Latin America Compression Therapy Market

Latin America Compression Therapy Market Size (2022 to 2027)

The size of the Latin American compression therapy market is projected to showcase a healthy CAGR from 2022 to 2027.

The Latin American population is aging at a staggering rate. Old age is a high-risk factor for varicose veins because wear and tear on valves in the veins cause blood to flow back through the veins instead of flowing to the heart. Likewise, the incidence of deep vein thrombosis is high among the geriatric population due to reduced physical movement. Hence, the expanding aging population in the world is expected to be a major driver of the demand for compression therapy, increasing the growth of the compression therapy market.

Growing incidence of sports injuries and traffic accidents are other important factors driving the growth of the market. In addition, athletes and sportspeople use compression therapy to reduce muscle pain, increase strength, and improve athletic performance.

The most common causes of sports injuries are compulsory physical education practices, such as competitive and recreational sports. According to Stanford Children's Health, more than 475,500 children under the age of 14 are treated each year in emergency rooms at area hospitals for sports-related injuries. The growing obese population is expected to create potential growth opportunities for the market during the forecast period. Due to the stress placed on the skin and underlying organs by obesity, people are more prone to developing vascular problems. According to the World Health Organization, more than 1.999 million adults over the age of 18 were overweight in 2016, with more than 900 million people suffering from obesity, and this number is expected to increase over the forecast period; this is expected to drive the market to new growth pathways.

Alternative treatments and a lack of public awareness of compression therapies are expected to slow the market's growth. In addition, the lack of favorable reimbursement policies and widespread product recalls, and the lack of adequate alternatives for the treatment of diseases could hamper the growth of the compression therapy market in Latin America during the forecast period.

Impact of COVID-19 on the Latin American compression therapy market:

Compression therapy is used to reduce the volume of lymphedematous extremities caused by conditions such as lymphedema, deep vein thrombosis, and other disorders resulting from inadequate lymphatic drainage. In addition, the market is driven by various factors, including the increasing age of the population, the increasing prevalence of venous diseases resulting from obesity, and increasingly sedentary lifestyles, especially due to a pandemic causing them to remain indoors. This has positively impacted the growth of the market in light of the pandemic in the region.

The research report on the Latin American compression therapy market has been segmented and sub-segmented into the following categories.

By Product:

• Garments
  • Stockings
  • Bandages & Wraps
  • Other Garments
• Braces
• Pumps

By Technique:

• Static
• Dynamic

By Application:

• Varicose Vein Treatments
• Deep Vein Thrombosis Treatments
• Lymphedema Treatments
• Leg Ulcer Treatments
• Others

By Distribution Channel:

• Pharmacies & Retailers
• Hospitals & Clinics
• E-Commerce Platforms

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American compression therapy market is expected to showcase a healthy CAGR from 2022 to 2027, supported by strong foreign investments in health research and the development of the public and private healthcare sectors. In addition to this, the increase in the geriatric population and the strong presence of global companies are expected to help the region increase the Latin America compression therapy market share during the forecast period. In Brazil, the main growth driver will be developing and launching innovative products by players in the region. On the other hand, the growing number of patients with lymphatic and venous conditions should bode well for the market in Argentina and Colombia. Furthermore, vascular diseases represent a significant challenge for hospitals and acute care clinics in Latin America due to nosocomial infections, thus allowing market growth across the region.

The Brazilian compression therapy market is estimated to have a bright future during the forecast period and is predicted to register a CAGR of 4.9% from 2022 to 2027. Additionally, increasing disposable income and healthcare infrastructure in countries like Peru, Chile, and Mexico are expected to support market growth.

KEY MARKET PLAYERS:

A few of the prominent companies operating in the Latin American compression therapy market profiled in this report are Medi GmbH & Co., Medtronic Plc, Julius Zorn GmbH, SIGVARIS, Hartmann AG, BSN Medical GmbH, ArjoHuntleigh, 3M Health Care, Spectrum Healthcare, Bio Compression Systems, Inc. and Gottfried Medical.