Transparency Market Research estimates that the global compression therapy market will reach an opportunity of US$4.25 bn by 2024 from a valuation of US$2,693.4 mn in 2015, exhibiting a promising CAGR of 5.3% from 2016 to 2024.
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Rising Numbers of Obese People to Keep Demand Strong for Compression Therapy Products in North America
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In terms of technology, the global market has shown more preference to static compression therapy products over the years as these products are prescribed by doctors for patient care, due mostly to the clinical evidence supporting their health benefits. Demand for static compression therapy garments in high among patients owing to their features such as better looks and comfortable fabric.
Easy availability and affordability of static compression therapy products also work in favor of their swift uptake.
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From a geographical standpoint, the market for compression therapy in North America is presently the most lucrative and massive. The regional market accounted for over 47% of the global market in 2015, followed by the Europe market with a 32% of the global market in the same year.
Alarming rise in the number of obese people in these regions is one of the key drivers of the market for compression therapy and is projected to remain a leading factor fueling the demand for a variety of compression therapy products in the near future as well.
Capitalizing on Untapped Opportunities in Emerging Economies Could Boost Market
The study states that the immense growth potential of the healthcare industry in emerging economies of Brazil, Mexico, India, and China will be one of the key factors boosting the global market for compression therapy in the near future. The increased demand for a variety of healthcare products from the vast population of high disposable income individuals in these countries combined with government efforts aimed at the rapid development of healthcare facilities will contribute to the increased sourcing of compression therapy products in these countries.
Increased population of people with a variety of chronic diseases, rising prevalence of chronic pain, and the rising inclination of people towards sports and fitness activities will also drive the demand for compression therapy products in these countries and regions. Developed regions such as North America and Europe will continue to be high-growth potential markets on account of the large and rising population of obese people and the high prevalence of chronic pain and several chronic diseases.
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Lack of Reimbursement Policies to Hamper Market Growth Opportunities
Despite mostly positive growth prospects, the market for compression therapy will be challenged by factors such as the absence of encouraging reimbursement policies in a number of key regional markets and limited product portfolios in underdeveloped markets. Nevertheless, the increasing focus on the development of healthcare infrastructure in developing economies will help gain the market sustainable pace for future growth.
The largely fragmented vendor landscape for the global compression therapy market faces a massive threat from new entrants owing to inadequate commercialization related regulation and chances of forward integration by raw material providers, says Transparency Market Research in a recent report. Suppliers of raw material also have a low power of bargaining owing as they are present in large numbers.
A large number of vendors in the market are resorting to collaborations, mergers, and acquisitions to acquire a larger share of the market and the growth opportunities it presents. The presence of a vast set of untapped opportunities in emerging economies across regions such as Asia Pacific and Latin America is encouraging companies to extend their business offerings in these new and relatively underdeveloped regional markets.
The market in these regional markets is also expected to see the rise of a number of new companies catering to the thriving market for sports and fitness products in countries such as Japan, China, Singapore, and South Korea.
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