Kenneth Research recently added a report on ‘Compression Therapy Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Compression Therapy Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Compression Therapy Market products.
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Kenneth Research has recently added a report titled Compression Therapy Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Compression therapy involves the use of sustained pressure to tackle problems associated with blood flow in the limbs, especially around ankles, joints and other areas. Increasing injuries associated with sports activities has escalated the demand for compression therapies, where the injuries or anatomical targets are compressed with the application of any external force.
A gradual pressure is applied onto the infected or wounded area on the veins which results in an increase in the flow of blood to the veins and also results in the increasing drainage of noxious substances and reducing inflammation and pain at the same time.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Compression therapy can be conducted with the use of bandages, gloves or boots, and air pumps among others. Hospital and clinics are adopting various compression therapy products on account of rising count of surgeries, diabetic and lymphatic diseases, and various others.
Market Dynamics
Rising prevalence of diabetes is one of the key factors resulting in the high growth of the compression therapy market. According to the Center for Disease Control and Prevention (CDC), the U.S. recorded more than 30 million people affected with diabetes, which totals to approximately 10% of the entire U.S. population.
Further, according to Insights and Reports, the global diabetic population crossed the 450 million mark in 2015. People suffering from diabetes are highly susceptible to developing peripheral arterial disease, which results in the reduction of blood flow to the legs. Battling these conditions have given rise to the adoption of compression therapy products and is thereby fuelling the market growth of the same.
Further, according to Insights and Reports, U.S. witnesses more than 900,000 people suffering from Deep Vein Thrombosis (DVT) and more than 80,000 people die from the disease. These factors are highly responsible for the growth of the compression therapy market.
However, lack of reimbursement policies for compression therapy products by the government agencies is a major factor responsible for market slowdown at present.
Market Segmentation and Analysis
Based on technology, the compression therapy market has been classified into static compression therapy and dynamic compression therapy. Static compression accounted for the major market share in 2016 and is expected to hold its position throughout the forecast period as well.
Based on product type, the compression therapy market has been classified into compression garments, compression bandages, diabetic shoes, anti-embolism stockings, compression socks, compression sleeves, compression tapes, segmented compression pumps and non-segmented compression pumps.
Compression bandages accounted for the major market share in 2016 and is expected to continue leading the market throughout the forecast period as well.
Further, based on end-user, the market has been segmented into clinics and diagnostic centers, hospitals, and surgical centers among others.
Geographical Outlook
North America led the compression therapy market in 2016 and is expected to retain its stronghold throughout the forecast period as well. Rising geriatric population is one of the key factors driving the growth of the compression therapy market in the region. U.S. is the major contributor to the growth of this industry.
Further, appropriate public healthcare facilities, coupled with high per capita spending on healthcare is another key factor pushing the market growth for compression therapies.
Asia Pacific, however is expected to be the fastest growing region for compression therapies. Highly populous countries such as India and China are expected to spearhead the growth of the market. Rising incidences of sports related injuries, and rising diabetic population are some of the key factors responsible for the growth of the compression therapy market in the region.
According to Insights and Reports, the type 2 diabetic population in India cross the 50 million mark in 2016. Further, the type 2 diabetic population in the country is expected to touch 90 billion by the end of 2030.
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Competitive Landscape
Some of the key players operating in the field of compression therapy market include 3M Company. Medtronic Plc, BSN Medical, Medi GmbH & Co. Kg, Paul Hartmann A.G., Bio Compression Systems Inc. and various others.
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