New York, April 23, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Persistence Market Research "Global Market Study on Compression Therapy - Asia to Witness Highest Growth by 2020", the global compression therapy market was valued at USD 2,377.8 million in 2014 and is expected to expand at a CAGR of 5.2% from 2014 to 2020, to reach USD 3,232.3 million by 2020.
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Compression therapy is a procedure entailing the delivery of an external force to tired and aching legs and other relevant anatomical targets where compression is required for management. This therapy is used to treat venous and lymphatic diseases such as lower limb edema, venous eczema, deep vein thrombosis, and diabetic foot ulcers.
Globally, the market for compression therapy is witnessing significant growth due to the increasing prevalence of diabetes, growth of the aging population, high incidence of sports injuries, rising awareness about various venous diseases, and the advanced features of compression therapy garments and devices. However, inadequate reimbursement policies and the risk of complications associated with compression therapy systems inhibit the growth of the market. The global compression therapy market is anticipated to grow from an estimated USD 2,377.8 million in 2014 to USD 3,232.3 million by 2020 at a CAGR of 5.2% during the forecast period.
North America dominates the compression therapy market due to increasing numbers of sports injuries in the region. For instance, according to Safe Kids Worldwide, a global organization dedicated to preventing injuries in children, every year about 1.3 million cases of sports injuries among youngsters are registered in the U.S. Increasing prevalence of diabetes, aging population, and rising obesity are also supporting the growth of compression therapy market in North America.
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The compression therapy market in Europe is growing due to rising incidence of sports injuries in the region. According to the European Injury Database (IDB), approximately 4.5 million people above 15 years of age are treated in hospitals for sports injuries every year in the region. In addition, increasing the prevalence of diabetes and the growth of the aging population are also supporting the growth of the compression therapy market in Europe.
Asia is the fastest-growing region in the compression therapy market. According to the Asian Federation of Sports Medicine (AFSM), a part of International Federation of Sports Medicine (FIMS), on average 21,334 sports injuries occur every year in the region. Moreover, a growing aging population and increasing prevalence of diabetes are also supporting the growth of the compression therapy market in the region.
Medtronic plc, 3M Company, SIGVARIS, and Smith & Nephew plc are some of the leading players in the compression therapy market. Other major players in the market include medi GmbH & Co. KG, PAUL HARTMANN AG, Julius Zorn GmbH., ArjoHuntleigh, BSN medical GmbH, and THUASNE.
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The global compression therapy market is segmented as follows:
By product segment
- Static compression therapy
- Dynamic compression therapy
By static compression therapy
- Compression bandages
- Compression garments
- Diabetic shoes
By dynamic compression therapy
- Non-segmented pneumatic pumps
- Segmented pneumatic pumps
- North America
- The U.S.
- The U.K.
- Rest of the World (RoW)
Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws on its multi-disciplinary capabilities and a high pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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Source:Persistence Market Research