Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Compression therapy is an effective and simple method of improving blood flow activity in the lower limbs via strengthening vein support. It is a kind of wound care with the aim to softly apply pressure to the legs and ankles by wearing specially designed compression garments or other compression products. Compression therapy provides benefits such as speeding up muscle recovery, reducing swelling and inflammation, relieving muscle pain, preventing delayed-onset muscle soreness, enhancing athletic performance, increasing flexibility and range of motion and many others.
Compression therapy has been widely used from several decades as a medical treatment. A growing incidence of minor accidents and sports injuries, the massive presence of a large target patient population, a surge in the number of orthopedic procedures, and increasing patient awareness about the various benefits of compression therapy in target disease management are some of the major factors behind the growth of the market. Likewise, factors such as increasing prevalence of vein disorders such as deep vein thrombosis, leg ulcers, lymphedema, blood clots, and varicose veins and surge in the adoption of compression stockings and bandages are expected to expand growth of the market in the coming years.
However, significant adoption and massive availability of alternative therapies for specific target indications is major restraining factor that could hamper the growth of the market.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the compression therapy market. In addition, complete analysis of changes on compression therapy market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. COVID-19 impact on the compression therapy market was moderate owing to the decline in demand for compression therapy products as various sports events were not conducted during pandemic period.
The study analyses global compression therapy market based on technique, product, application, distribution channel and geography.
Compression therapy techniques such as static compression therapy and dynamic compression therapy are covered in the global compression therapy market report. Static compression therapy segment is expected to witness rapid growth during the forecast period. A surge in the use of static compression therapy technique for the treatment of lower extremity chronic venous insufficiency is accredited to the growth of the segment. Riding incidence of chronic venous diseases in patients who have experienced one or more leg injury or surgery, excessive weight gain or obesity, prolonged periods without movement and blood clots in the veins are ultimately making demand for static compression therapy technique in the market.
Based on product, compression garments segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. The compression garment segment is further bifurcated into compression stockings, compression bandages & wraps and other compression garments. Compression stockings is witnessing fastest growth of the market. Increasing suggestion by the healthcare professional to use compression stockings as it can improve the symptoms and signs of many conditions of venous disease by delivering advanced compression therapy to help control leg swelling and discomfort is attributed to the market growth.
The market finds its applications in deep vein thrombosis treatment, leg ulcer treatment, lymphedema treatment, varicose vein treatment and other applications. Lymphedema treatment segment is projected to be the fastest-growing application segment in the compression therapy market. Increasing incidence of lymphedema and rising preference and adoption of compression therapy products for the management and treatment of lymphedema by end users is key benefiting factor behind the growth of the segment.
Based on distribution channel, the market is segmented into pharmacies & retailers, hospitals & clinics and e-commerce platforms. The E-commerce platforms segment is likely to experience lucrative growth opportunities in the coming years. Growing market for e-commerce industry, the vast availability of several compression therapy products on online platforms and rising preference towards buying compression garments via e-commerce platform by end users are some of the major factors that could expand the segment growth across the globe.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share of global compression therapy market and is likely to dominate the market over the estimated timeframe. The massive presence of compression therapy product manufacturers in the region, increasing number of orthopaedic and spinal surgeries, rising number of patients suffering from varicose veins, DVT, and lymphedema, and rising sports events and related sport injuries are major factors that accredited to the market growth in the NA region.
The major key players of market includes 3M Company, Aci Medical, LLC, Arjohuntleigh, Bauerfeind AG, BIO Compression Systems, Inc, BSN Medical, Cardinal Health, Inc, Convatec Inc, DJO Global, Inc, Gottfried Medical, Inc, Julius Zorn GmbH, Medi Gmbh & Co. KG, OFA Bamberg, Paul Hartmann AG, Sanyleg S.R.L., Sigvaris, Smith & Nephew Plc, Tactile Medical and Thermotek, Inc among others.
The study analyses global compression therapy market based on technique, product, application, distribution channel, and geography. Compression therapy market by technique is segmented static compression therapy and dynamic compression therapy. The static compression therapy segment is likely to dominate the market over the forecast period. Increased use of static compression therapy owing to its several benefits is attributed to the market growth. By product, the market is segmented into compression garments, compression braces, and compression pumps. The compression garments segment is likely to register fastest growth in years to come owing to the growing adoption of compression stockings by consumers across the globe. The market finds application in deep vein thrombosis treatment, leg ulcer treatment, lymphedema treatment, varicose vein treatment and other applications. By distribution channel, the market is segmented into pharmacies & retailers, hospitals & clinics and e-commerce platforms. E-commerce platform expected to witness fastest growth in the coming years. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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