Albany, NY, April 11, 2018 (GLOBE NEWSWIRE) --
As per the evaluations of the TMR report, the global compression therapy market was worth US$4.25 billion as of 2017, and expanding at a formidable CAGR of 5.44% during the forecast period of 2017 to 2024, the valuation of the market is estimated to reach US$2.93 billion. Product-wise, the report has segmented the compression therapy market into pumps, bandages, stocking, and tapes. As of by the end of 2024, the market for compression stocking and compression bandages is projected to remain most profitable. Technology-wise, the market for static compression therapy is expected to dominate, as a result of high availability of the products and their effectiveness. Geographically, North America has been highlighted as the most lucrative region, promising to generate a demand worth of US$1,990.2 million by the end of 2024.
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Sporting Injuries to Continue Driving Demand in Near Future
Increasing percentage of geriatrics in the world’s population and obesity concerns are foreseen as the key drivers of the global compression therapy market. The number of orthopedic surgeries performed globally has increased significantly due to various social and environmental factors such as accident and bone disease. Compression therapy products are the primary choice for orthopedic surgery as these provide faster healing, reduce swelling and inflammation, and decrease acute or chronic pain. In addition to that, obese people are at high risk of developing vascular diseases due to the pressure exerted by the weight of the body on the skin and underlying organs. Moreover, rising sports related injuries is also likely to boost the demand for compression therapy products. Compression products are frequently used by athletes and sportspersons as these reduce muscle pain, increase mobility, and enhance athletic performance. The most common causes of sports injuries are competitive, recreational or obligatory (physical education) activities.
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On the other hand, lack of favorable reimbursement policies in a number of emerging economies is anticipated to restraint the compression therapy market from achieving its true potential. The treatment of vascular diseases with compression therapy products is expensive and requires large amount of money for follow-ups and monitoring of treatment. Nevertheless, multinational companies of the compression therapy market are investing large capital in emerging economies in Asia to penetrate the untapped markets and reduce the unmet need of compression therapy products among the population.
A fresh business intelligence study conducted at the headquarters of Transparency Market Research (TMR) has observed that the shares in the global compression therapy market are distributed among a large pool of players, which is a reflection of low-entry barriers of the market. Country-wide and regional players are eating out considerable chunk of the opportunities, feeding-off the easy availability of raw material suppliers and catering to localized demands. That being said, a handful of players do hold a slightly stronger position in a fragmented competitive landscape of the compression therapy market, which can be attributed to their widespread geographical presence. Global players, such as 3M Health Care, ArjoHuntleigh, Bio Compression Systems, Inc., BSN Medical, Covidien PLC, and medi GmbH & Co KG, are frequently indulging in mergers and acquisition activities to strengthen their distribution network and find newer opportunities.
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Key Takeaways:
- Vendor landscape of the global compression therapy market are highly fragmented, as domestic players are able to manufacture the products and serve localized demands
- Demand in the global compression therapy market to expand at a CAGR of 5.44% during 2017 to 2024
- Increasing prevalence of orthopedic disorders driving demand
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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