression therapy products and complications or risks of infections which may arise due to ill-fitted compression garment, post-implant surgeries, are few of the factor which may hinder the growth of the market to a certain extent.
North America is accounted for the largest market sharein the global compression therapy market in 2019. The presence of arich base of geriatric population and high prevalenceof chronic venous diseases are a few of the factors responsible for the growth of this market in the region. Moreover, the presence of a significant population suffering from obesity-related ailments in this region has also played a crucial in the wide-scale adoption of these products. Asia Pacific is expected to be the fastest-growing regional market, in the global compression therapy market during the forecast period. Factors such as increasing investments in R&D by key players to commercialize products at a relatively lower price, and risingnumber of chronic venous diseases is expected to drive the growth of the market in this region.
Some of the key players operating in the global compression therapy market include DJO GLOBAL, INC., BSN medical, Medi GmbH & Co. KG, Inc., Tactile Medical., SIGVARIS GROUP., Smith & Nephew Plc. , 3M, ConvaTec Inc., Arjo., and Juzo, among others.
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