Market Reports Center recognizes the following companies as the key players in the global compression therapy market: 3M, BSN Medical, Getinge, Medtronic, and SIGVARIS
Other Prominent Vendors in the market are: Adidas, Bio Compression Systems, ConvaTec, Devon Medical Products, ElastiMed, FlowAid Medical Technologies, IntelliSkin, Kinesio, KT Health, Laboratoires Innothera, medi, Medical Compression Systems, Nike, PAUL HARTMANN, Smith & Nephew, Tactile Systems Technology, Thuasne, VERT, Zensah, and Zimmer Biomet
Commenting on the report, an analyst from Market Reports Centers team said: The market has been witnessing a paradigm shift toward the adoption of wearable compression systems, owing to the increased advantages over conventional compression therapy systems such as stockings. The traditional compression systems can be uncomfortable and difficult for individuals to put on without assistance. This could be due to age-related issues, arthritis, poor mobility or flexibility. Also, the pneumatic compression pumps are costly and bulky, due to which the individuals may resist the adoption. Therefore, the vendors have focused on developing lightweight wearable compression systems. For instance, ElastiMed is using smart materials to develop a wearable compression device that features a battery, which allows the garment to contract and massage the leg. In addition, the device is easy to wear, effective and affordable treatment option. Also, Tactile Systems Technology is offering Flexitouch System (only device that has a strong clinical profile to reduce chronic swelling related to lymphedema) is an advanced intermittent pneumatic compression device, which can stimulate the lymphatic system and reduces the rate of hospital visits. The tactile Systems Technology reported almost 92% of its total sales from Flexitouch System in 2015.
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According to the report, the increasing surgical procedures such as hip and knee replacements increase the risk of DVT, thereby fueling the need for compression therapy systems. Surgeries often result in long periods of immobility, increasing the chances of developing DVT due to reduced blood flow. It is reported that over a million Americans undergo joint replacement surgeries every year. Individuals undergoing knee replacement and hip replacement surgeries have an increased likelihood of developing DVT. Apart from this, more than 670,000 broken bone repair surgeries are performed every year in the US. It is also observed that these cases of joint replacements and cardiovascular procedures are more commonly observed among the older population.
Further, the report states that reforms in the reimbursement structure and rates will affect consumer demand and lead to market fluctuations worldwide. In spite of reforms in medical devices and pharmaceuticals, many developed countries do not have proper reimbursement policies for many medical devices such as compression therapy devices.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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