Lymphedema Treatment Market Is Estimated To Witness High Growth Owing To Rising Prevalence Rate Of Lymphedema
Lymphedema Treatment Market |
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.
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.
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