In 2014, the compression therapy market collected over USD 2 billion. According to Grand View Research, Inc., the integral market growth factor includes the rising prevalence of diabetes. The market is likely to exceed USD 3 billion by 2022. The symptoms of this disease escalate patients’ need for therapeutic treatments.
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According to International Diabetes Federation, diabetes cases would rise from 366 million in 2011 to 522 million in 2030. The augmenting geriatric population across the world is yet another primary market propelling factor. Also, sports related injuries resulting in target disorders are estimated to boost the compression therapy market.
It is anticipated to undergo significant growth in the coming years. This is also on account of accelerating lymphedema, and venous disorders. Compression therapy pumps provide controlled pressures as per the severity of disorders. They are more effective than various other treatments.
Advancements in compression therapy would assist users to invest in available opportunities. Some of the notable advancements in this field are inelastic compaction boots, intermittent pressure pumps, and multilayer bandages. The major market products include pumps, bandages, tapes, and stockings. In 2014, bandages dominated the market, contributing over 44% of the overall revenue.
Technologies wise, the largest compression therapy market segment in 2014 was static technology. This segment contributed over USD 1 billion that year. On the other hand, dynamic technology is likely to face lucrative growth in the future. Furthermore, innovative treatments for cutaneous ulcers would drive the income of the market.
Grand View Research Inc. states that, in 2014, the compression therapy market in North America contributed over 45% of the worldwide revenue. Asia Pacific would witness rapid growth in the years ahead. This is because of improved healthcare infrastructure in the region, projected to improve patients’ accessibility to compression therapies.
The major players in the compression therapy market are Julius Zorn GmbH, SIGVARIS, Paul Hartmann AG, BSN Medical GmbH, and ArjoHuntleigh. They are making contending strategies to promote new products and remain ahead of others. These players are also attempting to occupy significant market shares. On June 2015, FarrowMed Medical Solutions was acquired by BSN medicals.
Information Source: Grand View Research