Demand for compression therapy likely to rise in emerging economies such as Asia Pacific and Latin America
As per a report published by Transparency Market Research, rising demand for compression therapy will drive the market growth in the emerging markets of Asia Pacific, Latin America, the Middle East and Africa. Compression therapy includes application of external pressure to the skin and underlying organs to enhance blood circulation, usually prescribed for the treatment of chronic venous insufficiency, lymphedema and deep vein thrombosis. The global market is likely to expand at a CAGR of 5.2% to reach from USD 2.5 billion in 2015 to USD 4.0 billion by 2023. An expanding base of obese population affected with deep vein thrombosis is the major driver of growth of the compression therapy market. Other factors include sports injuries and orthopedic surgeries. The growth of the market may be limited by a lack of reimbursement policies. The emerging economies would probably provide huge opportunities for the market to grow.