According to a 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 by Grand View Research, Inc., Latin America compression therapy market size is anticipated to reach USD 290.2 million by 2026, exhibiting a CAGR of 5.8%. Increase in incidence of chronic diseases and geriatric population are key driving factors. In addition, increasing healthcare expenditure in developing economies of the region and presence of untapped opportunities are factors expected to further boost growth.
Brazil accounted for over 20.0% share in 2018, owing to high adoption of compression stockings. According to a research published in NCBI, compression stockings are extensively used in Brazil to treat venous disorders. In addition, these products are easily available and are known to provide positive results, further promoting the use of compression therapy products across the country. Moreover, improving healthcare infrastructure, economic development, and increasing patient awareness are factors supporting rapid market growth.
Some of the key players are ArjoHuntleigh, Medi GmbH & Co, and Medtronic plc. They are primarily focused on new product launches and distribution enhancement strategies to expand their customer base and increase product accessibility in developing economies.
Key Takeaways from the report:
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Large diabetic population of Latin America and increase in prevalence of chronic disorders among the elderly are expected to drive compression therapy market.
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Static compression dominated the technology segment in 2018, owing to high convenience and greater accessibility of these products in treatment of sports injuries and venous disorders.
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Dynamic technology segment is expected to exhibit strong growth over the forecast period, due to increasing awareness of associated benefits such as improvements in external control, multi-layer compression, and venous return.
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By products, pneumatic pumps is anticipated to witness highest growth over the forecast period. Factors such as availability of single compartment and multiple-chamber nonprogrammable pumps, controlled delivery of pressure based on severity of disorder, high venous return, and sustained effect are key factors contributing towards dominance of this segment.
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Bandages, followed by stockings, dominated the products segment in 2018, with a collective revenue of over USD 80.0 million.
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Increased demand, less bulkiness, minimum slippage, and enabling patients wear normal footwear are factors contributing to the large share of this segment.
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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.
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