Albany, New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) finds that the global Compression Therapy Market is dominated by North America by accounting major share of 47.1% in 2017. Additionally, Europe stood on second leading position by accounting 32.0% in the same year owing to increase in geriatric population coupled with rise in prevalence of several diseases. Further, the factors such as rising investment for research coupled with early adoption of advanced treatments are leading to boost the North America market and are estimated to reach at a value of US$1,990.2 mn by end of 2024.
The healthcare industry is witnessing shift in preference to biochemical medication, especially on the compression therapies. Rising awareness about the yoga for treatment of special cases is pushing growth of the compression therapy market.
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Increasing Knowledge about Benefits of Compression Therapies to Propel Compression Therapy Market’s Growth
With rising perception of social media and free access to the information, coupled with treatment benefits of compression therapies are driving growth of the global compression therapy market. Thus, the market is expected to expand by exhibiting CAGR of 5.30% from 2016 to 2024. By expanding with this CAGR, the market is expected to grab a value of US$4.25 bn by 2024-end. However, the poor reimbursement policies across the developing countries across the Asia Pacific are restraining growth to some extent in the coming years. Despite these factors, the penetration of these therapies and devices in the developing countries is higher, which is expected to offer robust opportunities in the market.
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Further, factors such as rising aging population, sports-inflicted injuries, and growing obesity concerns are the key factors fueling growth of the global compression therapy market. Aging people specially over 65 years are prone to the orthopedic disorders; thus, the adoption of these therapies are estimated to witnessed to go a long way for providing efficient care by eliminating need for medications.
Investment for Promoting Awareness among People Likely to Benefit Compression Therapy Market Growth
Moreover, the consequence of the high susceptibility of surge in diabetic cases and geriatric population susceptible for diseases such as lymphedema, chronic venous insufficiency, and deep vein thrombosis are fueling growth of the global compression therapy market. In addition, continuous investment for promoting awareness among people through social media is pushing growth of the global compression therapy market. For example, the National Medical Policy of Health Net, Inc., recommended using intractable lymphedema in the arms due to mastectomy for treatment of breast cancer.
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The dynamic technology segment of the compression therapy market is estimated to witness an exponential growth over the forecast period owing to its benefits over other segments which are promoting its adoption. These benefits include high venous return, external control, and sustained effect, which make the system advanced and benefit the market growth. In addition, the increasing recommendation of healthcare professionals for utilization of dynamic technology is estimated to increase substantially. In 2008, the researchers at American College of Physicians are focusing on development of antithrombotic therapy in order to treatment for venous thromboemebolic disease. This is estimated to augment market growth and is likely to be the same in coming years. The competition in the global compression therapy market is likely intensify in future with increasing number of players. Most companies are highly investing in the industry to provide a surge to developments and research activities taking place in the global compression therapy market.
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This information is encompassed in the report by TMR, titled, “Compression Therapy Market (Technology - Static and Dynamic; Product - Pumps (Intermittent and Sequential), Bandages, Stocking (Gradient and Anti-Embolism), and Tapes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2024.”
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