US Compression Therapy Market Analysis

US Compression Therapy Market Executive Summary

US Compression Therapy Market was valued at $1596 Mn in 2022 and is estimated to reach $2118 Mn in 2030, exhibiting a CAGR of 3.6% 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.

A substantial percentage of the US population suffers from Chronic Venous Insufficiency (CVI), wherein 25-40% of adults struggle with adequate blood flow from the legs to the heart, leading to symptoms like vein enlargement, pain, and varicosity. This implies that between 60 and 100 Mn people are affected. An additional factor in venous disorders is deep vein thrombosis (DVT), of which there are about 300,000 cases per year in the US and which affects one in every 1,000 people. Venous disorders are more common in conditions such as lymphedema, leg ulcers, and post-thrombotic syndrome. Several factors, including an aging population, lifestyle choices (such as obesity, prolonged sitting or standing, and a lack of physical activity), and genetic predisposition, are linked to the high incidence. In addition to having a direct negative influence on people's quality of life, these illnesses place a significant financial strain on the healthcare system.

Medi USA is a specialized company dedicated to the manufacturing and distribution of medical compression stockings, catering to individuals dealing with diverse medical conditions like poor circulation, venous insufficiency, leg swelling, and deep vein thrombosis (DVT). Their range of compression stockings is available in various compression levels, each meticulously crafted utilizing advanced materials and technology. The emphasis on innovation ensures that the stockings deliver optimal compression, comfort, and durability, addressing the specific therapeutic needs of individuals with venous and circulatory challenges.

Market Dynamics

Market Growth Drivers

Aging Population: As of 2023, more than 16% of the U.S. population consists of individuals aged 65 and older, and this demographic segment is expected to grow to 23% by 2050, comprising approximately 60 Mn people presently and an anticipated 82 Mn by the middle of the century. This shift towards an aging population in the US has resulted in an elevated prevalence of chronic conditions such as venous disorders and lymphedema, consequently driving increased demand for products associated with compression therapy.

Focus on Preventive Healthcare: The growing emphasis on preventive healthcare is propelling the expansion of the compression therapy market. A surge in adoption among athletes and individuals aiming for improved circulation and pain management aligns with a proactive stance toward health. The early incorporation of compression therapy holds the promise of averting potential future complications, highlighting its importance in preventive healthcare measures and playing a role in the overall growth of the market.

Technological Advancements: The expansion of the compression therapy market is driven by progress in materials, design, and the integration of smart technology. Breakthroughs such as sensors and intelligent fabrics facilitate real-time pressure monitoring, data gathering, and personalized adjustments, thereby improving the effectiveness of treatment and enhancing the overall user experience. These advancements reflect a dedication to enhancing therapeutic outcomes and user comfort within the realm of compression therapy.

Market Restraints

Alternative Treatment Options: The availability and preference for alternative treatment options 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.

Cost and Accessibility: The compression therapy market faces limitations due to the expensive nature of custom-made or technologically advanced compression garments. This cost can be a financial obstacle for patients, compounded by the fact that not all compression therapy devices are covered by provincial health insurance plans, placing the full financial burden on individuals. Additionally, the uneven availability of certified medical practitioners, particularly in remote areas, hinders widespread adoption and constrains market growth.

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 market.

Notable Recent Updates

February 2021, an innovative collaboration worth $1.07 Mn was revealed with the aim of transforming compression wound care therapy. The partnership involves the joint efforts of researchers from UCC's Tyndall National Institute and the Royal College of Surgeons, along with business partners DeRoyal Global Healthcare and Henkel. Enterprise Ireland is also a participant in this groundbreaking initiative.

Healthcare Policies and Regulatory Landscape

In the US, the landscape of regulations and healthcare policies concerning therapeutic drugs is governed by multiple key authorities. The Food and Drug Administration (FDA), a governmental body, plays a crucial role in conducting thorough pre-market assessments, post-market safety monitoring, and approving new pharmaceuticals. Specifically, the Centre for Drug Evaluation and Research (CDER) within the FDA is primarily tasked with pre-market reviews, drug regulation, and the formulation of guidelines for drug development. Enforcing regulations on prohibited narcotics to prevent misuse and diversion falls under the purview of the Drug Enforcement Administration (DEA), operating under the U.S. Department of Justice. The Centres for Medicare & Medicaid Services (CMS) significantly influences pharmaceutical access for a substantial population by overseeing reimbursement policies for medications covered by Medicare and Medicaid.

Competitive Landscape

Key Players

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