Compression therapy is a medical procedure in which compression devices such as elasticized stockings, pumps, and bandages are used for the treatment of vascular diseases including venous ulcers, lymphedema, and deep vein thrombosis. The therapy involves primary intervention for the prevention and management of venous hypertension, edema, and leg ulcers. The therapy increases venous and lymphatic fluid in the limb with the utilization of an external force (exerted by compression products). 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 global demand for compression therapy products. Rising sports injuries, increase in the number of orthopedic surgeries, and rapidly growing obese population boost demand for compression therapy products globally. However, lack of favorable reimbursement policies pertaining to the treatment of vascular diseases with compression therapy products is anticipated to hamper market growth. The global compression therapy market was valued at US$ 2,693.4 Mn in 2015 and is projected to reach US$ 4,245.4 Mn by 2023, expanding at a CAGR of 5.3% from 2016 to 2024.
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Based on technology, the global compression therapy market has been segmented into static and dynamic compression therapy. The static compression technology segment accounted for the largest share of the global compression therapy market in 2015 owing to low cost, easy availability, and high demand for static compression products. However, the dynamic compression technology segment is projected to expand at the highest CAGR during the forecast period due to effective treatment outcomes and less frequent change of air tubes. Growing preference for innovative and comfortable products is driving the global demand for dynamic compression therapy products.
The report covers various compression therapy products such as 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.
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North America dominated the global compression therapy market owing to the increasing prevalence of vascular diseases such as venous ulcers, lymphedema, and deep vein thrombosis and rising demand for various advanced compression therapy products in the region. The large and increasing geriatric population in Europe will contribute significantly to the number of surgeries performed due to higher susceptibility of elderly people to various chronic as well as acute disorders. Hence, increasing geriatric population is expected to boost demand for compression therapy in Europe.
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The compression therapy market in Asia Pacific is anticipated to witness the fastest growth rate during the forecast period as compared to North America and Europe. Increasing geriatric population in countries such as Japan, China, and Singapore have accelerated the demand for accurate and reliable compression therapy products, thereby driving the market in the region. Moreover, rising disposable income and increase in health care infrastructure in countries such as India, China, and Malaysia would support market growth. The compression therapy market in Latin America is projected to expand at a high CAGR during the forecast period due to improving health care scenario, rising prevalence of venous diseases, and growing investments by market players.
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