Overview and Scope:
Compression therapy refers to a treatment that promotes better blood flow to the foot, ankles, and lower legs. It works well to relieve discomfort and swelling brought on by circulatory disorders such as chronic venous insufficiency and varicose veins.
Sizing and Forecast:
The compression therapy market size has grown strongly in recent years. It will grow from $4 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to aging population, increased prevalence of chronic venous diseases, growing awareness about the benefits, rising incidence of diabetes and obesity-related conditions, expansion of indications for compression therapy.
The compression therapy market size is expected to see strong growth in the next few years. It will grow to $6.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing healthcare spending and improved access, growth in the geriatric population, rising prevalence of lymphedema and other chronic conditions, expansion of applications in sports and fitness, higher adoption of compression therapy in hospitals. Major trends in the forecast period include development of wearable and smart compression devices, customization of compression therapy solutions, integration of compression therapy in wound care management, emphasis on patient comfort and compliance in compression therapy, collaboration between manufacturers and healthcare providers for improved patient outcomes.
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Segmentation & Regional Insights:
The compression therapy market covered in this report is segmented –
1) By Product: Compression Pumps, Compression Stockings, Compression Bandages, Compression Tapes
2) By Technique: Static Compression Therapy, Dynamic Compression Therapy
3) By Application: Varicose Vein Treatment, Deep Vein Thrombosis Treatment, Lymphedema Treatment, Leg Ulcer Treatment, Other Applications
North America was the largest region in the compression therapy market in 2023. Europe was the second-largest market in the compression therapy market. The regions covered in the compression therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth:
The rise in the geriatric population is contributing to the growth of the compression therapy market. The share of the aged population in many countries across the globe is rapidly growing. The old population is vulnerable to different chronic diseases. Compression therapy is a simple and efficient way to enhance vein support and increase blood flow efficiency in the lower limbs. Compression therapy is most commonly used in the elderly population with chronic venous illness. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. Therefore, the increasing geriatric population is expected to aid the growth of the compression therapy market.
Key Industry Players:
Major companies operating in the compression therapy market report are 3M Company, ArjoHuntleigh AB, Bio Compression Systems Inc., BSN Medical GmbH, Cardinal Health Inc., ConvaTec Inc., DJ Orthopedics Global Inc., Julius Zorn GmbH, medi GmbH & Co KG, Medtronic plc, Paul Hartmann AG, Sanyleg Srl, Sigvaris Management AG, Smith & Nephew plc, Tactile Systems Technology Inc., Thuasne SA, ATI Physical Therapy, Bauerfeind AG, Biohorizons Implant Systems Inc., Encompass Health Corporation, Essity AB, Hanger Clinic, Kinetec SAS, Lympha Press International Inc., Medi USA, National Seating & Mobility Inc., Norton Healthcare Inc., NovaSom Inc., Optima Molliter Srl, Physio-Control Corporation, Select Medical Corporation, Sigvaris Group
The compression therapy market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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