Venous diseases or chronic venous disorders (CVD) come with symptoms such as swelling, heaviness in the legs, pain in the calves or cramps, white atrophy, skin discoloration, or a venous leg ulcer. These symptoms are signs of varicose veins, deep vein thrombosis (DVT), and leg ulcers. In such cases, resorting to compression therapy helps in easing the pain and improving blood circulation for expediting the healing process. Compression therapy works on the simple theory of applying an elastic garment around the affected region with progressively tighter bands. The gradual compression allows venous return, reduces the pressure on the vein, and prevents deterioration of venous walls. In effect, the correct usage of compression therapy relieves pain and reduces heaviness in the legs.
Need for Solutions for Geriatrics Drives Global Compression Therapy
The global compression therapy market has been witnessing magnificent growth in recent years due to the increasing incidence of diabetes-related problems, the growing geriatric population, increasing sports injuries, huge improvements in compression therapy garments and devices, and rising awareness about venous diseases. As more and more investments are made by both public and private sectors to educate the masses about the dangers of untreated venous diseases, it is contributing to the growth of this market. Owing to these reasons, the global compression therapy market is expected to reach US$3.2 bn by 2020, from US$2.3 bn in 2014. This market is expected to grow at a CAGR of 5.2% from 2014 to 2020.
The global compression therapy market has been segmented on the basis of product type and region. On the basis of type, the global compression therapy market is divided into static compression therapy and dynamic compression therapy. The static compression therapy segment is further sub-segmented into compression garments, compression bandage, and diabetic shoes; the dynamic compression segment includes segmented pneumatic pumps and non-segmented pneumatic pumps. Regionally, the global compression therapy market is segmented into North America, Asia, Europe, and Rest of the World.
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Dynamic Compression Therapy Segment Paces Ahead of Static Segment
Static compression therapy holds the biggest market share in the global compression therapy market. However, dynamic compression therapy is expected to grow at the fastest pace. Furthermore, Asia is expected to witness impressive growth of the compression therapy market in the region, as economies in the region strengthen. The compression therapy market in North America is expected to reach US$1.5 bn by 2020, growing at a CAGR of 5.40% during the forecast period. The restraints on the global compression therapy market are poor reimbursement policies and the possibility of complications arising out of use of compression therapy devices.
The important players shaping the future of the global compression therapy market are ArjoHuntleigh, SIGVARIS, BSN medical GmbH, Julius Zorn GmbH, PAUL HARTMANN AG, THUASNE, Medtronic plc, Smith & Nephew plc, and medi GmbH & Co. KG.