Compression therapy involves regulated pressure to promote blood flow to the heart and the legs. It concurrently supports the veins and reduces swelling. Compression therapy devices are used to treat a variety of conditions, such as deep vein thrombosis, varicose veins, leg ulcers, and lymphedema. Compression stockings, compression garments, compression bandages, compression pumps, and compression tapes are examples of compression therapy items.
The global compression therapy market is projected to witness significant growth due to the increasing popularity of sports among the younger population, which has increased the likelihood of accidents. Moreover, according to the data from the Association for Safe International Road Travel, road crashes are the leading cause of death in the United States for people aged 1 to 55. Annually, over 45,000 people are killed in car crashes on American highways. In the United States, there are 12.3 road fatalities for every 100,000 people. Road accidents cost Americans $870 billion in societal and economic damage. Furthermore, the medical expense of road accidents in the United States exceeded $370 million. Such alarming figures are anticipated to boost the sales of compression therapy market.
Compression therapy is used to reduce pain and swelling associated with post-trauma in pneumatic compression therapy, vertebral fracture treatment, normatec compression therapy, game-ready cold therapy, and fractured spine treatment. Furthermore, hot and cold gel packs, pressure garments, game-ready ice for game-ready cold therapy, hot cold packs, and vasopneumatic compression coupled with elevation assist in healing the injured area. As a result, the global compression therapy market is projected to expand during the forecast period.
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The global compression therapy market is expected to exhibit a CAGR of 6.1% from 2019 to 2027 (forecast period).
Expanding Geriatric Population Worldwide to Accelerate Market Growth
The expanding geriatric population worldwide is projected to accelerate the growth of the global compression therapy devices market as a result of their vulnerability to numerous health-related difficulties. As per Age International, in the last half-century, the average life expectancy has risen by almost 20 years. As a consequence, there are presently 960 million people over the age of 60. As per the same source, there will be almost 1.5 billion individuals aged 60 and older by 2050, more than double the number recorded in 2000. As people get older, their bodies require compression therapy, such as vertebral compression fracture treatments. Such factors are expected to propel the global compression therapy market during the forecast period.
Compression Therapy Market Benefited from COVID-19 Pandemic
The COVID-19 pandemic had a beneficial impact on the global compression therapy market. COVID-19 is linked to an increased risk of venous thromboembolism. As a consequence of the increased number of infected patients and hospitalization rates of COVID-19 cases, blood clotting causes have contributed to a rise in the incidence of Deep Vein Thrombosis (DVT). This is due to COVID-19 patients, particularly those 60 and older, who are instructed to remain in bed for extended periods of time. As a result, the global compression therapy market witnessed massive growth amid the COVID-19 pandemic and is projected to expand during the forecast period.
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North America to Dominate Compression Therapy Market
North America is set to dominate the global compression therapy market during the forecast period. The growing senior population and the high prevalence of obesity and chronic venous problems are expected to boost the regional market growth. Moreover, the availability of supportive government reimbursement policies and rising levels of healthcare knowledge is anticipated to bolster the compression therapy market in North America.
Furthermore, the existence of a significant number of well-known pharmaceutical companies that are continuously attempting comprehensive commercialization and expanding their global footprint is a key factor propelling regional market growth. The United States is likely to be the largest revenue generator in compression therapy market in North America due to the prevalence of chronic diseases, which is boosting the clinical urgency to utilize compression devices. According to a study released in NCBI, the rate of chronic venous disorders is highest in Western nations, ranging from 20.0% to 45.0% in females and 5.0% to 20.0% in males.