Selbyville, Delaware, Jan. 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Compression Therapy Market by Product (Compression Garments, Compression Braces, Compression Tapes, Compression Pumps), Technology (Static Compression Therapy, Dynamic Compression Therapy), Application (Varicose Vein Treatment, Deep Vein Thrombosis Treatment, Lymphedema Treatment, Leg Ulcer Treatment), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of compression therapy will cross $3.1 billion by 2027.
Growing awareness among patients regarding treatment options will stimulate the market growth. Several awareness measures are being adopted to spread awareness regarding the treatment options available to patients. For instance, Sigvaris participated in Women’s Health Network with an educational video regarding edema during pregnancy and free patient-education brochures on using compression therapy. It focused on educating women suffering from swollen legs and ankles during pregnancy regarding advantages of compression therapy garments that aid in reducing these risks while relieving discomfort. Such awareness initiatives are uplifting the acceptance rate of compression therapy products.
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Large unaddressed patient population will fuel the compression therapy market expansion. A large patient population base suffering from chronic venous insufficiency and injuries is not addressed in the developing and middle-income countries led by underdeveloped healthcare facilities. Such patients have a short life-span due to rapid worsening of the health condition. Therefore, compression therapy is being used widely to treat the unaddressed population at a rapid pace, worldwide. Furthermore, several market players are also focusing on developing cost-effective products on a large-scale basis to meet the demand for large unaddressed patient population base.
Compression pumps segment was valued at more than USD 356 million in 2020 owing to their usage as alternatives to failed conservative measures. Compression pumps aid in reducing inpatient hospitalization & outpatient hospital visits as well as reduction in total lymphedema-related costs per patient.
Static compression therapy segment in the compression therapy market is anticipated to witness 4.4% growth rate till 2027. Static compression therapy products have become the standard in the treatment of venous conditions, such as venous leg ulcers, varicose veins, lymphatic disorders and deep vein thrombosis. Additionally, static compression therapy products provide a great level of comfort to the patients.
Lymphedema application segment is projected to expand at 4.7% CAGR through 2027. According to a published article of 2018, approximately 250 million patients worldwide suffer from lymphedema. High worldwide prevalence of breast cancer coupled with lymphedema coupled is contributing to the rising demand for compression therapy products.
Brazil dominated the Latin America compression therapy market and accounted for USD 56 million in 2020 driven by the rising prevalence of venous diseases in the country. Factors such as rising number of training and development programs on compression therapy, increasing government initiatives for spreading the awareness pertaining to alternative therapies in the country are also augmenting the market value.
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Some of the major players operating in the compression therapy market are 3M Company, BSN Medical, Cardinal Health, Inc., Convatec Inc., DJO Global, Inc., Medi Gmbh & Co. KG, Paul Hartmann AG, Sigvaris, and Tactile Medical among others. These companies are engaged in undertaking several strategies and working on expanding their compression therapy portfolio through focusing on research and development of innovative products.
Table of Contents (ToC) of the report:
Chapter 3 Compression Therapy Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By technology
3.4.3 By application
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2019
3.7.1 Competitive matrix analysis, 2019
3.8 PESTEL analysis
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About Global Market Insights, Inc.
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.