Albany, NY -- (SBWIRE) -- 05/01/2018 -- The global compression therapy market houses several market players loosely dispersed across the globe, and no significant player is at the apex of the market. The weak barriers to the entry of new players has continually fragmented the market while the established players face threats from new players frequently entering the market. Several large-, medium-, and small-scale players coexist in the market and are expected to resort to a range of strategies to gain a greater market share. Since organic expansion for a market player is difficult, mergers are projected to emerge as a key business strategy for the market players.
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Furthermore, the international market players are aiming to expand their geographical reach through acquisition of local players. Since the market essentially caters to the healthcare industry, the market players are capitalizing on collaborating with healthcare units and hospitals to ensure a regular supply of demand. Some of the renowned players in the market are ArjoHuntleigh, 3M Health Care, BSN Medical, SIGVARIS MANAGEMENT AG, Covidien plc, medi GmbH & Co KG, PAUL HARTMANN AG, and Bio Compression Systems, Inc.
Transparency Market Research (TMR) factored out the key dynamics that drive demand within the global market for compression therapy. TMR finds that the market was valued at US$2,693.4 mn in 2015 and is projected to escalate to a value of US$4.25 bn by 2024. The market is prognosticated to grow at a moderate CAGR of 5.30% over the forecast period of 2016 to 2024. In terms of geography, the market in North America is anticipated to surge ahead of other regional segments due to the prominence of healthcare facilities in the region. The market revenue generated by North America stood at 1271.50 mn in 2015.
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The health benefits served by compression therapies have overpowered the traditional methods of curing injuries, sprains, and other dysfunctions. This shift of preference towards compression therapies has played to the advantage of the global market. Moreover, the prevalence of obesity across the globe has necessitated swift and effective treatment for unanticipated musculoskeletal injuries. To heed to this need, the healthcare industry has started developing core specialization methods for compression therapies. Popularity of various sports and the rise in strenuous activates amongst the masses has also increased the incidence of injuries and dysfunctions. Since compression therapy is a quick and easy way of effectuating treatment, sports enthusiasts and trainers are advised to resort to compression therapies in case of injuries.
The market in North America is treading along a lucrative pathway and is expected to sustain its spree of excellence. Europe was second on the list of market share in 2015 and is catching up with North America. This growth of these regional market largely owes to the high incidence of obesity in the west. Furthermore, Asia Pacific houses commendable opportunities for growth due to the adoption of better healthcare facilities in the region. Moreover, South Korea, Singapore, Japan, and China also endow untapped opportunities for growth.
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