Latin America Compression Therapy Market Size, Share & Trends Report

Latin America Compression Therapy Market Size, Share & Trends Analysis Report By Technology (Static Compression Therapy, Dynamic Compression Therapy), By Product, By Region, And Segment Forecasts, 2019 - 2026

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-581-6
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 110

Industry Insights

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.

Mexico compression therapy Market

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

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

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.

Mexico compression therapy Market

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

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 country’s 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.

Latin America Compression Therapy Market Share Insights

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. 

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2026

Market representation                                                

Revenue in USD Million and CAGR from 2019 to 2026

Regional scope

Latin America

Country scope

Brazil, Mexico, Argentina, and Colombia

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the 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, Grand View Research has segmented the Latin America Compression Therapy Market on the basis of technology and product.

  • Technology Outlook (Revenue, USD Million, 2015 - 2026)

    • Static Compression Therapy

    • Dynamic Compression Therapy

  • Static Compression Therapy Product Outlook (Revenue, USD Million, 2015 - 2026)

    • Compression Bandages

    • Compression Tape

    • Compression Stockings

    • Others (Compression Garments)

  • Dynamic Compression Therapy Product Outlook (Revenue, USD Million, 2015 - 2026)

    • Non-Segmented Compression Pumps

    • Segmented Compression Pumps with Gradients

    • Segmented Compression Pumps without Gradients

    • Compression Sleeves

  • Latin America Compression Therapy Country Outlook (Revenue, USD Million, 2015 - 2026)

    • Brazil

    • Mexico

    • Argentina

    • Colombia

Key questions answered by the report
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