Pune, April 28, 2020 (GLOBE NEWSWIRE) -- The global compression therapy market size is projected to reach USD 4.51 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. Rising prevalence of cancer will be a key growth driver for this market in the coming decade, finds Fortune Business Insights™ in its report, titled “Compression Therapy Market Size, Share and Industry Analysis, By Product (Compression Garments {Compression Bandages, Compression Stockings, and Others}, Compression Pumps, and Others), By Application (Venous Leg Ulcer, Deep Vein Thrombosis (DVT), Lymphedema, and Others), By End User (Hospitals & Clinics, Nursing Care Centers, Home Care, and Others), and Regional Forecast, 2019-2026”. The global disease burden of cancer, according to the International Agency for Research on Cancer (IARC), rose by an estimated 18.1 million new cases in 2018. Cancer therapy, especially for breast and prostate cancers, generally involves dissection of lymph nodes, which causes disruption in the filtering mechanism of the lymphatic system in the body.
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As a result, lymph fluid accumulates and causes massive swelling of limbs or tissues, a condition known as lymphedema. Worldwide prevalence of this condition, as reported by the National Institutes of Health, is around 250 million. One of the most commonly used treatment options for lymphedema is compression therapy and with increasing incidence of this condition, the demand for these therapies is set to steadily rise.
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The compression therapy market report states that the value of the market was at USD 3.01 billion in 2018. Other highlights of the report include:
- Precise computation of market figures and values;
- Elaborative overview of the overall industry outlook;
- Exhaustive analysis of the key market drivers, trends, and restraints;
- Detailed segmentation of the market and comprehensive study of all segments; and
- In-depth research into the regional milieu and competitive developments in the market.
Market Driver
Increasing Geriatric Population to Stoke Growth
The world population is aging at an astonishing rate. Demographic analysis of the UN Department of Economic and Social Affairs (DESA) suggests that by 2050, the number of people aged 60 years and above is set to double, reaching 2.1 billion. Aging entails a host of health problems and vein disorders are some of the most common ailments that inflict older people. For example, old age is a high risk factor for varicose veins as the wear & tear of valves in the veins causes the blood to flow back into the veins instead flowing towards the heart. Similarly, the incidence of deep vein thrombosis is high among the geriatric population due to reduced physical movement. Thus, expanding aging population worldwide is expected to be a major demand-puller for compression therapies, thereby augmenting the compression treatment market growth.
Regional Analysis
Healthy R&D Funding to Fuel the Market in North America
The market size in North America stood at USD 1.05 billion in 2018 backed by concerted investment in healthcare research and development by the private and public sectors. In addition to that, rising geriatric population and strong presence of global companies is anticipated to aid the region to dominate the compression therapy market share during the forecast period. In Europe, the primary growth propeller will be the development and launch of innovative products by players in the region. On the other hand, steadily increasing number of patients with lymphatic and venous conditions is expected to augur well for the market in Asia-Pacific.
Competitive Landscape
Focused Investment in Innovate to Heat Up Competition
One of the leading market trends for compression therapy is the high priority that key companies in this market are giving to R&D and innovation. This intense focus on creating novel solutions for increasingly complex health issues is enabling these players to strengthen their market presence and broaden their range of offerings.
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Industry Developments:
- March 2020: SIGVARIS AG, the Swiss compression therapy specialist, launched a new line of their signature Coolflex products to accelerate the healing process of chronic vein disorders such lymphatic disorders in the arm. Made out of the company’s revolutionary compression material Spacer Fabric, the innovative family of solutions are lightweight, flexible, and cool to wear and can be used on calves, arms, and feet.
- August 2018: SIGVARIS introduced new upgrades for its COMPREFLEX® REDUCE product series. The line of offerings features individual components for thighs, boots, and knees, thereby covering the entire leg. Moreover, these products have been designed in such a way that they can be worn throughout the course of the therapy, thus reducing additional costs.
List of the Key Companies Operating in the Compression Therapy Market are:
• Tactile Systems Technology, Inc.
• Smith & Nephew
• medi GmbH & Co. KG
• Arjo
• SIGVARIS
• Bio Compression Systems, Inc.
• EssityAktiebolag (publ)
• PAUL HARTMANN Pty. Ltd
• 3M
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Venous Leg Ulcer, DVT, Lymphedema and other key indications by country/region
- Key Industry Trends
- Key Industry Developments (Mergers, Acquisitions, and Partnerships)
- New Product Launches
- Global Compression Therapy Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Compression Garments
- Compression Bandages
- Compression Stockings
- Others
- Compression Pumps
- Others
- Compression Garments
- Market Analysis, Insights and Forecast – By Application
- Venous Leg Ulcer
- Deep Vein Thrombosis
- Lymphedema
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Nursing Care Centers
- Home Care
- Others
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Reports:
Venous Leg Ulcer (VLU) Treatment Market Size, Share and Industry Analysis, By Product (Compression Therapy, Advanced Wound Dressings, Others), By End User (Hospitals, Specialty Clinics, Homecare Settings, Others), and Regional Forecast, till 2026
Compression Bandages Market Size, Share and Global Trend By Product (Handheld Compression Bandages, Compression Bandages With Built-In Printers, Others), By End User (Hospitals, Clinics, Others) and Geography Forecast Till 2026
Advanced Wound Care Market Size, Share and Global Trend By Product (Advanced Wound Dressings, Wound Care Devices & Active Wound Care), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, Others), End User and Geography Forecast till 2025
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