Singapore Compression Therapy Market Report 2022 to 2030

Singapore Compression Therapy Market Analysis

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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. The growing prevalence of venous conditions like leg ulcers, deep vein thrombosis, lymphedema, varicose veins, and blood clots is a significant driver for the growth of the compression therapy market. Key players in this industry comprise firms such as Mölnlycke Health Care, Sigvaris, Medi GmbH & Co., Bauerfeind, BSN Medical, Hartmann Group, GC Medical Supply Co., Juzo, McKesson, and Cardinal Health.

CATEGORY: Pharmaceuticals GEOGRAPHY: Singapore AUTHOR: Medha Sansanwal

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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

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Singapore Compression Therapy Market Segmentation

By Product

Compression Bandages
Compression Wraps
Compression Stockings
Compression Tapes
Compression Pumps
Compression Braces
Other Compression Garments

By Technique

Static Compression Therapy
Dynamic Compression Therapy

By Application

Varicose Vein Treatment
Deep Vein Thrombosis Treatment
Lymphedema Treatment
Leg Ulcer Treatment
Other Applications

By Distribution Channel

Pharmacies and Retailers
Hospitals and Clinics
E-Commerce Platforms
Home Care Settings

Methodology for Database Creation

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

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Analyzing historical proprietary data collected from multiple projects.
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Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.