Compression Therapy Market: Increase in the number of orthopedic surgeries to Drive Market
Globally Compression Therapy Market: Overview
TMR’s report on the global compression therapy market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global compression therapy market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global compression therapy market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global compression therapy market.
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Increase in the number of orthopedic surgeries to Drive Market
- The number of orthopedic surgeries performed globally has increased significantly due to various social and environmental factors (accident, bone disease). Hence, orthopedic procedures such as knee construction, partial hip replacement, and spinal fusions have witnessed considerable increase.
- Moreover, spinal surgeries are becoming increasingly popular; around 432,000 spinal fusions are performed in the U.S. every year. 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. Therefore, increasing number of orthopedic surgeries is expected to propel demand for compression therapy during the forecast period.
Static Technology Segment to Dominate Market
- Based on technology, the global Compression Therapy market has been divided into static and dynamic. The static segment dominated the global Compression Therapy market in 2018 and the trend is projected to continue during the forecast period. The easy availability and high demand for the products along with factors such as easy to use and high preference by doctors are attributed to the dominance of the static compression therapy segment.
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North America to Dominate Global Market
- In terms of region, the global Compression Therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Compression Therapy market in 2018, followed by Europe.
- North America accounted for major share of the global Compression Therapy market in 2018, owing to increasing prevalence of vascular diseases (venous ulcers, lymphedema, and deep vein thrombosis) and rising demand for various advanced compression therapy products propel the growth of the market in the region. In addition, rise in lymphedema and DVT cases are poised to boost demand for compression therapy in North America. Vascular diseases present a significant challenge to acute care hospitals and clinics in the U.S due to hospital-acquired infections.
- The Compression Therapy market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Increasing geriatric population in countries such as Japan, China, and Singapore have accelerated the demand for accurate and reliable compression therapy products, thereby driving the market in the region. In addition, rising disposable income and increase in health care infrastructure in countries such as India, China, and Malaysia is expected to support market growth.
- The global Compression Therapy market is fragmented in terms of number of players. Key players in the global market include 3M Health Care, ArjoHuntleigh, Bio Compression Systems, Inc., BSN Medical, Covidien plc, medi GmbH & Co KG, PAUL HARTMANN AG, and SIGVARIS MANAGEMENT AG, among others.
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