Global Compression Therapy Market Is Projected to Grow at A CAGR of 5.2% During 2019-2026
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The Global Compression Therapy Market held a market size of $3.26 billion in 2019 and is anticipated to grow at a CAGR of 5.2% from 2019 to 2026.
North America is anticipated to be the leading region in the global compression therapy market followed by Europe and the Asia Pacific. In North America, the market growth is attributed to the surging number of orthopedic surgeries, growing incidence rate of varicose veins, deep vein thrombosis and lymphedema, and presence of well-established market players in the region.
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Surging prevalence of sports injuries and accidents is boosting the demand for compression therapy. In addition, the increasing number of orthopedic surgeries such as knee replacement is contributing to the growth of the market. For instance, according to the data published by The Royal College of Surgeons of England, in 2016-2017, about 51,572 hip and knee operations were done by the independent sector. Further, the growing geriatric population and rising disposable income in developing economics is expected to support the market growth in coming years.
The global compression therapy market has been bifurcated into product type, technique, application, and distribution channel. The product type segment has been bifurcated compression braces, compression garments, and compression pumps. The compression garments segment has been further segmented into compression bandages & wraps, compression stockings, and others. The technique segment has been segmented into dynamic compression therapy and static compression therapy. In addition, the application segment has been segmented into deep vein thrombosis treatment, leg ulcer treatment, varicose vein treatment, lymphedema treatment, and others. Further, based on the distribution channel, the market has been segmented into hospitals & clinics, e-commerce platforms, and pharmacies & retailers.
Based on geography, the global compression therapy market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been divided into the U.S. and Canada. Europe region has been segmented into the UK, Germany, Italy, France, and the Rest of Europe. In addition, Asia-Pacific region has been classified into Japan, China, India, South Korea, and Rest of Asia-Pacific. Moreover, the South America region has been divided into Mexico, Brazil, Argentina, and the Rest of South America. Furthermore, the Middle East & Africa has been categorized into GCC countries, Africa, and the Rest of the Middle East.
North America is anticipated to be the leading region in the global compression therapy market followed by Europe and the Asia Pacific. In North America, the market growth is attributed to the surging number of orthopedic surgeries, growing incidence rate of varicose veins, deep vein thrombosis and lymphedema, and presence of well-established market players in the region. In addition to this, the increasing incidence of sports injuries and accidents are also expected to support product demand. Furthermore, the market in Asia Pacific region is expected to be the fastest growing region during the assessment period. The market growth in the region is majorly due to growing frequency of accidents and sports-related injuries, rising disposable income, and increasing target population.
Prominent companies functioning in the global compression therapy market include BIO Compression Systems, Inc., 3M Company, Convatec Inc., BSN Medical, DJO Global, Inc., Medi Gmbh & Co. KG, Smith & Nephew Plc, Sigvaris, Pual Hartmann AG, Julius Zorn GmbH, Cardinal Health, Inc., Tactile Medical, Thermotek, Inc., Sanyleg S.R.L, Arjohuntleigh, and Aci Medical LLC. Mergers & acquisitions, product launches, agreements, and partnerships are some growth strategies undertaken market players to increase their presence in the market.
Recent Developments by Market Players
- In January 2020, the U.S. FDA 510(k) clearance for marketing was received by AIROS Medical Inc. for its updated AIROS 8 Sequential Compression Therapy device and garment system.
- In August 2017, Medtronic plc completed deep vein thrombosis division sale to Cardinal Health, Inc. This transaction was valued USD 6.1 billion.
- In August 2015, ArjoHuntleigh launched Flowtron ACS900 Active Compression System. With this, ArjoHuntleigh increased its compression therapy product offerings.