The team of research specialists from Strategic Market Research have stated that the Market for Compression Therapy was worth USD 2.84 billion in 2020 & is likely to expedite up to USD 4.71 billion in 2030 with a burgeoning CAGR of around 5.2%.
New York, United States, May 20, 2022 (GLOBE NEWSWIRE) -- Compression Therapy is regarded as the cornerstone of therapy for patients suffering from venous ulcers. This treatment modality has improvised the rate of ulcer healing and reduced the incidence of their re-occurrences. Around (50 to 60) % of the patients heal with compression therapy within a period of 6 months. The continuous surge in the geriatric population, a steep rise in the abnormality of lifestyle, and the increasing number of accidents & sports-related injuries around the world are propelling the growth of the Compression Therapy Market throughout the period of 2020 to 2030. In terms of Product, the Compression Garments segment accounted for the maximum proportion of the market share in 2020 & on a regional basis, North America significantly led the Market with a share of around 45.77% & is expected to continue its sheer dominance throughout the forecasted frame of time.
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The detailed segmentation analysis of the latest report outlined by Strategic Market Research on the Compression Therapy Market is as follows:
o Compression Garments
o Compression Pumps
o Compression Braces
By Distribution Channel
o Clinics& Hospitals
o E-commerce platforms
o Retailers and Pharmacies
o Static Therapy
o Dynamic Therapy
o Lymphedema Treatments
o Varicose Vein Treatments
o Leg Ulcer Treatments
o Deep Vein Treatments
o North America
o Asia-Pacific (APAC)
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Key factors that are fuelling the market growth:
The continuous increase of the old age population is fuelling the growth of the compression therapy market as these people are more prone to various health-related issues as compared to the other age groups. As per Age International, the average life expectancy has surged almost 20 years since the last half century. As a result, there are currently around 962 million individuals who are above 60 years old, and it’s expected that by 2050, there will be more than 2 billion people who will be above 60 years of age, which is nearly double the amount that was recorded in 2000.
Apart from the geriatric population growth, the abnormal lifestyle of today's generation is also responsible for the propulsion of this market. Due to this abnormality in lifestyle, people are becoming more vulnerable to various diseases such as diabetes, obesity, high blood pressure, etc. The World Health Organization asserted that around 2.8 million people are losing their lives per year across the globe due to obesity. From the world obesity statistics, it was discovered that the countries like the United States, the UK, and Mexico will have significant obesity rates by 2030, with 47 %, 35 %, & 39 % of the population being overweight.
Moreover, the Global obesity trends suggested that the rate of surge in obesity would be slower in Korea & Italy, which is expected to reach around 9% & 13%, respectively, by 2030. Hence with the rise of such chronic diseases, compression therapy is finding its way to prosper in the market.
On the basis of Product, the ' Compression Garments' Segment is expected to dominate the Market throughout the forecasted time period.
In terms of Product, the Market is divided into Compression Garments, Compression Pumps, and Compression Braces. The 'Compression Garments' segment held the maximum share of the Market due to the widespread usage of compression garments for various diseases, like edema, DVT, varicose veins, & lymphedema, including the management of several chronic illnesses. The American Hospital Association stated that currently, around 133 million Americans or nearly 50% of the population, suffer from at least one chronic illness, like heart disease, hypertension, and arthritis which is around 15 million more compared to the last decade and by 2030, this number is expected to rise up to 170 million.
Based on Distribution Channel, the ‘Clinics & Hospitals’ Segment led the worldwide Market in 2020
Based on Distribution Channel, the Market is ramified into Clinics & Hospitals, E-commerce platforms, Retailers and Pharmacies, Homecare. The ‘Clinics & Hospitals’ segment comprehensively dominated the Market with the highest percentage share of around 60.24% in 2020, owing to the rise of patient admissions and the increase in usage of the various types of compression therapy devices. The World Health Organization have delineated that there are 421 million hospitalizations annually, & nearly 42.7 million adverse events occur with the patients during these hospitalizations.
On the other hand, the Homecare segment showed the fastest rate of growth throughout the forecasted time frame with a decent CAGR value. This is because of the fact that the number of older adults is continuously increasing, & people are showing more initiative in getting their cold compression therapy treatments done at their home with the Guyon's canal syndrome treatment.
Based on Technique, the ‘Static Therapy’ Segment continued its sheer dominance in 2020.
By Technique, the Market is bifurcated into Static Therapy, & Dynamic Therapy. The Static Therapy segment accounted for the highest share of nearly 78.15% of the market in 2020 because of easy method of usage and the greater accessibility of these products in the treatment of edema & sports-related injuries. As per Johns Hopkins Medicine, in the United States about 30 million children & teens participate in different kinds of sports, & more than 3.5 million injuries occur each year. Almost 1/3 rd. of all the injuries that are incurred in childhood are sports-related injuries.
For Applications, the ‘Lymphedema Treatment’ segment led the market growth.
Based on Applications, the Compression Therapy Market is segregated into lymphedema treatment, deep vein thrombosis treatment, varicose vein treatment, leg ulcer treatment, & other applications. Due to the increased number of lymphedema cases and the rise of netizen’s preferences for compression therapies in disease treatment & control, the Lymphedema Treatment sector is poised to grow at a robust CAGR during the projected period. The National Library of Medicine has disclosed that the primary lymphedema disease affects 1 in 100,000 people globally. One of the most frequent causes of lymphedema is secondary lymphedema, which affects about 1 in 1000 people in the USA. A recent study has suggested that within 12 months after undergoing the treatment for gynecological cancer, around 37% of women showed detectable signs of lymphedema.
North America held the maximum proportion of the regional Market share in 2020
Based on Regions, North America held the largest share of around 45.77% of the market in 2020 or with a revenue of around USD 1.3 billion and a CAGR of 5.5%. This is due to the rising awareness among the population to undergo various compressive therapy treatments & attractive reimbursement policies.
Apart from that, the rising prevalence of arthritis, sports injuries, venous ulcers, and vehicle accidents are some of the main contributors to market growth in this region. The National Highway Traffic Safety Administration of the U.S. Department, in a survey, reported that around 20,160 individuals died due to motor vehicle accidents in the first half of 2021, which is a rise of 18.4 % as compared to 2020.
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The pivotal players that exist in the worldwide market environment are:
Smith & Nephew plc
Bio Compression Systems Inc.
Paul Hartmann AG
BSN Medical GmbH
Gottfried Medical Inc.
Tactile Systems Technology Inc.
Kindly go through and get access to our comprehensive coverage of myriad number of healthcare reports published in the last three months:
On April 13th 2022, Koya Medical successfully announced the launch of their Dayspring active compression device in the USA. Koya created the Dayspring compression device for the treatment of lymphedema & various venous disorders in the lower limbs. It is regarded as a breathable and soft mesh garment integrated with Koya'sFlexframe technology, which uses spring-like parts to generate compression.
On November 16th 2020, Therabody announced that they had successfully acquired RP Sport’s RecoveryPump. The RP Sports acquisition was indeed a milestone achievement for Therabody as it led to the advent of various whole-body wellness solutions, thus bringing Recovery Pump’s clinical pneumatic compression technology to the public.
On July 28th, 2020, AIROS Medical Inc. successfully launched its Arm Plus garments and AIROS 6 Sequential Compression Therapy device for the treatment of cancer-related lymphedema & various venous problems. The Arm Plus garment is prescribed by a physician for the treatment of arm, shoulder, back, and chest lymphedema and has acquired a 510(k) clearance from the US FDA.
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