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Global Compression Therapy Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 4.7 Bn by 2028, Likely to Grow with the CAGR of 4.80% During the Forecast Period.
Globally an increase in the prevalence of vein ailments including leg ulcers, lymphedema, deep vein thrombosis, varicose veins, and blood clots are key influencing factors propelling the demand of compression therapy offerings. Products offered include stockings and bandages that are high in usage for treating these disorders; hence they are driving the market growth. As per the Department of Vascular Surgery, chronic vein abnormalities are present in about 50% of the individuals. The compression therapy market is also driven by increasing number of orthopedic treatments by rise in the accidents occurred coupled with obese population growth worldwide. A growing number of geriatric populations are mostly susceptible for an orthopedic condition therefore needs greater amount of orthopedic treatments. Such drivers are supporting in the surge of these products usage. As per the American Academy of Orthopedic Surgeons in 2006, the knee and hip surgeries are anticipated to increase by 673% and 174%, respectively, next two decades. Such determined growth of orthopedic treatments exemplifies the demand of these compression therapy offerings in the global market.
Rising Healthcare Industry in developing countries to Drive the Demand for Compression Therapy
The healthcare industry is being rising by an increase in the number of patients who are suffering from various illnesses that might be treated by the application of compression therapy. It is also evident that healthcare industry is also being supported by several government policies supporting the patients and healthcare facilities.
Static technology Segment held prominent share in Global Compression Therapy Market in 2019
The Static technology segment led the compression therapy market in 2019 by its properties such as greater convenience and user-friendly features of this technology. The market demand of these offerings is attributed for higher accessibility in treating edema and sports-related injuries to give patients pain and pressure relief. Advantages associated with this static technology contributed in an increase of patient and physicians preference, those are accounting for a leading market demand. Substantial market is captured by this segment and is estimated through its higher susceptibility of growing diabetic and geriatric population to develop lymphedema, deep vein thrombosis, and chronic venous insufficiency. Moreover, existence of companies those are steadily striving to increase awareness in context of usability of these technology is propelling its market growth.
The North America Is expected to dominate the Compression Therapy Market during the Forecast Period
The North America leads in the market of compression therapy in 2019. Rising geriatric population and increase in the occurrence of chronic venous disorders and obesity are contributing to its market demand. Suitable government reimbursement policies and increasing healthcare awareness are key drivers in this region. The region has range of pharmaceutical organizations steadily contributing to a high amount of commercialization and improving their geographical presence, is anticipated as a key factor responsible in the increase of compression therapy offerings market growth in this region. The U.S. held the highest market demand in the North American region for compression therapy market in 2019 supporting chronic diseases in the U.S., which is propelling the clinical need to utilize compression therapy offerings.
Global compression therapy market is consolidated with key players holding major share of global compression therapy market. The companies are offering innovative products to the customers to increase their competition in the global market.
Key players operating in the global compression therapy market are Julius Zorn GmbH, Paul Hartmann AG, ArjoHuntleigh, SIGVARIS, Medtronic Plc, Medi GmbH & Co., and BSN Medical GmbH.
Global Compression Therapy Market Key Segments
Global Compression Therapy Market, By technology
- Static Compression Therapy
- Dynamic Compression Therapy
Global Compression Therapy Market, By products
- Compression Pumps
- Compression Stockings
- Compression Bandages
- Compression Tapes
Global Compression Therapy Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America