The increase in diabetic and elderly populations with venous diseases will boost the significant growth of the global compression therapy market, which will surge from $2.4 billion in 2012 to $3.4 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 5.1%, according to a new report from research and consulting firm GlobalData.
The company’s latest report – Compression Therapy Market to 2019 – Growth due to Increased Awareness in Venous Disease Management Offset by Reimbursement Issues – states that in 2012, the United States was the largest market for compression therapy, with 49% of the market revenue. This is forecast to grow from $1 billion in 2012 to $1.6 billion in 2019, at a CAGR of 6%. The European and Asia-Pacific regions are expected to have smaller shares of 35% and 13% in 2019, respectively.
Besides the high incidence of venous diseases, such as Deep Venous Thrombosis (DVT), among elderly and diabetic populations, the adoption of compression therapy in the treatment of lymphedema and amputations will also be a major market driver.
Prachi Tejwani, GlobalData’s Analyst covering Medical Devices, says: “Advances in garments, textile technology, compression stockings, and bandages aimed at improving patient comfort are expected to drive future growth. It is critical that governments worldwide provide better access to compression therapy, as it can help to significantly reduce a country’s healthcare burden.”
However, inadequate or total lack of reimbursement for compression therapy will slow down the demand during the forecast period – especially in Europe, where this is the case in most countries, with the exception of Germany and France. Furthermore, Medicare in the US does not cover compression therapy, except for certain cases of chronic venous conditions.
“Another particular drawback for the compression therapy market is that the application and treatment outcome is highly physician-dependant. This means that the desired result and patient comfort varies based on the expertise and experience of the physician. Unfortunately, there remains a lack of awareness among patients and doctors about the importance of compression therapy in the management and acceleration of wound healing,” Tejwani concludes.