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Global compression therapy market: 5.1% CAGR growth forecast between 2012-16

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Global Compression Therapy Market 2012-2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-26 08:51:02
The Global Compression Therapy market is to grow at a CAGR of 5.11 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in the aging population. The Global Compression Therapy market has also been witnessing an increasing adoption of product bundling strategy. However, the intense competition among vendors could pose a challenge to the growth of this market.

Vendors in the Global Compression Therapy market are adopting product bundling strategies, where two or more products or services are combined together to achieve product differentiation and to provide better product offerings. Moreover, patients prefer such packaged offerings to individual products because they are cost effective. Thus, along with elastic stockings, compression bandages, and elastic wraps, vendors are offering ready-to-wear leg wear. This marketing strategy has helped several vendors to gain a competitive advantage over other vendors. This trend is expected to have a strong impact on the market in the future.

One of the major drivers is the increase in the aging population. The increase in the aging population results in the increasing prevalence of chronic wounds such as pressure ulcers, diabetic ulcers, and venous ulcers.

The market is highly fragmented with the presence of numerous vendors with significant market shares. These vendors range from large corporations, which produce a broad range of advanced high-end compression therapy products on a worldwide scale, to small and medium-sized companies, which concentrate on a single product line in a specific geographic region. The leading vendors are currently operating on less profit because of intense competition. Moreover, there is severe pricing pressure, which leads to a reduction in vendors´ margins. Thus, intense competition among vendors is a major challenge faced by the market, and it is expected to pose a strong challenge to the market growth during the forecast period.

The key vendors dominating this market space are 3M Co., ArjoHuntleigh, BSN Medical GmbH, Covidien plc, Julius Zorn Inc., Laboratoires Innothera S.A., Medi GmbH & Co. KG, Paul Hartmann AG, Sigvaris Inc., Smith & Nephew plc, and Thuasne SA.

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