The global value of the compression therapy market will expand from $3.84 billion in 2014 to reach $6.22 billion by 2021, representing a strong Compound Annual Growth Rate (CAGR) of 7.13%, according to research and consulting firm GlobalData.
The company’s latest report* states that this increase, which will occur across the ten major markets of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China and India, will primarily be driven by an aging global population and increasing prevalence of conditions such as diabetes.
Shashank Settipalli, GlobalData’s Analyst covering Medical Devices, says: “While Western nations, such as the US and Germany, currently dominate the market, emerging economies are expected to see the fastest growth over the forecast period.
“Despite the US being the biggest market in the treatment area with a value of $1.4 billion in 2014, the Asia-Pacific (APAC) region, which consists of Japan, China, and India, is expected to become the fastest growing market.”
GlobalData’s report found that Japan had the largest share of the APAC compression therapy market with a 41% stake in 2014, but this will fall to 29% by the end of the forecast period as the other markets experience faster growth. China and India are forecast to claim 40% and 31% of the APAC market, respectively, by 2021.
While the outlook for compression therapy is expected to be positive, various barriers to further market growth remain.
Settipalli adds: “Insufficient reimbursement is a recurrent obstacle to greater adoption of compression therapy products, especially in countries where comprehensive healthcare is flawed. For example, access to compression therapy products is limited by both public and private insurers in the US.
“Furthermore, patient compliance and the overall cost of therapy remain other factors preventing additional growth.”
The analyst concludes that despite a large volume of sales, compression therapy has not been a dynamic area of innovation and, as a result, the pipeline is weak. This is due to the fact that the technology behind many compression modalities has remained unchanged for many years.
This report provides analysis of the compression therapy space across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China and India, including annualized market data from 2014 and forecast until 2021.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.