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

Report Overview

The Latin America compression therapy market size to be valued at USD 290.2 million by 2026 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% during the forecast period. An increase in the 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 the treatment of sports injuries and venous disorders, thereby driving growth. Advancements in compression technology are further expected to help manufacturers capitalize on available opportunities. Also, an 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 an 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 are also expected to increase preference for this segment in the treatment of various disorders.

Increasing the 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 the 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. Also, an 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, 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, the 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.

Latin America Compression Therapy Market Trends

Increasing health awareness in the post-pandemic period has compelled people to indulge in outdoor activities. This has resulted in increased incidences of injuries due to trekking and sports activities, contributing to the rising demand for compression therapy products in Latin America. According to a National Safety Council analysis in the United States, around 426,000 injuries were reported due to bicycling in 2020.

The growing geriatric population is a major factor propelling the market growth. According to the World Health Organization, the population of people over 60 years of age is estimated to be 1.4 billion in 2020. Moreover, by 2050, the geriatric population is expected to reach 2.1 billion. This factor is expected to propel industry growth during the forecast period.

The availability of substitutes for compression therapy such as Velcro wrap garments is likely to hamper the industry demand in the future. However, the rising awareness about the health benefits associated with this therapy, coupled with various advancements in product development by manufacturers, is anticipated to create opportunities for the market during the forecast period.

Technology Insights

In terms of technology, the 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 the 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 the 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. The 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. The compression sleeves segment is expected to hold the majority share under the 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 the treatment of venous & lymphatic disorders and sports injuries. As per the Journal of the American Medical Association (JAMA) Dermatology, the use of pumps can lead to a considerable reduction in infections, hospital stay duration, & outpatient visit rates. Besides, pumps allow 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. Also, 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 the treatment of lymphedema and venous ulcers.

Regional Insights

The Latin American region includes Brazil, Mexico, Argentina, and Colombia. Brazil accounted for the maximum share of the market and is expected to witness considerable growth over the forecast period, due to the high demand for stockings in the treatment of various venous disorders. The country’s prominent market share can be attributed to high healthcare spending, a growing geriatric population, and an increase in the 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. An increase in cases of diabetes in the region, coupled with the increasing prevalence of other disorders & sports injuries, is affecting growth in the region. A rise in the adoption of strategies for expansion and innovations in existing product lines is also expected to boost the compression therapy market in the region over the forecast period.

Key Companies & 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.

Also, emphasis on R&D for cost-effective and novel product launches can enhance the 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. 

Recent Developments

• In March 2023, Juzo, a medical equipment manufacturer launched 90° Foot / additional instep stitching with a functional instep zone.The product adapts perfectly to any foot position and combines effective compression with an ideal fit. 

• In May 2023, Sigvaris announced the launch of fashionable style patterns for compression stockings. This launch provided exceptional products with advanced technology and quality.

• In May 2023, Hartmann Group and Sigvaris announced a partnership. This partnership offered a new range of compression wraps and liners which helps in performing own compression therapy at home

Latin America Compression Therapy Market Report Scope

Latin America Compression Therapy Market Segmentation

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