Singapore Compression Therapy Market Analysis

Singapore Compression Therapy Market Executive Summary

Singapore Compression Therapy Market was valued at $5 Mn in 2022 and is estimated to reach $7 Mn in 2030, exhibiting a CAGR of 6.2% during the forecast period.

Compression therapy, a commonly employed medical procedure on limbs, seeks to enhance blood circulation and reduce swelling. Its frequent application is observed in conditions like lymphedema, venous disorders, and specific edemas, with the primary objective of improving venous blood flow and preventing the accumulation of fluid in tissues. The forms of compression therapy vary based on the severity of the condition and individual needs, including options such as elastic stockings, sleeves, or bandages. Techniques like compression wraps entail the application of multiple layers to achieve graduated compression, while intermittent pneumatic compression (IPC) replicates natural muscle contractions to facilitate venous return. It is essential to consult with a healthcare provider to determine the most suitable technique and compression level, particularly when devising comprehensive treatment plans for issues like poor circulation, swelling, or fluid retention.

The prevalence of venous disorders in Singapore is substantial, with chronic venous insufficiency (CVI) affecting 25%‐40% of the population, and venous leg ulceration, a serious complication of CVI, having a prevalence of 0.18%‐1% with a 1-year recurrence rate of 25%–50%. The incidence of deep vein thrombosis (DVT) is on the rise, with rates of 8 and 15.8 per 10,000 hospital admissions in Singapore. Notably, 91.9% of legs exhibit great saphenous vein reflux (GSVR), indicating a high prevalence of venous reflux in the population. Additionally, the incidence of venous thromboembolism (VTE) in Asian populations, including Singapore, has been increasing over time, with estimates ranging from approximately 15 to 20%. Several risk factors contribute to the prevalence of venous disorders in Singapore, including the rapidly aging population, lifestyle factors such as prolonged sitting or standing, obesity, and lack of physical activity, as well as certain genetic predispositions that may increase susceptibility to these disorders.

Compression therapy uses smart clothing with embedded sensors to track vital signs like temperature and pressure, providing patients with individualized feedback and treatment progress updates. Additionally, these clothes incorporate bio-responsive materials, which automatically adjust compression levels based on physiological data or user activity to improve comfort and effectiveness. Furthermore, telehealth platforms and smartphone apps can be connected to smart clothing to facilitate remote monitoring and streamline data analysis. By enabling the smooth exchange of vital health information, this integration improves patient engagement and streamlines the management of patient care.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Venous and Lymphatic Illnesses: The expanding market is a result of the rising prevalence of venous and lymphatic disorders like varicose veins, deep vein thrombosis, and lymphedema. With these conditions becoming more widespread, there is a growing need for products and services related to compression therapy.

Increased Awareness and Adoption: As understanding of the advantages of compression therapy expands, an increasing number of patients and healthcare professionals are opting for these products as a non-intrusive treatment alternative. The rising acceptance is fuelled by the acknowledgment of compression therapy's efficacy and safety in addressing a range of conditions.

Innovation and Technological Advances: The expansion of the compression therapy market is propelled by the emergence of portable and wearable compression devices, along with advancements in wound care dressings. These breakthroughs enhance the convenience and availability of compression therapy for patients, consequently generating higher demand for such products.

Market Restraints

High Cost of Compression Therapy Products: The expense associated with advanced compression therapy products may pose a barrier for specific patient groups, restricting their ability to access and embrace these treatments.

Cultural and social barriers: Cultural and societal elements, including the stigma linked to using compression garments, may act as deterrents for patients in their pursuit of or commitment to compression therapy. This could have adverse effects on the expansion of the market.

Low Patient Compliance: Consistently wearing compression apparel throughout the day may cause discomfort and restrictions, diminishing adherence and effectiveness of the treatment. This is particularly evident in non-medical scenarios such as sports recovery or daily wear. Insufficient patient education and awareness regarding the lasting advantages of compression therapy also play a role in fostering low compliance.

Healthcare Policies and Regulatory Landscape

The Health Sciences Authority (HSA) plays a crucial role as the primary regulatory body ensuring the safety and quality of health products in Singapore. It is a key organization overseeing the regulatory landscape and healthcare guidelines governing pharmaceutical treatments. Collaborating with the Ministry of Health (MOH), HSA is instrumental in setting standards and formulating policies for the healthcare sector. The Pharmacy Practice Act provides guidance for drug distribution and regulates both pharmacy practices and the sale of therapeutic products. Integrated into the broader healthcare policy framework, the National Medicines Policy (NMP) directs the distribution and control of pharmaceuticals. Additionally, the payment regulations may be influenced by health insurance coverage, including the Central Provident Fund (CPF) and various health insurance plans, impacting patients' access to specific treatment medications.

Competitive Landscape

Key Players

• Mölnlycke Health Care
• Sigvaris
• Medi GmbH & Co.
• Bauerfeind
• BSN Medical
• Hartmann Group
• GC Medical Supply Co.
• Juzo
• McKesson
• Cardinal Health