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Compression Therapy Market to 2019

Global compression therapy market: $3.4 billion industry by 2019


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2014-01-24 23:51:01 - Compression Therapy Market to 2019 - a new market research report on companiesandmarkets.com

The global compression therapy market was valued at $2.4 billion in 2012 and is forecast to reach $3.4 billion by 2019 at a Compound Annual Growth Rate (CAGR) of 5%. It will be driven primarily by the increasingly large population that is both elderly and diabetic and leading to a high incidence of venous diseases. There is a lack of awareness among patients and physicians about the importance of compression therapy in the management and acceleration of wound healing. However, campaigns organized by companies and non-profit organizations have helped to raise awareness of the complications associated with venous diseases and the importance of compression therapy in their management.Advances in garments, textile technology, compression stockings, and bandages aimed at improving patient

 

 

comfort are expected to drive future growth. It is imperative that governments worldwide provide better access to compression therapy, as it can help to significantly reduce a country´s healthcare burden. Inadequate or a total lack of reimbursement for compression therapy, even in developed economies such as the US and Europe, will continue to slow down demand during the forecast period.In 2012, the US was the largest market for compression therapy and accounted for 49% of global market revenue. It will remain the largest market during the forecast period, growing from a value of $1 billion in 2012 to $1.6 billion by 2019 at a CAGR of 6%. Europe and Asia-Pacific are expected to account for slightly smaller shares by 2019 as the share of the US increases slightly to strengthen its leading position. Inadequate reimbursement for compression therapy in the US is however a major restraint for future growth.Medicare currently does not reimburse compression therapy products, with the exception of some special conditions of chronic venous insufficiency such as venous ulcers, also known as stasis ulcers. Future growth is expected to be driven by growing awareness of the importance of compression therapy in the management and acceleration of wound healing rates. Technical advances in garments, textile technology, compression stockings, and bandages aimed at improving patient comfort will also boost growth during the forecast period.The high incidence of venous diseases such as Deep Venous Thrombosis (DVT) in the elderly and diabetic populations is expected to drive the global compression therapy market. As people age they become less active and their cardiopulmonary system slows down. This lowers the blood flow and increases the chances of developing clots in deep veins, known as DVT. DVT usually has an incidence of one per 1,000, but its incidence rises with age. This incidence was studied over one year in a defined population of 342,000 inhabitants in France. The annual incidence of first DVT is estimated to be 2.3-2.9 per 1,000 in people aged 60-74 years of age, and double that in people aged 75 and above (Oger, 2000). Elderly people who undergo surgery or stay in hospital for a long time are at significant risk of developing DVT. This risk increases if the patient is diabetic or obese the risk increases, as both of these conditions weaken the deep veins and reduce the blood flow.The global diabetic population was estimated to be more than 371 million in 2012, with more than five million new cases diagnosed in 2012. Overall expenditure on diabetes was more than $471 billion in 2012 (IDF, 2012). Compression therapy is a form of wound care management that can help to minimize edema and improve circulation in wounds. Its clinical benefits are making it into the preferred treatment modality, resulting in rapid adoption and driving market growth.Leading companies and non-profit organizations are focusing on awareness campaigns to increase awareness of the complications of venous diseases and the importance of compression therapy in their management. The campaigns focus on the importance of screening venous diseases in order to reduce complications. DVT, if left untreated, could spread to the lungs and block oxygen supply, in turn causing potentially life-threatening Pulmonary Embolism (PE).The awareness programs also focus on the benefits of compression therapy in the management and acceleration of wound healing rates. Compression therapy is found to be effective for DVT prophylaxis, and dynamic compression therapy techniques such as Intermittent Pneumatic Compression (IPC) are particularly effective at treating lymphedema.

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