Compression Therapy Market To Reach $3.96 Billion By 2022 On Accounts Of Rising Prevalence Of Diabetes, Venous Disorders And Sports Injuries Across The Globe | Grand View Research, Inc.

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Compression Therapy Market To Reach $3.96 Billion By 2022 On Accounts Of Rising Prevalence Of Diabetes, Venous Disorders And Sports Injuries Across The Globe | Grand View Research, Inc.

February 15
11:12 2021
Compression Therapy Market To Reach $3.96 Billion By 2022 On Accounts Of Rising Prevalence Of Diabetes, Venous Disorders And Sports Injuries Across The Globe | Grand View Research, Inc.

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According to a report by Grand View Research, the rising prevalence of diabetes across the globe, increasing instances of sports injuries, and growing incidences of venous disorders, are some of the major drivers for the expansion of the global compression therapy market.

The global compression therapy market size is projected to reach USD 3.96 billion by the year 2022, advancing at a CAGR of 5.2% during this period, as per a report by Grand View Research Inc. The growing prevalence of chronic venous disorders such as deep vein thrombosis, leg ulcers, lymphedema and venous insufficiency is expected to serve as the key driver for the industry. Compression therapy helps in increasing blood flow activity in the lower limbs of the body, while supporting the veins and decreasing swelling in the affected area. In this technique, pressure is applied to the legs and ankles by wearing stockings specifically designed for this purpose. These products have witnessed heavy demand among the target population, thus solidifying the market growth.

The increasing incidences of sports and adventure related injuries are a major factor supporting the positive development of the market. A number of high-profile athletes, along with amateurs, have integrated compression therapy into their schedule after a match or event. The increasing cases of diabetes globally are also projected to support the market demand for compression therapy, as diabetic patients usually suffer from swelling in legs, ankles and feet. Rising geriatric population base is identified as a driver for the compression therapy market owing to the high susceptibility of this age group towards developing chronic venous disorders. Furthermore, advancements like use of mobile intermittent pumps and inelastic boots are likely to lead to better compliance and efficacy in patients, thereby, leading to wider usage of this therapy.

The compression therapy market can be broadly segmented on the basis of technology and product. The technology segment consists of static and dynamic methods of compression therapy. Notable products that are in demand in the market include compression pumps, compression stockings, compression bandages, and compression tapes. These products are used in a number of areas such as diabetic patients, sports athletes, and people suffering from venous disorders, among others. Notable industry players such as Medi GmbH & Co., Paul Hartmann AG, Julius Zorn GmbH, ArjoHuntleigh, SIGVARIS, Medtronic Plc, and BSN Medical GmbH, are involved in launching new and innovative products in the market, as a means to expand their regional and global revenue share.

North America compression therapy market by technology, 2014 - 2025 (USD Billion)

Further key findings suggest:

1        The increased prevalence of venous leg ulcers in the US has been responsible for the growth of the regional compression therapy market; as per the NIH, the nation prevalence of ulcers is 600,000 annually, which costs USD 2.5 to 3.5 billion to the US healthcare system

2        As per data from the US Department of Health and Human Services, there are approximately 8.6 million injuries taking place in the country each year. The use of compression methods helps in reducing swelling and lessening pain

3        Diabetic patients often suffer from slow-healing or non-healing wounds, which in extreme cases, may lead to amputation of the affected limb; the use of compression therapy helps to improve circulation in the affected part, thus speeding up the healing process for the patient

4        The static technology compression therapy accounted for a revenue of over USD 1.75 billion in 2014, as they are extensively used due to easy application and removal as compared to the other traditional therapies

5        The dynamic therapy segment is expected to witness substantial growth over the forecast period; dynamic devices mimic the lymphatic system and promote fluid movement, thus offering more effectiveness in wound healing

6        With regards to product, the compression bandages segment dominated the compression therapy market in 2014 with a revenue of over USD 1.2 billion, with their ease of application, reduced slippage and less bulkiness driving demand among consumers

7        The North American compression therapy market dominated the industry with over 45% of revenue share in 2014, owing to the increasing geriatric population base, rising prevalence of diabetes, and high awareness about venous diseases in the region

8        Asia Pacific is expected to show healthy growth over the coming years, as a consequence of rapidly improving healthcare infrastructure in the region which has improved the access for compression devices

9        Market players are involved in innovative product launches as a means to grab higher market share; for example, in June 2020, medi USA announced the launch of a new product in its flat-knit compression portfolio, the ‘mediven cosy 450’

10In March 2020, Sigvaris announced the Coolflex product series, which utilizes Spacer Fabric, renowned for its cooling and vapor transfer features. The product line offers products for the calf, arm, and foot

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Grand View Research has segmented the global compression therapy market on the basis of technology, product and region:

Technology Outlook (Revenue, USD Million, 2012 – 2022)

·       Static compression therapy

·       Dynamic compression therapy

Product Outlook (Revenue, USD Million, 2012 – 2022)

·       Compression pumps

·       Compression bandages

·       Compression stockings

·       Compression tapes

Regional Outlook (Revenue, USD Million, 2012 – 2022)

·       North America

o   U.S.

o   Canada

·       Europe

o   UK

o   Germany

o   France

·       Asia Pacific

o   Japan

o   China

·       Latin America

o   Brazil

o   Mexico

·       Middle East and Africa (MEA)

o   South Africa

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Latin America Compression Therapy Market –

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About Grand View Research

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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