The global compression therapy market for the historical period 2017–2018 and forecast period 2019–2027, owing to rising sports injuries, increase in the number of orthopedic surgeries, and rapidly growing obese population boost demand for compression therapy products globally. However, lack of favorable reimbursement policies pertaining to vascular disease treatment with compression products would hamper market growth.
According to the report, the global compression therapy market was valued at US$ 3.2 Bn in 2018 and is anticipated to expand at a CAGR of 6.1% from 2019 to 2027
Rising sports injuries boost demand for compression therapy products: Key Drivers
Compression products are frequently used by athletes and sports persons as these reduce muscle pain, increase mobility, and enhance athletic performance. The most common causes of sports injuries are competitive, recreational or obligatory (physical education) activities. According to the Centers for Disease Control and Prevention (CDC), high school athletes alone account for 2 million injuries, 50,000 doctor visits, and 30,000 hospitalizations in the U.S. each year.
Hence, health care professionals (chiropractors and physiotherapists) extensively utilize these products for both amateur and professional sport patients and their regular clinic patients. Therefore, increasing number of sports injuries and growing preference by health care professionals are anticipated to increase the uptake of compression therapy products during the forecast period.
Increasing obese population Boost Market Growth
Obese people are at high risk of developing vascular diseases due to the pressure exerted by the weight of the body on the skin and underlying organs. According to the World Health Organization (2014), the prevalence of obesity had doubled since 1980. The WHO further stated that over 1.9 billion adults aged 18 years and above were reported to be overweight in 2014, of these over 600 million adults were obese. Furthermore, it is estimated that over 35% of the total population was obese in 2016.
This number is expected to increase during the forecast period. Therefore, rise in the obese population augments the uptake of compression therapy products in order to prevent vascular diseases.
Lack of favorable reimbursement policies to Hamper Market
Unfavorable reimbursement policies have played a crucial role in the compression therapy industry in the past few years. The treatment of vascular diseases with compression therapy products is expensive and requires large amount of money for follow-ups and monitoring of treatment. Hence, reimbursement is considered to be an essential aspect of the treatment. The Centers for Medicare and Medicaid Services (CMS) provides reimbursement only to patients who have undergone a four-week trial of conservative therapy before opting for intermittent pump.
Moreover, private insurers are adopting these reimbursement restrictions for compression therapy products to treat vascular disease. This factor is more prominent in developing nations such as India, China, Brazil, and Mexico due to low affordability to purchase highly expensive brand new compression devices.
Global Compression therapy Market: Competitive Landscape
This report profiles major players in the global compression therapy market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global compression therapy market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global compression therapy market are
Global Compression therapy Market: Key Developments
Key players in the global compression therapy market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global compression therapy market. A few expansion strategies adopted by players operating in the global compression therapy market are:
In 2015, BSN MEDICAL acquired Wright Therapy Products, Inc., a manufacturer of compression therapy systems to strengthen its presence in the compression therapy market.
The report on the global compression therapy market discussed individual strategies, followed by company profiles of manufacturers of compression therapy. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global compression therapy market.
Key Questions Answered in Global Compression therapy Market Report
Global Compression therapy Market - Segmentation