Compression Therapy Market to be Worth $5.88 Billion by 2030
Added: (Thu Oct 05 2023)
Pressbox (Press Release) -
Meticulous Research—a leading global market research company, published a research report titled, ‘Compression Therapy Market by Product (Bandages, Stockings, Wraps, Socks, Pumps) Technique (Static, Dynamic) Condition (Varicose Vein, Lymphedema, DVT, Leg Ulcer) Distribution Channel (E-commerce, Hospital, Pharmacy & Retailer) - Global Forecast to 2030.’
According to this latest publication from Meticulous Research, the compression therapy market is expected to reach $5.88 billion by 2030, at a CAGR of 3.8% from 2023 to 2030.The growth of this market is attributed to various factors, including the rising geriatric population, the increasing prevalence of chronic diseases, the growing number of sports injuries and accidents, a rise in orthopedic procedures, the increasing cases of varicose vein diseases and deep vein thrombosis (DVT), the growing acceptance of compression therapy products as a preventive measure, and the minimal side effects and wide-ranging advantages of compression therapy. Furthermore, emerging economies are expected to provide significant market growth opportunities.
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However, the lack of adherence to compression therapy among patients, the need to reduce healthcare costs, and the lack of awareness of compression therapy may restrain the market’s growth. Furthermore, the adoption of alternative technologies and an inadequate reimbursement structure are some challenges for players operating in this market.
Key Players
The key players operating in the compression therapy market include 3M Company (U.S.), Essity (Sweden), BIOCOMPRESSION SYSTEMS (U.S.), Arjo (Sweden), Convatec Inc. (U.K.), Cardinal Health (U.S.), PAUL HARTMANN AG (Germany), Medline Industries, Inc. (U.S.), Juzo (Germany), DJO, LLC (U.S.), Smith+Nephew (U.K.), SIGVARIS GROUP (U.S.), and Medi GmbH & Co. KG (Germany).
Compression Therapy Market: Future Outlook
The compression therapy market is segmented by Product [Bandages, Garments (Stockings, Socks, Wraps, and Others), Pumps], Technique (Static Compression Therapy and Dynamic Compression Therapy), Condition (Varicose Vein Diseases, Deep Vein Thrombosis, Lymphedema Treatment, Leg Ulcer, and Others), Distribution Channel (Hospitals & Clinics, Pharmacies & Retailers, E-commerce, and Others), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Among the products covered in this report, in 2023, the bandages segment is expected to account for the largest share of the market. The significant market share of this segment is primarily due to their widespread use as a first-line treatment for edema and venous disorders. Additionally, they are readily available at a low cost off the shelf and are in high demand due to the increasing prevalence of conditions like varicose veins, chronic edema, and lymphedema among the geriatric population.
Among the techniques covered in this report, in 2023, the static compression therapy segment is expected to account for the largest share of the market. The significant market share of this segment is attributed to the widespread adoption of static compression therapy due to its benefits, including enhanced comfort during extended use, cost-effectiveness, user-friendly application, and the reliable delivery of consistent pressure.
Among the conditions covered in this report, in 2023, the varicose vein diseases segment is expected to account for the largest share of the market. The significant market share of this segment can be attributed to the increasing prevalence of varicose vein-related disorders among the elderly population, advancements in vein-specific compression therapeutic devices, and the growing number of obese individuals who are at a higher risk of developing varicose veins.
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Among the distribution channels covered in this report, in 2023, the pharmacies & retailers segment is expected to account for the largest share of the market. The significant market share of this segment is attributed to the growing demand for compression therapy products and their wide accessibility through pharmacies that operate around the clock.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the compression therapy market. North America’s significant market share can be attributed to several factors, including the growing elderly population, high healthcare expenditures, a rising number of individuals with chronic conditions, and the presence of major market players. According to the U.S. Census Bureau and Population Estimates and Projections, the country's geriatric population is expected to surpass 80 million by 2040, up from 56.1 million in 2020. This demographic shift is contributing to a higher incidence of chronic diseases such as diabetes and vein-related disorders, driving the demand for home care treatments and targeted therapies.
Key questions answered in the report-
• Which are the high-growth market segments in terms of product, technique, condition, distribution channel, and country/region?
• What was the historical market for compression therapy across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, challenges, and opportunities in the global compression therapy market?
• Who are the major players in the global compression therapy market?
• How is the competitive landscape, and who are the market leaders in the global compression therapy market?
• What are the recent developments in the compression therapy market?
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