The key players in the global compression therapy market are recognizing several profitable growth opportunities in the developing countries of Asia Pacific. The market in Asia Pacific will be propelled due to rising disposable incomes and improving healthcare infrastructure, observes Transparency Market Research. Companies are also anticipated expand their geographical reach through mergers and acquisitions in the coming few years. “Players should focus on strengthening their presence in China, Japan, South Korea, and India as these countries have a significant population base with unmet medical needs,” states the lead author of this research report.
Asia Pacific Emerges as a Lucrative Market for Compression Therapy
The research report states that the compression therapy market will be valued at US$4.25 bn by 2024 as compared to US$2.7 bn in 2015. The market will expand at a steady CAGR of 5.3% between 2016 and 2024. In terms of technology, the dynamic compression therapy technology is likely to show a considerable growth as the segment exhibits a CAGR of 6.1% between 2016 and 2024. Patients are showing a higher preference for dynamic compression therapy technology due to its innovative approaches, comfortable products, and easy-to-use methods. Geographically, Asia Pacific is anticipated to be an emerging regional segment in the global market with a CAGR of 5.9% between 2016 and 2024.
Participation in Sports Fares Well for Global Market
The rising investments in the healthcare sector by developing countries is anticipated to have a significant impact on the compression therapy market. The increasing participation in sports and fitness related activities in the developing regions is projected to be an important driver for the uptake of compression therapy technologies in the developing regions. Compression therapy is primarily used for treating sports related injuries. Some of the commonly treated sports injuries are shoulder sprain, bone fracture, spinal straining, ankle joint sprain, and knee ligament injury.
Meanwhile, the rising cases of obesity and spike in the number of orthopedic surgeries are also anticipated to drive the compression therapy market. Compression therapy is used for patients who have undergone partial hip replacement, knee construction, and spinal fusions as it fastens the healing process, reduces swelling and inflammation, and mitigates acute or chronic pain.
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Poor Reimbursement Schemes Impede Market Growth
The global compression therapy market is being held back by poor reimbursement policies. Patients have to primarily incur heavy costs for treating cardiovascular diseases or other conditions. The addition of compression therapy and the necessary follow-ups make the treatment expensive and unaffordable to many. With unfavorable reimbursement plans, it has become exceptionally difficult for patients to opt for such treatments, especially in the developing regions. This factor is especially restraining the market in developing countries that lack supportive healthcare schemes from the government.
The increasing investments by several well-established players are expected to create a sizeable number of lucrative opportunities for the global market. The dip in prices as players try to appeal to a wider consumer base is anticipated to increase the scope for growth to the vendors in the global compression therapy market.
The review is based on Transparency Market Research report, titled “Compression Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”