Latin America Compression Therapy Market Size, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)

  • TBI883265
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Latin America Compression Therapy Market

Latin America compression therapy market size was estimated at USD 185.8 million in 2018 and is anticipated to grow at CAGR of 5.8% for the given forecast period. Increase in prevalence of diabetes and venous disorders such as leg ulcers, deep vein thrombosis, blood clots, & lymphedema, are key factors expected to augment growth over the forecast period. These medical conditions may augment the demand for pertinent alternatives, such as compression therapy, over traditional therapeutic practices. Products, especially bandages, stockings, and pumps, are increasingly being used for treatment of sports injuries and venous disorders, thereby driving growth. Advancements in compression technology are further expected to help manufacturers capitalize on available opportunities. In addition, increasing number of product launches by prominent players, specifically customized for sports medicine, is believed to be fueling market demand. For instance, SportPump, a gradient compression pump designed to improve athletic performance and treat injury, was recently launched. Compression therapy in venous inefficiency has been proven to be effective and is considered as a gold standard due to the absence of immediate alternatives, such as oral medications. Static compression therapy is user-friendly, as it can be easily applied and removed, which makes it convenient for patients, thereby augmenting demand for these products. Innovations in technologies is also expected to increase preference for this segment in treatment of various disorders. Increasing use of compression for treatment of sports-related spinal & musculoskeletal injuries and in orthopedic procedures is a major factor aiding growth. Compression therapy is also being used in treatment of other wounds, further increasing demand. Technological advancements such as the incorporation of mobile intermittent pressure pumps, multilayer bandage technique, and inelastic compaction boots are likely to gain popularity over time and accelerate growth. In addition, increase in factors such as healthcare expenditure, government funding, and awareness among patients are driving the market. The adoption of compression therapy products for lower extremities in sports is significantly high, in order to reduce the risk of injury and exercise-induced discomfort. Furthermore, increasing prevalence of diabetes and obesity coupled with the high susceptibility of these patients to the development of leg ulcers is driving the clinical urgency for compression therapy solutions. Furthermore, adoption of compression therapy systems for home use enables a significant reduction in hospital visits, as well as cumulative treatment costs. The aforementioned factors serve as key factors driving patient preference for compression therapy systems, thus providing the market with potential growth opportunities.

Technology Insights of Latin America Compression Therapy Market

In terms of technology, Latin America compression therapy market is bifurcated into static and dynamic compression therapies. Static therapy dominated the market in 2018 and is expected to continue leading the market over the forecast period, owing to their patient-centric and convenient aspects. Static therapy offers various advantages to patients and physicians. It helps physicians treat several types of sports injuries through effective pressure & pain relief, speedy functional recovery, and reduction of swelling. Compression significantly reduces muscular vibration and can prevent or delay muscle soreness. Dynamic technologies imitate lymphatic system and promote fluid movement. Dynamic therapy is anticipated to witness exponential growth over the forecast period, supported by increasing benefits such as improved venous return, strong external control, and sustained effect. Increasing preference for pneumatic compression therapy is expected to drive this segment. A study conducted by American College of Physicians in 2008 exhibited positive results of dynamic compression therapy. These benefits included the treatment of peripheral arterial disease, reduced calf muscle function, and restricted ankle mobility that made patients intolerant to static compression bandaging. The aforementioned factors are positively influencing segment growth.

Product Insights of Latin America Compression Therapy Market

Static therapy is divided into bandages, tapes, stockings, and other garments. Benefits of static compression are expected to boost preference for them, allowing this segment to account for a dominant share in the market. By product, bandages segment dominated the static compression therapy market, owing to ease of use in comparison to other methods such as heparin treatment. Dynamic therapy is segmented into sleeves, segmented pumps with gradients & without gradients, and non-segmented pumps. Compression sleeves segment is expected to hold majority share under dynamic compression category. Pumps with and without gradients are forecasted to witness strong growth over the forecast period, owing to an increasingly competitive industry and high adoption of the pumps in treatment of venous & lymphatic disorders and sports injuries. As per Journal of the American Medical Association (JAMA) Dermatology, use of pumps can lead to considerable reduction in infections, hospital stay duration, & outpatient visit rates. In addition, pumps allow a controlled delivery of pressure as per disease severity, thereby being more effective in comparison to alternatives. An example of such a pump is the SportPump, a gradient pump designed to improve athletic performance and help treat injuries. In addition, pumps are increasingly being incorporated into treatments as an alternative to failed conservative measures. Single compartment and multiple-chamber nonprogrammable lymphedema pumps are being used in cases where patients are unresponsive to conventional options such as compressive garments, termed as medically necessary in treatment of lymphedema and venous ulcers.

Regional Insights of Latin America Compression Therapy Market

The Latin American region includes Brazil, Mexico, Argentina, and Colombia. Brazil accounted for maximum share of the market and is expected to witness considerable growth over the forecast period, due to high demand for stockings in treatment of various venous disorders. The countrys prominent market share can be attributed to high healthcare spending, growing geriatric population, and increase in prevalence of other chronic disorders. The easy availability of stockings is further propelling product demand and growth. Mexico is expected to hold a larger share over the coming years. Manufacturers in the country are focused on distribution enhancement strategies to widen their customer base. Increase in cases of diabetes in the region, coupled with increasing prevalence of other disorders & sports injuries, is affecting growth in the region. Rise in adoption of strategies for expansion and innovations in existing product lines is also expected to boost compression therapy market in the region over the forecast period.

Market Share Insights of Latin America Compression Therapy Market

Some of the key players operating in the industry are Medi GmbH & Co., Julius Zorn GmbH, SIGVARIS, ArjoHuntleigh, BSN Medical GmbH, Paul Hartmann AG, and Medtronic Plc. These players focus on adopting growth strategies such as new product launches and acquisitions. In addition, emphasis on R&D for cost-effective and novel product launches can enhance market growth. Outsourcing is also a popular trend observed in this industry. Manufacturers are striving to move their production into emerging economies to lower production costs and gain access to untapped opportunities.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Latin America Compression Therapy Market Research Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the Latin America Compression Therapy Market on the basis of technology and product.

Technology Outlook (Revenue, USD Million, 2019 - 2030)

  • Static Compression Therapy
  • Dynamic Compression Therapy

Static Compression Therapy Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Compression Bandages
  • Compression Tape
  • Compression Stockings
  • Others (Compression Garments)

Dynamic Compression Therapy Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Non-Segmented Compression Pumps
  • Segmented Compression Pumps with Gradients
  • Segmented Compression Pumps without Gradients
  • Compression Sleeves

Table of Contents
Chapter 1 Methodology and Scope                   1.1 Market Segmentation                   1.2 Research Methodology                   1.3 Research Scope and Assumptions                   1.4 List to Data Sources                   1.5 List of AbbreviationsChapter 2 Executive Summary                   2.1 Market SummaryChapter 3 Market Variables, Trends, & Scope                   3.1 Market Lineage Outlook                       3.1.1 Parent market outlook                       3.1.2 Related/Ancillary market outlook                   3.2 Penetration & Growth Prospect Mapping   
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