Mexico Compression Therapy Market Analysis

Mexico Compression Therapy Market Executive Summary

Mexico Compression Therapy Market was valued at $57 Mn in 2022 and is estimated to reach $90 Mn in 2030, exhibiting a CAGR of 5.85% during the forecast period.

Compression therapy is a medical procedure commonly utilized on limbs to enhance blood circulation and reduce swelling. It is often employed in the treatment of conditions like lymphedema, venous disorders, and certain types of edemas. The primary objective is to enhance the flow of blood in the veins, facilitating the return of blood to the heart. This helps prevent the accumulation of fluid in the tissues, especially when swelling is a result of fluid retention. Depending on the severity of the condition and the individual's specific needs, compression therapy can take various forms, such as elastic stockings, sleeves, or bandages. Techniques like compression wraps involve the use of multiple layers of bandages to provide graduated compression, while intermittent pneumatic compression (IPC) employs a device to mimic natural muscle contractions, assisting in venous return. To determine the most suitable technique and compression level for a particular case, it is essential to consult with a healthcare provider, especially when developing comprehensive treatment plans for issues like poor circulation, swelling, or fluid retention.

The adult population in Mexico has a remarkably high prevalence of Chronic Venous Insufficiency (CVI), 43.8%. Gender disparities are evident, as the prevalence jumps to 46.9% for females, particularly reaching 40.5%. The venous disorders are heightened by Deep Vein Thrombosis (DVT), which has been reported in 1223 cases among hospitalized patients suffering from venous thromboembolism (VTE). In Latin America, including Mexico, the overall prevalence of chronic venous disease (CVD) is 68.11%. In Mexico, women are predominantly affected by venous thrombosis of the lower limbs (VTLL), which has an incidence of 3–11% but a higher mortality rate among men. These high rates are caused by many factors, including lifestyle decisions like prolonged sitting or standing, sedentary behavior, and rising obesity rates. The prevalence is further increased by a genetic predisposition and the exacerbation of venous problems by Mexico's warm climate. Variability in early diagnosis and treatment availability may also be influenced by differences in healthcare access amongst regions.

Companies like Sigvaris and Medi are leading the way in compression therapy technology innovation by experimenting with the incorporation of sensors into compression socks and stockings. The goal of this research is to monitor vital signs like temperature and pressure, which could be useful for tailored treatment and allow for remote patient monitoring. Concurrently, new materials like microfibers and breathable textiles are incorporated, and this is where material advancements become crucial. These cutting-edge materials help make compression garments more effective and comfortable, which improves user experience overall and therapy regimen compliance.

Market Dynamics

Market Growth Drivers

Growing Geriatric Population: The growing elderly population in Mexico, currently at 11% and expected to triple to 23% by 2050, is a key driver for market growth in compression therapy. With a higher proportion of women in the older demographic (55%), the increased susceptibility of the elderly to conditions requiring compression therapy fuels the rising demand for such treatments. This demographic shift significantly contributes to the expansion of the compression therapy market.

Lifestyle Changes and Risk Factors: The compression therapy market is driven by lifestyle changes, such as reduced physical activity, prolonged sitting, and obesity, due to growing urbanization. These factors increase the demand for compression therapy, especially for preventive purposes, as people seek solutions to address health risks associated with their changing lifestyles.

Technological Advancements: Technological advancements, such as smart socks, app-controlled pumps, and 3D-scanned custom garments, drive growth in the compression therapy market by enhancing user experience, comfort, and compliance.

Market Restraints

Lack of Awareness: The compression therapy market is constrained by a lack of awareness. Both the general public and healthcare professionals lack sufficient understanding of the benefits and applications of compression therapy, limiting its adoption and market growth.

Patient Compliance: The market for compression therapy is limited by certain clothing items that cause discomfort after prolonged use, which may cause patients to stop using the therapy. One obstacle to compliance is the difficult process of putting on and taking off these garments, particularly for elderly or dexterously challenged individuals. Furthermore, patients may be less motivated to use compression therapy consistently due to its preventive and long-term nature, which would impede its widespread adoption.

Stigma and Social Perception: Negative social perceptions and stigma surrounding compression therapy hinder the market. To overcome this restraint, promoting positive messages and raising awareness about the benefits of compression therapy is essential.

Healthcare Policies and Regulatory Landscape

In Mexico, the Federal Committee for Protection against Sanitary Risk (COFEPRIS), a component of the Ministry of Health, is principally responsible for supervising healthcare policies and exercising regulatory control over medicinal drugs. The Ministry of Health and COFEPRIS work closely together to guarantee pharmaceuticals' efficacy, security, and caliber. The National Institute of Public Health (INSP) adds to the scientific basis for healthcare decisions, while the National Cancer Institute (INCan) is a major reference organization for cancer care. Guidelines regarding drug accessibility and usage for those with insurance are influenced by the Mexican Social Security Institute (IMSS). At the same time, advice on matters of health is provided by the General Health Council. Additionally, the National Commission for Protection against Health Risks (CONARIS) plays a role in facilitating risk evaluation and management.

Competitive Landscape

Key Players

• Sigvaris
• Medi
• Juzo
• Jobst
• Bauerfeind
• Lympha Press
• DJO Global
• FLA Orthopedics
• Al-Medical
• Eurofarma