Spain Compression Therapy Market Analysis

Spain Compression Therapy Market Executive Summary

Spain Compression Therapy Market was valued at $73 Mn in 2022 and is estimated to reach $105 Mn in 2030, exhibiting a CAGR of 4.6% during the forecast period.

Compression therapy is a medical procedure commonly applied to limbs to boost blood circulation and diminish swelling. It is frequently utilized in addressing conditions such as lymphedema, venous disorders, and specific types of edemas. The main goal is to improve blood flow in the veins, aiding the return of blood to the heart. This helps prevent the buildup of fluid in the tissues, particularly in cases of fluid retention-induced swelling. Depending on the severity of the condition and individual needs, compression therapy may manifest in various forms like elastic stockings, sleeves, or bandages. Techniques such as compression wraps involve applying multiple layers of bandages for graduated compression, while intermittent pneumatic compression (IPC) employs a device to mimic natural muscle contractions, aiding in venous return. To identify the most suitable technique and compression level for a particular case, it is crucial to consult with a healthcare provider, especially when developing comprehensive treatment plans for issues like poor circulation, swelling, or fluid retention.

In Spain, the prevalence of venous disorders, particularly chronic venous disease (CVD), is notably high, reaching a prevalence rate of 48.5%. The impact is more pronounced in women, with a prevalence of 58.5%, compared to 32.1% in men. The prevalence of CVD rises with age, with the highest rates observed in individuals over 65 years old. Almost all patients (99%) necessitate some form of treatment, but only a small percentage (4%) require more invasive procedures such as sclerotherapy, endothermal ablation, or surgery. Lifestyle factors like obesity, physical inactivity, and prolonged sitting are identified as contributors to the development of venous disorders. Recognizing the importance of early diagnosis and treatment is crucial to preventing complications such as leg ulcers and blood clots in affected individuals.

Lately, a newly developed compression system, combining multiple components into a single bandage, has demonstrated potential in diminishing edema, enhancing the quality of life, and expediting the healing process of venous leg ulcers. It has garnered notable levels of acceptance and tolerance. This innovative system emerges as a feasible alternative to existing compression systems, offering improved patient acceptance and comfort, along with a holistic approach to treating venous leg ulcers.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Venous Disorders: The escalating occurrence of venous disorders, specifically chronic venous disease (CVD), is a significant driver propelling the growth of the compression therapy market. With 48.5% of the population affected by CVD, there is a substantial patient base seeking compression therapy products for effective treatment and management. This prevalent health issue creates a robust demand for such products in the market.

Growing Geriatric Population: The growth of Spain's compression therapy market is fuelled by its aging population, with over 20% aged 65 or older as of 2023, projected to reach nearly 30% by 2050. This demographic is more prone to conditions like CVD, varicose veins, and lymphedema, driving increased demand for compression therapy.

Increasing Sports Participation and Active Lifestyle: The surge in sports and fitness engagement is a key driver for the growth of the compression therapy market. As participation in sports increases, so does the incidence of sports-related injuries and muscle fatigue. Athletes and fitness enthusiasts in Spain are increasingly turning to compression garments to expedite recovery and enhance performance, driving the demand for compression therapy products.

Market Restraints

Inconvenience and Discomfort: The discomfort or inconvenience experienced by certain individuals when wearing compression garments can result in non-compliance and a decreased willingness to integrate compression therapy into their daily routine. This becomes a market restraint as it hinders widespread acceptance and usage of compression therapy, impacting the overall growth of the market.

Inconsistent Patient Adherence: Accurate and consistent adherence to recommended usage is essential for the effectiveness of compression therapy. The efficacy of the therapy may be lowered by patient deviation from advised usage schedules, which could impede the expansion of the compression therapy market. As it may jeopardize therapeutic outcomes and thereby reduce overall market demand, inconsistent patient adherence acts as a restraint on the market.

Cost Barriers: The high costs associated with compression therapy products act as a restraint on the growth of the market. This is mainly attributed to the potential limitation of accessibility, particularly for individuals with lower income levels, making it challenging for them to afford these products. Consequently, the elevated expenses serve as a barrier, obstructing the widespread adoption of compression therapy and constraining the market from expanding.

Healthcare Policies and Regulatory Landscape

The Spanish Agency for Medicines and Health Products (AEMPS), is the regulatory body in charge of guaranteeing the efficacy, security, and caliber of pharmaceuticals in Spain, including therapeutic medications. The national healthcare system in Spain, which covers all citizens, has an impact on healthcare policies. In Spain, local and regional healthcare services are managed by the decentralized Systema Nacional de Salud (SNS). Policies governing drug access, cost, and reimbursement are also governed by regulations; these decisions are frequently made at the national and local levels.

Competitive Landscape

Key Players

• Medi
• Sigvaris
• Juzo
• Jobst
• Bauerfeind
• Bauer Health GmbH
• Orthopädische Industrie Herbst GmbH & Co. KG
• DJO Global
• FLA Orthopedics
• Thuasne