The Lymphedema Treatment Market is estimated to be valued at US$ 1.98 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lymphedema treatment products include compression garments, bandages & wraps, decongestive therapy, and manual lymphatic drainage (MLD). Compression garments are essential in lymphedema treatment as they help manage the fluid volume in the affected limb. Compression bandages such as multilayer short stretch bandages are another effective way to manage swelling.
Market key trends:
One of the key trends driving the growth of lymphedema treatment market is the rising prevalence rate of lymphedema. Lymphedema occurs as a result of damage to the lymphatic system which hinders the drainage of lymph fluid from the tissues, resulting in swelling. It is estimated that around 150 million people are affected with lymphedema globally. The prevalence is increasing owing to rising incidence of cancer, obesity, and other chronic conditions that damage lymph nodes or vessels. Breast cancer treatments such as radiation and removal of lymph nodes in the underarm area increase the risk of lymphedema. Improving diagnosis rates and availability of effective treatment products are also fueling the demand for lymphedema treatment. In addition, market players are developing novel compression products as well as lymph drainage devices for effective management of swelling, which is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The lymphedema treatment market require high capital investments for R&D, clinical trials and regulatory approvals which prevents new players from easily entering the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as lymphedema treatment options are limited and prescription based. Patients have less influence on prices.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials, components and other suppliers.
Threat of new substitutes: There exist limited substitutes for lymphedema treatment currently and new substitutes require huge investments making the threat of substitutes low.
Competitive rivalry: The market is concentrated with few big players operating globally and regionally intensifying competitive rivalry.
SWOT Analysis
Strength: The market offers treatments like compression therapy, manual lymphatic drainage, bandaging systems, decompression devices to manage lymphedema effectively.
Weakness: High costs associated with lymphedema treatments limits access for many patients. Lack of reimbursement coverage in some regions also affects market growth.
Opportunity: Growing lymphedema incidence rates driven by increasing cancer cases and vascular conditions presents an opportunity. Emerging economies also present an untapped potential.
Threats: Stringent regulatory norms and time consuming approval process restrict market growth. Reimbursement policies also impact adoption rates.
Key Takeaways
The Global Lymphedema Treatment Market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing prevalence of lymphedema. It is estimated that over 100 million people worldwide suffer from lymphedema currently. Rising cancer cases and vascular diseases are major drivers for lymphedema cases over time.
Regional analysis - North America dominates the market currently due to availability of advanced treatment options and favorable reimbursement coverages. Asia Pacific is expected to be the fastest growing region due to huge patient population, rising healthcare standards and growing medical tourism.
Key players operating in the lymphedema treatment market are Tactile Medical, Bio Compression Systems, Essity Medical Solutions, Sigvaris Group, Lohmann & Rauscher, Mego Afek, ThermoTek, Medi GmbH, Compressel, Huntleigh Healthcare, JUZO, Bio Horizons, medi UK, ArjoHuntleigh, BSN Medical, Lympha Press, Paul Hartmann, Convatec, Herantis Pharma. Players are involved in new product launches, mergers, partnerships and acquisitions for sustained growth in this market.
Read More - https://www.marketwebjournal.com/lymphedema-treatment-market-growth-size-share
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