Global Compression Therapy Market to Reach US$4.0 bn by 2023: Transparency Market Research

Albany, NY, Jan. 19, 2016 (GLOBE NEWSWIRE) -- The global compression therapy market is progressing at a CAGR of 5.20% between 2015 and 2023. The market’s value in 2015 is expected to be close to US$2.6 bn, and will reach around US$4 bn by the end of 2023, according to a research report released by Transparency Market Research, titled “Compression Therapy Market (By Technology - Static and Dynamic); (By Product - Compression Pump, Compression Stocking, Compression Bandage and Compression tape) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.

Compression therapy is a medical procedure in which external pressure is applied to the skin and underlying structure (organ) to promote normal flow of venous blood in the body. Compression therapy is recognized as a gold standard of treatment for lymphedema, chronic venous insufficiency, and deep vein thrombosis. This is because it is safe, easy-to-use and provide effective treatment in a short time span. Compression therapy aims to increase venous and lymphatic fluid in the limb through the utilization of an external force (exerted by compression products). This report studies the current scenario as well as future market potential for compression therapy globally. This report comprises an elaborate executive summary, which includes a market snapshot that provides market dynamics of various segments and sub-segments that are included in the report in a precise manner. Moreover, executive summary comprises waterfall diagram, which reflects the market size of various segments in descending order.

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Recent Trends in the Market:

The report states that the primary growth driver for the global compression therapy market is the rising number of accidents and an overall increase in the instance of injuries. It is added that most injuries are divided fairly between sports injuries and orthopedic injuries. The report also states that the growing number of diabetics and obese people, who are more prone to injuries, is further boosting the global compression therapy market.

The global compression therapy market is, however, restrained by factors such as an inadequate supplementation of suitable reimbursement policies that are relevant to vascular diseases and their treatment, including compression therapy.

According to product type, the global compression therapy market was dominated by the segment of compression bandage products in 2014. This segment held the largest share in the global compression therapy market owing to ease of use, ready availability, and low cost. Compression bandages are widely used for the majority of vascular diseases. The future of the global compression therapy market is, however, expected to be led by the compression pump segment, which is growing at the highest CAGR within the given forecast period. Compression pumps are considered to be easy to use and tolerate, and safe.

The segmentation of the market by technology was dominated by static therapy, due to high demand, easy availability of the products, ease of use, and a large-scale preference for static products by doctors. On the other hand, dynamic compression therapy is advancing at the fastest CAGR in the given forecast period, owing to increase in innovation and comfort level of products.

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Key Players:

The key players in the global compression therapy market are Sigvaris Management AG, Paul Hartmann AG, Medi GmbH & Co. KG, Bio Compression Systems, Inc., Medtronic plc, BSN Medical, ArjoHuntleigh, and 3M Health Care.

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research