Compression Therapy Market | New Technologies and Its Market Growth
Compression therapy involves the use of specifically designed stockings that are used to increase the blood flow activity in the limbs or other parts of the body by strengthening vein support. Compression garments provides a certain amount of graduated pressure that helps to control the leg swelling and discomfort caused by venous diseases. In case of pneumatic compression therapy, compression pumps are used to treat leg ulcers, while static compression therapy uses bandages, stockings, diabetic shoes and socks as per patient requirement. Compression therapy is majorly used in the treatment of varicose veins, deep vein thrombosis (DVT), lymphedema, venous leg ulcers, gravitational eczema and venous thrombolism (VTE). Compression therapy is majorly used for the active treatment of ulcers and in preventing its recurrence. According to Vascular Disease Foundation, chronic venous insufficiency majorly affects 50% of the adult population worldwide. This therapy is also preferred by sportspersons and athletes for treating musculoskeletal and spinal injuries.
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Recent advancements in compression therapy includes various product innovations and new technologies that are user friendly and adapts according to patient requirements. In 2016, COOLSYSTEMS, INC. developed ACCEL technology helping in integrated pneumatic compression and cold therapy. Also the NormaTec recovery system developed by Normatec in 2016 uses the latest pulse technology for dynamic compression therapy. Profore, a compression system developed by Smith & Nephew in 2015, comprises extra padding layer to provide protection to vulnerable areas such as the Achilles tendon and pretibial crest.
Furthermore, now multiple sustained high compression elastic bandages are used for compression therapy rather than traditional inelastic compression or single component compression systems. This is mainly owing to the fact that elastic bandages provide more patient convenience in terms of limb movement over the inelastic bandages.
Increase in awareness about venous diseases and injuries due to adventure activities and sports are driving the growth of compression therapy market. For instance, according to Safe Kids Worldwide, a global organization which is committed to prevent injuries in children, around 1.3 million cases of sports injuries in youngsters are registered in the U.S every year. Moreover, growing aging population and increasing prevalence of diabetes are also supporting the growth of the compression therapy market in the region. According to the International Diabetes Federation, the prevalence of diabetes is expected to grow from 366 million in 2011 to 552 million by 2030 worldwide that is expected to augment the market growth in the future. Also the rise in DVT cases add to the growth of the market. As per the Centers for Disease Control and Prevention (CDC), the annual incidence of DVT in the U.S. is 1 per 1000 people. The CDC also states that 60,000-100,000 patients suffered from DVT in 2016 in the U.S.
Further, increasing research activities also drive the market. For instance, clinic trials are going on for the use of compression therapy in breast cancer-related lymphedema in the Medical University of Vienna. Furthermore, there are ongoing research studies to study the effect of pneumatic compression therapy on lymph movement in lymphedema-affected extremities at The Brown Institute for Molecular Medicine
Epidemiological and patient accessibility factors to drive growth in different regions
By geography, North America holds the major market share due to rapid acceptance of new technologies and increasing prevalence of obesity leading to vascular diseases. Obesity in individuals leads to progression of knee osteoarthritis (OA) leading to a type of asymptomatic vascular disease. According to the American Academy of Orthopedic Surgeons (AAOS), around 600,000 knee arthroplasty surgeries were performed in 2010 in the U.S. Furthermore, growth in Asia Pacific region is expected to be driven majorly by rising sports injuries. According to the Asian Federation of Sports Medicine (AFSM), about 21,334 incidence of sports injuries occur annually in Asia. Such incidences coupled with patient awareness, affordability and accessibility would fuel the growth in Asia Pacific compression therapy market.
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Inorganic growth strategy adopted by market players
Key players in the global compression therapy market include Getinge AB, 3M, BSN Medical, Medtronic, SIGVARIS, FlowAid Medical Technologies, Bio Compression Systems, IntelliSkin, ConvaTec, Devon Medical Products, ElastiMed, Kinesio, KT Health and Laboratoires Innothera S.A.S. Companies are striving to increase their market share through inorganic and collaborative growth strategy. For instance, FarrowMed Medical solutions was acquired by BSN medicals in 2015. This helped BSN medical to expand its lymphedema treatment solutions portfolio.in different regions. In May 2017, Footfalls & Heartbeats, a UK based smart fabrics manufacturing company partnered with Karl Otto Braun GmbH & Co. KG (KOB), to develop a smart bandage that can measure the pressure applied by compression bandage and enable live monitoring of compression therapy. KOB is a bandage and fabrics manufacturer based in Germany.
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