Transparency Market Research Report Added "Compression Therapy Market" to its database.
Albany, NY -- (SBWIRE) -- 12/20/2016 -- Transparency Market Research forecasts the global compression therapy market to reach US$4.25 bn by 2024 from a valuation of US$2,693.4 mn in 2015. If these figures hold true, the market will exhibit a CAGR of 5.3% between 2016 and 2024.
For the majority of sportspersons and athletes, compression therapy is one of the most common procedures of treating injuries. Over the years, the therapy has been facilitating the healing process in various cases of musculoskeletal and spinal injuries. Besides this, the increasing number of orthopedic surgeries conducted worldwide also has been fuelling demand for compression therapy. With the increasing obese population, the global compression therapy market stands to reach US$4.24 bn by 2024, exhibiting a CAGR of 5.3% between 2016 and 2024.
Transparency Market Research (TMR) has pegged the overall value of the global compression therapy market at US$2.69 bn in 2015. Holding a share of over 43.1%, bandages constituted the largest product segment in the compression therapy market in 2015.
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Prevalence of Obesity Creates Ample Opportunities for Expansion of Compression Therapy Market in Developed Economies
The American Academy of Orthopedic Surgeons (AAOS) has stated that around 129,000 knee arthroplasty surgeries were conducted in the U.S. in 1990. The number had reached over 600,000 surgeries in 2010. Furthermore, the AAOS projects the number of arthroplasty surgeries to be conducted in the U.S. by 2030 to surpass 3 million. Considering the incredible rise in number of cases reported in the U.S. alone, the incidence of orthopedic conditions globally is projected to increase at a rapid pace. This creates ample opportunities for the expansion of the compression therapy market.
As obesity increases the risk of vascular diseases due to the pressure exerted by the bodyweight on underlying organs, its rising prevalence is often linked with the increasing demand for compression therapy. As per the World Health Organization (WHO), the prevalence of obesity has nearly doubled since 1980. With experts projecting the number to surge during the report's forecast period, opportunities for the global compression therapy market are likely to bolster.
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Lack of proper reimbursement policies will, however, limit the market's success to an extent, finds TMR. Nevertheless, the rising investments in emerging economies and widespread unmet medical needs in these countries will support the market's growth in the near future.
North America Emerges Dominant with Most Attractive Opportunities
Regionally, North America has been exhibiting the most lucrative prospects for leading enterprises in the market. The region held around 47.2% of the market in 2015, followed by Europe, which accounted for a share of 32.2% in the market in the same year. The prevalence of vascular diseases in both these regions is relatively higher. In North America, TMR finds the alarming rate of obesity as a prime driver of the compression therapy market. Among other regions exhibiting prospects for the compression therapy market, Asia Pacific is expected to report the highest CAGR.
Some of the prominent companies operating in the global compression therapy market include 3M Health Care, Bio Compression Systems, Inc., BSN Medical, Covidien plc, Paul Hartmann AG, and others.
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Supported by Clinical Evidence, Static Compression Therapy Emerges as Dominant Market Segment
Demand for static compression therapy is forecast to rise at a rapid pace. The segment in 2015 held the largest share in the market and is expected to sustain its dominant position through the forecast period. The low cost and easy availability of static compression products have consequently boosted their sales. These products are also supported by clinical evidence, due to which doctors around the world seem to prefer static garments more. Besides this, the aesthetic appearance and comfortable material of static compression hosiery have made them a preferred choice among patients.
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