Compression Therapy Devices Market 2022
The Compression Therapy Devices Market is expected to reach US$ 5.1 Bn between 2022 and 2031. Personalization is there to radically alter the arena of healthcare vertical. Precision medicine, which is being calibrated based on individual patients’ characteristics as well as lifestyles and habits, and, not to forget – personal risk factors. This is actually the buzzword amongst the manufacturers related to healthcare services. This would be the thing with Compression Therapy Devices market in the years to come.
The global compression therapy devices market is valued at US$ 3 Bn in 2021, and is expected to expand at a CAGR of 5.3% from 2021 to 2031, to amount to US$ 5.1 Bn by 2031.
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Compression therapy is a procedure entailing the delivery of an external force to tired and aching legs and other relevant anatomical targets where compression is required for management. This therapy is used to treat venous and lymphatic diseases such as lower limb edema, venous eczema, deep vein thrombosis, and diabetic foot ulcers.
Globally, the market for compression therapy is witnessing significant growth due to the increasing prevalence of diabetes, growth of the aging population, high incidence of sports injuries, rising awareness about various venous diseases, and the advanced features of compression therapy garments and devices.
However, inadequate reimbursement policies and the risk of complications associated with compression therapy systems inhibit the growth of the market. North America dominates the compression therapy devices market due to increasing numbers of sports injuries in the region.
For instance, according to Safe Kids Worldwide, a global organization dedicated to preventing injuries in children, every year about 1.3 million cases of sports injuries among youngsters are registered in the U.S. Increasing prevalence of diabetes, aging population, and rising obesity are also supporting the growth of compression therapy devices market in North America.
The compression therapy devices market in Europe is growing due to rising incidence of sports injuries in the region. According to the European Injury Database (IDB), approximately 4.5 million people above 15 years of age are treated in hospitals for sports injuries every year in the region.
In addition, increasing the prevalence of diabetes and the growth of the aging population are also supporting the growth of the compression therapy devices market in Europe.
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Asia is the fastest-growing region in the compression therapy devices market. According to the Asian Federation of Sports Medicine (AFSM), a part of International Federation of Sports Medicine (FIMS), on average 21,334 sports injuries occur every year in the region. Moreover, a growing aging population and increasing prevalence of diabetes are also supporting the growth of the compression therapy devices market in the region.
Medtronic plc, 3M Company, SIGVARIS, and Smith & Nephew plc are some of the leading players in the compression therapy devices market. Other major players in the market include Medi GmbH & Co. KG, PAUL HARTMANN AG, Julius Zorn GmbH., ArjoHuntleigh, BSN medical GmbH, and THUASNE.
Market Segmentation:
By Product Segment
Static Compression Therapy
Dynamic Compression Therapy
By Static Compression Therapy
Compression Bandages
Compression Garments
Diabetic Shoes
Others
By Dynamic Compression Therapy
Non-Segmented Pneumatic Pumps
Segmented Pneumatic Pumps
Others
By Geography
North America
The U.S.
Canada
Europe
Germany
France
The U.K.
Italy
Spain
Asia
China
Japan
India
Rest of the World (RoW)
Brazil
Australia
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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