Market Overview:
Air pressure therapy uses compression devices that apply precise pressure to a specific part of the body, usually the legs or arms. It helps reduce swelling caused by inflammation, blood clots, and lymphedema. Benefits include reduced pain and tenderness, improved range of motion, and wound healing.
Market key trends:
One of the key trends driving growth in the air pressure therapy market is the rising prevalence of chronic venous insufficiency and lymphedema. Chronic venous insufficiency affects around 30% of adults globally and causes legs to swell due to damaged or diseased veins. Lymphedema can also lead to swelling and is estimated to affect over 100 million people worldwide. Air pressure therapy devices provide effective treatment for these conditions by reducing swelling and related discomfort through precise compression. Their non-invasive nature makes them preferable to surgical procedures. This is increasing adoption and boosting market revenue.
The global Air Pressure Therapy Market Growth is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter's Analysis
Threat of new entrants: Low as it requires large capital investment and research and development to enter the air pressure therapy market. Bargaining power of buyers: Moderate as buyers have some bargaining power due to presence of various products, however switching costs are involved. Bargaining power of suppliers: Low due to availability of substitute components from various suppliers. Threat of new substitutes: Low as air pressure therapy has very few alternatives for treating medical conditions like lymphedema. Competitive rivalry: High as the market is dominated by few global players.
SWOT Analysis
Strength: Air pressure therapy offers non-invasive treatment without any side-effects. Presence of several medical reimbursement plans favor the adoption of air pressure therapy.
Weakness: High cost associated with air pressure therapy devices limits its adoption in developing regions. Lack of trained professionals for operating advanced air pressure therapy devices.
Opportunity: Growing geriatric population and rising prevalence of cardiovascular diseases and diabetes presents an opportunity. Increasing medical tourism in developing nations for advanced therapies.
Threats: Alternative treatment options like compression garments, manual lymph drainage poses a threat. Economic slowdowns impacting healthcare expenditures.
Key Takeaways
The global air pressure therapy market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of chronic diseases like diabetes, cardiovascular diseases, obesity, and growing medical tourism in developing regions.
Regionally, North America dominated the air pressure therapy market in 2023 with around 35% market share due to high healthcare spending and availability of advanced treatments. Asia Pacific is expected to witness fastest growth over the forecast period owing to increasing healthcare infrastructure, rising medical tourism, and growing medical requirements in populous countries like China and India.
Key players operating in the air pressure therapy include DJO Global, Inc., BSN medical (now part of Essity), Smith & Nephew plc, medi GmbH & Co. KG, SIGVARIS Group, Bio Compression Systems, Inc., Tactile Medical, RIKEN SEIKI CO., LTD., Paul Hartmann AG, 3M Company, Gottfried Medical, Inc., Mego Afek AC Ltd., Abov Semiconductor, Persys Medical, BTL Industries, Human Meditek Co., Ltd., Huntleigh Healthcare Limited (part of Arjo), KCI Licensing, Inc., Beijing Huibo Medical Device Co., Ltd., and Bioinicia S.L.
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