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Stockings are a popular dressing among young women for a wide variety of reason. The additional padding is ideal to support blood circulation, strengthening veins, and provide wound care. The growing appeal for stockings, and expanding use of compression therapy with new products, and advancements like 3D printing remain a key drive of growth in the global compression therapy market.
According to Credible Insights, the market will grow at notable 5.3% CAGR during 2020-2025. The market was valued at $3.36 bn in 2019, and will likely rise to $5.15 bn in 2025. The rising demand from patients for products like stockings, growing demand to recover from sports injuries, and expansion in new markets remain key growth factors in the global compression therapy market. The market also faces restraints in the future, as lack of universal standards for compression products, and limited response among patients at home remain challenges to growth in the global compression therapy market.
Rising Sports Medical Centres and 3D Printing Promises Robust Growth
The growing number of sports medical centres are making way for quick medical attention to athletes in the US. This is ideal for growth of the global compression therapy market, as it spreads awareness as large population among key demographics remains young, and probably unaware of different product offerings. According to National Safety Council (NSC), annually over 3.5 million injuries occur in the US. Moreover, nearly one-third of all injuries during childhood are sports related injuries. The stats aren’t surprising as nearly 30 million adults, and children alike play organized sports in the US. The strong support for sporting culture, and growing demand for medical attention for athletes will remain a strong impetus for growth in the compression therapy market. The therapy market is witnessing a growth of new products like bracelet, garments, and compression pumps. The growth of technological advancements like 3D printing also remains a bright horizon for players in the global compression therapy market. The growth of sports medical centres, and ability to print-out new compression products on the spot, and meet current shortages in demand with more personalized offerings will be a major boost for growth.
Growing Demand for Minimal-Invasive Surgeries and Rising Awareness About Fitness to Drive Robust Growth
According to latest surveys, millennials are more health-conscious than the generation before them. This is reflected in numerous statistics as millennials visit the gym more often, consume lesser quantities of alcohol, and are more concerned about the wellbeing of their health. Furthermore, due to the enormous cost of medical surgeries, and potentially long-term side-effects, the demand for minimal-invasive surgeries is on the rise. According to Physical Activity Council, 60.1% people participated in fitness sports among sporting enthusiast. This number increased to 66.0% during 2018. Hence, the growing awareness about health remains a key driver of growth for the global compression therapy market.
Growing Deaths due to Cardiovascular Illnesses Remains a Major Opportunity
According to World Health Organization, over 17.9 million lives each year are lost due to CVDs. Moreover, the group of illness impact heart, blood vessels, and extends to illnesses like cerebrovascular disease, heart disease, among others. The pressing need to find solutions for improving blood-flow, and rising demand for minimally-invasive surgeries, and advancement of solutions like 3D printing will remain key factors for growth. It is estimated that CVDs are responsible for 31% of all deaths worldwide. Moreover, the rising intake of unhealthy foods, and growing sedentary lifestyle will likely worsen health crisis globally. On the other hand, the 3D printing promises to offer more effectively designed products at cheaper costs to further treatment for ill patients.
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