Compression therapy, mostly used in treating musculoskeletal and spinal injuries in sportspersons and athletes, has been gaining traction steadily in the market. Its demand has been supported by the rising prevalence of orthopedic problems and obesity worldwide. Providing headwinds to its swift uptake is the dearth of solid reimbursement policies. Increasing investments in developing economies and the unmet medical needs in these countries, however, will help to overcome the market restraint.
Currently, the global compression therapy market is highly fragmented on account of the presence of numerous local and global companies. To gain a competitive edge, astute players are resorting to mergers and acquisitions and collaborations. They are also increasing focusing on the relatively untapped markets in Asia Pacific. Further, entry barriers to new players in the market is relatively low on account of lack of proper regulations for the commercialization of products and forward integration by raw material suppliers.
Transparency Market Research forecasts the global market for compression therapy to expand at a CAGR of 5.3% from 2016 to 2024 to attain a value of US$4.24 bn by 2024 from US$2.69 bn in 2015.
Clinical Evidence Propels Demand for Static Compression Products
Depending upon the technology leveraged, the global compression therapy market can be bifurcated into static and dynamic. Of the two, the static compression products holds out a strong promise of growth. This is because static garments are preferred more by doctors for patient care on account of clinical evidence supporting them. Patients also prefer static compression hosiery as they are crafted from comfortable materials and impart a better look. Other factors leading to their swift uptake is their affordability and easy availability.
The different types of compression therapy products available in the market are compression pumps, compression tapes, compression stocking, and compression bandages. Compression pumps can be further segmented into intermittent and sequential. Similarly, compression stocking can be classified further into gradient and anti-embolism. Of these, bandages hold a sway over the market. In 2015, it held a whopping 43.1% of the market.
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Underserved Asia Pacific Market Holds out Strong Promise
From a geographic standpoint, North America spells maximum opportunity in the global market for compression therapy. It accounted for almost 47.2% of the market in 2015 and was trailed by Europe, with a 32.2% share. The market in the U.S. provides ample room for growth on account of the widespread prevalence of obesity that ups the risk of vascular diseases. As per the American Academy of Orthopedic Surgeons (AAOS), around 600,000 knee arthroplasty surgeries were conducted in the U.S. in 2010 and by 2030 the number is slated to exceed 3 million.
Besides North America and Europe, Asia Pacific and Latin America are other key markets that hold out strong promise of growth on account of widespread unmet demands. The countries of Brazil, Mexico, South Korea, China, and India will help to power maximum growth in the regions. Other factors stimulating the market in Asia Pacific are rising investment in healthcare infrastructure, growing disposable income, and higher occurrence of chronic ailments.
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