Bizizz Market Research has recently published a research report, “Compression Therapy Market By technology type (Static Compression Therapy and Dynamic Compression Therapy), product (Compression Pumps, Compression Stockings, Compression Bandages and Compression Tapes), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Compression Therapy Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at a market value of US$ 4.2 Bn by 2027, witnessing a CAGR of 4.8 % during the forecast period. Key drivers of the marked increase in the number of patients suffering from veins related diseases and awareness among them.
Globally the demand for compression therapy market is contributed by an increase of vein ailments constituting of leg ulcers, lymphedema, varicose veins, deep vein thrombosis and blood clots are key drivers. Products such as stockings and bandages are widely in usage for curing such ailments; acting as the drivers of its market growth. As per the Department of Vascular Surgery, the chronic vein ailments were registered about 50% of the population. Compression therapy market is accelerated by a high number of orthopaedic treatments by an increased number of accidents along with the population increase who are obese worldwide. Geriatric populations are vulnerable to orthopaedic conditions leading to a higher amount of orthopaedic treatments. These drivers are contributed by a plunge in the application of these offerings. According to the American Academy of Orthopedic Surgeons in 2006, the knee and hip surgeries are projected to be higher by 673% and 174%, respectively, during the forecast period. Such growth of orthopaedic treatments surpasses the demand of these compression therapy products across the global
The Compression Therapy market is anticipated to register a CAGR of over 4.8% during the forecast period.
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By Product, Static technology segment held a key share in Global Compression Therapy Market in 2018.
The global market of compression therapy is led by the Static technology segment in compression therapy market in 2016. It could be attributed to its higher convenience and user-friendly properties of technology. The market demand of these offerings is attributable to greater accessibility of these products in the cure of edema and sports-related injuries to relieve from pain and pressure. Advantages of static technology had enhanced the patient and physicians, who had led the market demand. Significant market demand is captured through this segment and is accounted for a higher susceptibility of increasing diabetic and geriatric population who encounter lymphedema, deep vein thrombosis, and chronic venous insufficiency. Companies are continuously striving to enhance awareness among patients in the context of technology usability. According to the National Medical Policy of Health Net, Inc., healthcare insurance had proposed the application of intractable lymphedema in the arms due to mastectomy for breast cancer.
North America is Anticipated to Dominate the Global Compression Therapy Market during the Forecast Period
The market of compression therapy is high in the North American region in its overall market of 2016. Increasing geriatric population and rise of chronic venous disorders and obesity are leading to the demand for compression therapy market demand. Substantial government reimbursement policies and increasing healthcare awareness are key factors supporting in this region. The North American region constitutes of a range of pharmaceutical companies continuously supporting in the high amount of commercialization and increasing their geographical presence, is a key factor responsible to its plunge in the market growth in this region. The U.S. holds greater market demand in North America in the compression therapy market during 2016 contributing to chronic diseases in the U.S., which are stimulating the clinical need to utilize compression therapy offerings.
Global Compression Therapy market was moderately consolidated with key players accounting for a significant share in 2018. The organizations are significantly involved in offering technologically advanced products to compete in the global market.
Prominent players operating in the Global Compression Therapy Market are Julius Zorn GmbH, Paul Hartmann AG, ArjoHuntleigh, SIGVARIS, Medtronic Plc, Medi GmbH & Co., and BSN Medical GmbH. among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
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