Overview and Scope
Compression bandages are elastic wraps or garments applied to a specific body part to exert controlled pressure and provide support. They are commonly used in medical settings to improve circulation, reduce swelling, and support injured or weakened tissues.
Sizing and Forecast
The compression bandages market size has grown strongly in recent years. It will grow from $1.54 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to prevalence of chronic diseases, advancements in material and design, regulatory support, medical advancements.
The compression bandages market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing healthcare expenditure, expansion of e-commerce, customization and personalization, focus on preventive healthcare. Major trends in the forecast period include rising demand for fashionable compression stockings, shift towards sustainable materials, digital health integration, telemedicine and remote consultations.
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Segmentation & Regional Insights
The compression bandages market covered in this report is segmented –
1) By Product: Short Stretch Bandages, Long Stretch Bandages, Multilayer Compression Bandages
2) By Material: Polyester, Latex, Cotton, Other Materials
3) By Application: Wound Management, Deep Vein Thrombosis, Lymphedema, Other Applications
4) By End-User: Hospitals And Ambulatory Surgical Centers, Clinics, Nursing Care Centers And Skilled Nursing Facilities, Home Care, Other End-Users
North America was the largest region in the compression bandages market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compression bandages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of chronic wounds is expected to propel the growth of the compression bandage market going forward. Chronic wounds are injuries to the skin that fail to progress through the normal stages of wound healing and persist for an extended period of time. The prevalence of chronic wounds is rising due to aging populations and unhealthy lifestyles, including poor diet and a lack of exercise. Compression bandages help manage chronic wounds by reducing swelling, improving circulation, alleviating pain, and preventing complications. Compression bandages can assist in wound contraction and closure by providing external support to the wound bed and surrounding tissues. For instance, in January 2024, according to Memorial Hospital of Carbon County, a US-based critical access hospital, approximately 6.7 million individuals were presently suffering from chronic wounds, and this figure is projected to increase by over 2% over the next decade. Additionally, chronic wounds represent a cost of more than $50 billion to the healthcare system. Therefore, the increasing prevalence of chronic wounds is driving the growth of the compression bandage market.
Key Industry Players
Major companies operating in the compression bandages market are Cardinal Health Inc., Johnson & Johnson, 3M Company, Medtronic Plc, Essity AB, Medline Industries Inc., B. Braun Melsungen AG, Smith & Nephew plc, Coloplast A/S, Paul Hartmann AG, ConvaTec Group Plc, Mölnlycke Health Care AB, Integra LifeSciences Corporation, Beiersdorf AG, Lohmann & Rauscher GmbH & Co. KG, DJO Global Inc. , Thuasne Group, BSN medical GmbH, Talley Group Limited, DeRoyal Industries Inc., Arjo AB, Bauerfeind AG, L&R Group, medi GmbH & Co. KG, Oppo Medical Inc.
The compression bandages market report table of contents includes:
- Executive Summary
- Compression Bandages Market Characteristics
- Compression Bandages Market Trends And Strategies
- Compression Bandages Market – Macro Economic Scenario
- Global Compression Bandages Market Size and Growth
- Compression Bandages Market Segmentation
- Compression Bandages Market Regional And Country Analysis
………….
- Key Mergers And Acquisitions In The Compression Bandages Market
- Compression Bandages Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Compression Bandages Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Compression Bandages Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Compression Bandages Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………..
Table 75: Cardinal Health Inc. Financial Performance
Table 76: Johnson & Johnson Financial Performance
Table 77: 3M Company Financial Performance
Table 78: Medtronic Plc Financial Performance
Table 79: Essity AB Financial Performance
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