Tampa, FL -- (SBWIRE) -- 07/15/2016 -- The market for compression therapy is forecast to grow rapidly over the next several years.
A recent report by Transparency Market Research forecasts strong growth in compression therapy through 2023. The report predicts a compounded annual growth rate of 5.2 percent for the period. The global market was valued at U.S. $2.5 billion in 2015 and is projected to grow to U.S. $4.0 billion by 2023.
The market for compression therapy may be segmented by technology, with dynamic compression therapy leading the projected growth as compared with static compression therapy. Similarly, when differentiating by product type, compression pumps are expected to see higher uptake compared to compression stockings, tapes and bandages.
According to the report, dynamic compression therapy offers distinct advantages over static compression, including less frequent bandage changes and highly effective treatment.
This forecast comes as no surprise to Greg Grambor. He is president of Vascular PRN, a national distributor of pneumatic compression therapy devices.
"As doctors learn about the safety and efficacy of dynamic compression, they are coming to rely on them to treat lymphedema and venous insufficiency, as well as to prevent deep vein thrombosis," Grambor said. "We're seeing more and more demand from hospitals and nursing homes, which see pneumatic compression as a key tool in keeping immobilized and sedentary patients healthy."
The report cites a rise in obesity as a key factor behind the growing demand for compression therapy, with obesity and deep vein thrombosis being closely related.
One restraining factor in the growth of compression therapy is a lack of favorable reimbursement policies among insurers, the report says.
"Insurers are a bit slow on the uptake," said Grambor, "but I'm confident that as doctors and patients increasingly demand dynamic compression therapy, they will see the necessity of accommodating this lifesaving technology," said Grambor.