LONDON, UK (GlobalData), 5 April 2012 - The rising prevalence of diabetes and a growing elderly population has led to an increase in chronic wounds, which is encouraging market growth in the compression therapy segment, according to a new report by business intelligence company GlobalData.
The new report* forecasts growth in the global market for compression therapy due to a rising awareness and growing incidence of venous disease, stemming from an increase in the elderly population, and obese and diabetic patients. Venous diseases increase the incidence of chronic wounds in the diabetic, obese and elderly populations. Chronic wounds are often caused by diabetes, vascular diseases, infection, immobility and surgery. These painful ulcers remain inflamed for a significant period of time due to a breakdown in collagen production, often causing severe emotional and physical distress, and placing a huge financial burden on the healthcare system.
Diabetes is a leading cause of non-healing wounds such as foot ulcers, which can become infected, leading to progressive tissue loss which can result in amputation, morbidity, and even death. Obesity increases your risk of developing diabetes. The National Health and Nutrition Examination Survey (NHANES) estimates that 65% of US adults are overweight or obese, having a Body Mass Index (BMI) of 25 or more.
Similarly, natural ageing affects a large percentage of the population’s health, as individuals often become less active, leading their cardiopulmonary system to slow down. A study published in October 2010 by the American Heart Association (AHA) stated that aging causes a growth in venous valve thickness, contributing to a decline in valve function. This increases an individual’s risk of getting Deep Venous Thrombosis (DVT) and venous ulcers, which leads to a heightened likelihood of blood clots, ulcers and swelling.
The use of compression therapy products as a preventive measure will encourage market growth. Diabetic shoes are an example of a preventive measure that can protect against diabetic ulcers of the foot. Intermittent Pneumatic Compression (IPC) pumps have proved beneficial for preventing DVT and complications of venous stasis in patients after surgical procedures, or who for other reasons are unable to walk. IPC use has also expanded to ambulatory patients who suffer from Chronic Venous Insufficiency (CVI) of the legs, developing the target market.
The global market for compression therapy was valued at $2 billion in 2011, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 5% to reach $2.7 billion in 2018. Static compression therapy was valued at $1.7 billion in 2011 and is forecast to reach $2.4 billion by 2018, growing at a CAGR of 4%. Static compression therapy currently accounts for an 89% share of the market, while dynamic compression therapy makes up the remaining 11%.
*Compression Therapy - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018 This report provides key data, information and analysis on the market landscape, competitive landscape and market trends information on the compression therapy market. It gives comprehensive information on the key trends affecting the market, key analytical content on the market dynamics, and a review of the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
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