Growing populations of diabetic patients and elderly patients with venous diseases will foster significant growth in the global market for compression therapy, according to a new report from research and consulting firm GlobalData.
The report, “Compression Therapy Market to 2019,” says the worldwide compression market will swell from $2.4 billion in 2012 to $3.4 billion in 2019, at a compound annual growth rate (CAGR) of 5.1 percent.
In 2012, the United States was home to the largest market for compression therapy, with 49 percent of the market revenue. The report forecasts the U.S. compression market will grow from $1 billion in 2012 to $1.6 billion in 2019, at a CAGR of 6 percent. The report expects the European and Asia-Pacific regions to have smaller shares of 35 percent and 13 percent in 2019, respectively.
In addition to the high incidence of venous diseases, such as deep venous thrombosis, among elderly and diabetic populations, the adoption of compression therapy in the treatment of lymphedema and amputations will help drive market growth.
“Advances in garments, textile technology, compression stockings, and bandages aimed at improving patient comfort are expected to drive future growth,” said Prachi Tejwani, GlobalData’s analyst covering Medical Devices. “It is critical that governments worldwide provide better access to compression therapy, as it can help to significantly reduce a country’s healthcare burden.”
That said, poor or no reimbursement for compression therapy will slow down the demand during the forecast period. This is especially true in Europe, where, with the exception of Germany and France, this is the funding scenario, as well as the United States, where Medicare 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,” Tejwani explained. “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.”