Market Overview:
The air pressure therapy market consists of medical devices used to apply external pressure to a specific part of the body. Air pressure therapy devices include intermittent pneumatic compression devices that apply pressure via an inflatable sleeve or pump, and multi-chamber compression devices that compress specific areas. These devices help increase circulation and reduce swelling by applying sequential pressure to an affected area. They are commonly used to treat chronic venous insufficiency, deep vein thrombosis, lymphodema, wound healing and other conditions related to vascular and circulatory issues. Advantages of air pressure therapy include non-invasiveness, portability for home use, promotion of circulation and edema reduction.
Market key trends:
The growing prevalence of chronic diseases such as diabetes, cancer and cardiovascular diseases is fueling the demand for air pressure therapy. Conditions like diabetes often lead to chronic wounds that require treatment using compression devices. According to the Centers for Disease Control and Prevention, over 34 million Americans have diabetes. Rising geriatric population also contributes as age related issues increase the risk of conditions needing air pressure therapy. Technological advancements are leading to more portable, wireless and multi-chamber devices with programmable settings for tailored treatment. This is making home therapy more convenient. Increasing awareness about benefits of compression devices is another key trend driving the air pressure therapy market.
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: The threat of new entrants in the air pressure therapy market is moderate. High initial capital is required to manufacture air pressure devices and gain regulatory approval which imposes barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. Air pressure therapy devices are clinically proven therapies for various indications with limited substitutes. However, price sensitivity exists among buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Key raw materials include medical-grade plastics, textiles, electronics which have many global suppliers. Suppliers do not have pricing power over manufacturers.
Threat of new substitutes: The threat of new substitutes is low. Air pressure therapy devices are clinically proven therapies with regulatory approvals. New substitutes take significant time to gain adoption and replace existing therapies.
Competitive rivalry: The competitive rivalry is high among key global and regional players. Players compete based on product features, pricing, reimbursement, and regional expansion.
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 and rise in orthopedic procedures.
The North America region is expected to dominate the global air pressure therapy market during the forecast period due to supportive reimbursement policies, high healthcare spending, and presence of key players. However, Asia Pacific region is expected to exhibit the fastest growth rate owing to increasing medical tourism, improving healthcare infrastructure and rise in disposable income.
Key players operating in the air pressure therapy market are 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., Bioinicia S.L.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
