Canada Compression Therapy Market Analysis

Canada Compression Therapy Market Executive Summary

Canada Compression Therapy Market was valued at $304 Mn in 2022 and is estimated to reach $470 Mn in 2030, exhibiting a CAGR of 5.6% during the forecast period.

Compression therapy is a medical procedure that is usually used on limbs to increase circulation and decrease edema. It is frequently used to treat ailments like lymphedema, venous disorders, and some forms of edema. Its main goal is to improve vein blood flow and make it easier for blood to return to the heart. This aids in preventing the buildup of fluid in the tissues, which is particularly important when swelling results from fluid retention. Depending on the severity of the condition and the individual's unique requirements, compression therapy can be applied in a variety of ways, such as with elastic stockings, sleeves, or bandages. Techniques like compression wraps use multiple layers of bandages to provide graduated compression, and intermittent pneumatic compression (IPC) uses a device to simulate natural muscle contractions to aid in venous return. To ascertain the best technique and degree of compression for a given case, consulting with a healthcare provider is crucial when developing more comprehensive treatment plans for issues such as poor circulation, swelling, or fluid retention.

In Canada, a significant percentage of the population suffers from Chronic Venous Insufficiency (CVI), affecting 25% of men and 40% of women. CVI is one of the most common chronic conditions, characterized by reduced blood flow from the legs to the heart, resulting in symptoms like aching, swelling, and varicose veins. Additionally, Deep Vein Thrombosis (DVT) poses a significant health concern, with an incidence rate of 1.29 events per 1000 person-years in Canada, especially among older adults and women. Blood clots in deep veins, usually in the legs, are a complication of DVT that can lead to potentially fatal outcomes such as pulmonary embolism. Leg ulcers, lymphedema, and post-thrombotic syndrome are examples of long-term complications that raise the overall incidence of venous disorders. The high frequency of these disorders is caused by many factors, including an aging population, lifestyle decisions like obesity and prolonged inactivity, as well as genetic predisposition. Because they cause pain, discomfort, and limitations in daily activities, venous disorders not only negatively impact the quality of life of affected individuals but also place a significant burden on the healthcare system.

A significant emphasis has been placed on improving compression therapy stockings' comfort, breathability, and durability. Innovative technologies have surfaced, like Medi's Clima Comfort technology, which controls moisture and temperature to improve the wearer's experience overall. Juzo’s SoftSelect is notable too because it makes donning and doffing simple and is dedicated to a soft touch. With relation to compression therapy stockings, these advancements indicate a determined attempt on the part of the industry to prioritize the comfort and convenience of the user over medical requirements.

Market Dynamics

Market Growth Drivers

Aging Population: As of 2022, Statistics Canada projects that seniors (aged 65 and above) constitute approximately 19.3% of the population, and the demographic of older seniors (aged 85 and above) is anticipated to triple by 2046. This demographic shift towards an aging population in Canada has led to a heightened incidence of chronic conditions like venous disorders and lymphedema, thereby increasing the demand for products related to compression therapy.

Technological Advancements: The growth of the compression therapy market is propelled by advancements in materials, design, and smart technology integration. Innovations such as sensors and smart fabrics enable real-time pressure monitoring, data collection, and personalized adjustments, enhancing treatment efficacy and user experience. These developments underscore a commitment to improving both therapeutic outcomes and user comfort in compression therapy.

Focus on Preventive Healthcare: The rising focus on preventive healthcare is driving the growth of the compression therapy market. Increased adoption by athletes and individuals seeking better circulation and pain management aligns with the proactive approach to health. Early implementation of compression therapy has the potential to prevent future complications, underscoring its significance in preventive healthcare practices and contributing to market expansion.

Market Restraints

Cost and Accessibility: The compression therapy market is constrained by the high cost of compression garments that are custom-made or made using cutting-edge technology. Notably, these expenses can create a financial barrier for some patients, especially as not all compression therapy devices are covered by provincial health insurance plans, leaving individuals to bear the full cost. Moreover, the uneven accessibility of certified medical practitioners to evaluate and recommend compression therapy, especially in remote regions, impedes the treatment's widespread acceptance and restricts the market's expansion.

Patient Compliance: Discomfort with certain compression garments, especially during extended wear, hampers the compression therapy market as patients may abandon therapy. The challenging process of donning and doffing such garments, particularly for older adults or those with dexterity issues, poses a compliance obstacle. Additionally, the preventive and long-term nature of compression therapy may reduce patient motivation for consistent use, acting as a restraint to widespread adoption in the Canadian market.

Alternative Treatment Options: The availability and preference for alternative treatment options in Canada may divert attention and resources from compression therapy, acting as a restraint in the market. If individuals favor other treatments based on factors like perceived effectiveness or comfort, it could hinder the widespread adoption of compression therapy products.

Notable Recent Updates

• February 2022, Koya Medical successfully obtained $26 Mn in Series B financing to further develop a range of active compression treatments designed for lymphedema and venous disorders.
• February 2022, Therabody introduced the next iteration of its Recovery Air pneumatic compression boots, featuring enhanced technology designed to facilitate more efficient recovery for individuals.

Healthcare Policies and Regulatory Landscape

In Canada, diverse entities are tasked with overseeing and regulating therapeutic drugs. Health Canada, specifically through its Pharmaceutical Drugs Directorate and Health Products and Food Branch, plays a pivotal role in overseeing pre-approval and approval processes for new pharmaceuticals. They are also actively involved in post-market safety monitoring and pre-market evaluations. Another regulatory body, the Patented Medicine Prices Review Board, focuses on ensuring fair pricing for patented medications within the market. The Canadian Agency for Drugs and Technologies in Health contributes by providing evidence-based information on medication effectiveness and cost-efficiency. Additionally, individual provinces and territories maintain their drug formulary, making decisions based on factors such as cost-effectiveness, safety, and efficacy to prevent excessive pricing of patented medications.

Competitive Landscape

Key Players

• Bauerfeind
• Jobst
• Medi
• Sigvaris
• Juzo
• LympheDiv
• Gibaud
• Varisport
• CEP
• McDavid