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November 11, 2021, New York, USA -
Compression Therapy: Introduction
Compression therapy means wearing specially designed stock or stockings. This therapy is given to support your veins and increase circulation in your legs. During this therapy, stocks or stockings are generally worn in the morning time and removed at the night time. Throughout the day, the compression provided by stock or stocking stops blood from pooling in veins of legs, resultant overall circulation is improved. And it also lowers the leg swelling if you have.
The Global Compression Therapy Market Forecast:
In 2018, the global compression therapy market size was estimated at USD 3.01 billion, and It is expected to reach USD 4.51 billion by 2026. This market will grow at an increase (CAGR) of 5.2 per cent during the forecasted time.
Compression therapy employs a controlled pressure applied to the lower extremities to boost blood flow and the effectiveness that of lymphatic and venous systems. This is one of the best well-established and most essential treatment methods for lymphatic and venous disorders. According to a report published by the National Center for Biotechnology Information (NCBI) in 2018, it is believed that lymphedema is a pandemic that affects around 250 million people worldwide. The increase in the frequency of vein-related disorders such as venous leg ulcers and lymphedema, as well as deep vein thrombosis etc. and the growing number of geriatric patients and the increasing rate of the utilization of compression therapies to treat these disorders of the vein, are most important factors that will drive the growth of the market for compression therapy in the coming years.
Market Trend and Dynamics of the Global Compression Therapy Market:
Compression Garments are expected to be more effective than other products over the forecast period.
Since the past, compression garments have been extensively utilized in medical procedures. In many sportswear items, they are an essential component for athletics as well as fitness activities. It is believed to improve the performance of athletes, reduce the risk of injury and speed up the process of healing. In the majority of cases of burns, it's very beneficial in reducing the development of hypertrophic scars. It also helps in accelerating the process of maturation of the scars.
Additionally, for a significant number of patients who suffer from arthritis because of the presence of chronic illnesses like diabetes, heart disease, and obesity, it is necessary to use compression therapy throughout their everyday life to lead a more healthy life. Innovative approaches have assisted in the development of sensor technologies based on materials like electromyography (EMG)-based inertial sensors in the wearable compression garments that are smart. Scars and ulcers are easily often treated with the correct use of these devices.
Furthermore, there is a wide acceptance of compression clothes within clinics and hospitals that encourage the use of compression therapy as a part of a specific treatment.
North America is expected to dominate the other regions over the forecast time.
North America is expected to be the leading market in terms of revenue generated over the period of forecast. One of the main reasons is the awareness of the early detection of arthritis, venous ulcers, injuries sustained in sports, and people who suffer from road accidents. Venous is a common disease across industrialized nations. For instance, in the United States, millions are suffering from ulcers and arthritis that result in substantial expenses for healthcare within the country.
But, the stimulation for businesses at the national level from the government as well as increased awareness within the society with a higher level of spending drives the increase in the demand for compression therapy's adoption at a steady rate. The presence of numerous multinational companies that have an established distribution channel would assist North America to be the most profitable market during the coming years.
In developing countries, there is a high cost of compression pumps and a lack of awareness about compression therapy, which will hamper the growth.
The lack of information on compression as that is a viable treatment for the management of lymphatic and venous diseases in many countries that are developing is likely to limit market growth for compression therapy.
Furthermore, another major obstacle to the expansion of this market price is attributed to compression pumps. However, increased competition leading to price pressure, and increasing initiatives of leading players in increasing awareness of the benefits of this therapy in the market for the treatment of lymphedema, venous leg ulcer etc., are likely to create growth opportunities in the coming years.
The Key Market Segmentation of the Global Compression Therapy Market:
The global Compression Therapy Market can be divided into Product Types, Techniques, Applications, Distribution channels and Geographical landscapes, etc.
Compression Therapy Market Segmentation By Product Type:
Compression Therapy Market Segmentation By Application:
Compression Therapy Market Segmentation By Techniques:
Compression Therapy Market Segmentation By Distribution Channel:
Compression Therapy Market Segmentation By Geographical Landscape:
The Key Market Players of the Global Compression Therapy Market:
The Covid-19 Impact Analysis:
The current COVID-19 pandemic has had a significant impact on markets in different industries and sectors, including health care, oil and petroleum, aeronautics and defence, and food and beverages. A majority of these industries are going through an uncertain period with regard to world economic trends, effects of the pandemic for businesses in the United States, laws of the government and preventive regulations, demand from the end-users and the challenges that are faced by the logistics chain and supply chain.
In the process, major companies and market players are being forced to shift their focus away on growth strategies that are long-term in nature to sustainable strategies that have resulted in changes to the operations of businesses like manufacturing or supplying products, as well as communication with customers in certain areas in the world economy. The healthcare industry is at the centre of the global pandemic and could have significant long-term effects. This could force nations and major market players to implement crucial reforms in healthcare when the outbreak is in control or has diminished. The private sector of healthcare faces twice the burden of investing more personnel or equipment, consumables along with other funds to assure that they are fully prepared for the safety of hospitals and ultimately the treatment for patients in conjunction with the dramatic drop in out-patient footfall, elective surgery, as well as international visitors.
In addition, hospitals are also affected by the pandemic since an apparent shortage in the number of healthcare professionals is present in both developed and developing countries. The disease has also affected orthopaedics as doctors are not focused on regular patients because they are moved to COVID-19 patients. Thus, the practice of orthopaedic and trauma surgeries has become a huge issue due to the absence of hospital staff and operating facilities.
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