Selbyville, Delaware, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The compression therapy market value is set surpass USD 4 billion by 2030, according to a new research report by Global Market Insights Inc. There is a consistent increase in the prevalence of venous disorders due to unhealthy lifestyle choices and other factors. Despite the high occurrence of venous diseases, many patients have to wait a long time before seeking medical treatment. Due to lack of awareness regarding these disorders and readily available therapies, most patients go untreated.
According to the U.K. National Institute for Health and Care Excellence (NICE), around 80% of all leg ulcers are venous ulcers, with the cost of treating them projected to be around USD 2.42 billion per year. Leg ulcers can be treated using compression therapy products to enable better recovery of patients. However, one of the factors hindering the compression therapy industry progress is the availability of alternative treatments. Oral therapeutics and surgical approach can be recommended for individuals who do not respond to compression therapy.
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The study mentions that compression pumps held over 15% share of compression therapy market revenue in 2021. These products are used to treat patients as an alternative to other failed measures. Compression pumps help to reduce in-patient hospitalizations and outpatient hospital visits, while reducing the lymphedema-related costs per patient. The pumps increase circulation in the affected limbs while alleviating any painful symptoms.
Lymphedema treatment segment is anticipated to cross USD 560 million by 2030. Lymphedema can occur during the diagnosis of cancer and treatment of some other chronic diseases. According to the Australian Institute of Health and Welfare (AIHW), in 2021, nearly 151,000 Australian citizens were diagnosed with cancer, with 49,000 cancer deaths being recorded during the year. These figures suggest the increased risk of lymphedema, fueling the adoption of compression therapy products.
Browse key industry insights spread across 213 pages with 285 market data tables & 18 figures & charts from the report, “Compression Therapy Market Analysis By Product (Compression Garments {Compression Bandages, Compression Stockings [Compression Class I, Compression Class II, Compression Class III]}, Compression Braces, Compression Tapes, Compression Pumps), By Technology (Static Compression Therapy, Dynamic Compression Therapy), By Application (Varicose Vein Treatment, Deep Vein Thrombosis Treatment, Lymphedema Treatment, Leg Ulcer Treatment), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents
https://www.gminsights.com/industry-analysis/compression-therapy-market
Europe compression therapy market size is projected to record over 5% CAGR during the forecast period 2022-2030. The region is witnessing a continuous rise in elderly population, a segment which is prone to venous diseases. According to Eurostat, in 2020, people aged 65 years and above accounted for 20.6% of the EU population. It further stated that the median age in the EU stood at 43.9 years in the same year. This, along with factors such as well-developed healthcare infrastructure is expected to drive the regional market expansion.
A few of the leading companies operating in global compression therapy market include 3M Company, ArjoHuntleigh, Cardinal Health, Inc, Sigvaris AG, BIO Compression Systems, Inc, Julius Zorn GmbH, Essity AB, Alcare Company Ltd, ConvaTec Inc, DJO Global (Colfax Corporation), Medi GmbH & Co. KG, PAUL HARTMANN AG, Sanyleg S.R.L, Smith & Nephew PLC, and Tactile Medical. Innovative business strategies will give these organizations the opportunity to expand their market presence.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
