Pune, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Compression Therapy Market Size & Growth Analysis:
“According to SNS Insider Research, The Compression Therapy Market size was valued at USD 4.06 Billion in 2023 and is expected to reach USD 7.86 Billion by 2032, growing at a CAGR of 7.63% over the forecast period 2024-2032.”
The compression therapy market is experiencing rapid growth fueled by a convergence of factors. An aging population grappling with chronic conditions like venous insufficiency, lymphedema, and diabetes is a primary driver. The escalating prevalence of obesity and the surge in orthopedic surgeries have further intensified the demand for compression therapy products. These products, ranging from stockings and sleeves to garments and pumps, offer relief by improving circulation and reducing swelling.
Market dynamics are also influenced by a growing geriatric population susceptible to circulatory disorders, the obesity epidemic, and sedentary lifestyles. The increasing incidence of osteoporosis and related fractures is creating a substantial market for compression therapy solutions. Additionally, the rising occurrence of varicose veins and chronic venous insufficiency is driving product demand. Government initiatives and regulatory frameworks play a vital role in shaping the market, with reimbursement policies and product safety standards impacting accessibility and adoption.
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Major Players Analysis Listed in this Report are:
- Bio Compression Systems, Inc.
- Cardinal Health
- Hartmann AG
- Julius Zorn GmbH
- SIGVARIS
- Medi GmbH & Co.
- ArjoHuntleigh
- BSN Medical GmbH
- Spectrum Healthcare
- 3M Health Care
- Other Players
Compression Therapy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.06 Bn |
| Market Size by 2032 | US$ 7.86 Bn |
| CAGR | CAGR of 7.63% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Rising Demand for Compression Therapy Products Driven by Aging Population and Increased Awareness |
"Rising Demand Amidst Cost and Compliance Concerns"
The aging population, characterized by a higher incidence of chronic conditions requiring circulatory support, is a primary catalyst. Moreover, the rising prevalence of obesity and the increasing frequency of orthopedic surgeries have amplified the demand for compression therapy products. Heightened awareness of the benefits of compression therapy, coupled with technological advancements, has further expanded market opportunities.
However, several challenges hinder market growth. High product costs, limited awareness, and improper usage can impede adoption rates. Reimbursement hurdles and product availability issues also impact market penetration. Additionally, skin irritations associated with prolonged use can affect patient compliance and overall satisfaction with compression therapy.
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Segment Analysis
In 2023, static compression therapy dominated the market, with a 69.2% revenue share. This method, which involves consistent pressure to improve circulation and reduce swelling, has gained popularity due to its ease of use and effectiveness in treating conditions like varicose veins and DVT. The segment's dominance is further supported by its widespread application in managing chronic venous insufficiency, lymphedema, and other circulatory disorders.
In terms of distribution channels, institutional sales led the compression therapy market in 2023, capturing a 60.4% share. Hospitals, clinics, and nursing homes make up this channel, benefiting from bulk purchases, reduced marketing costs, and strong customer relationships.
Compression Therapy Market Key Segmentation:
By Technology
- Static Compression Therapy
- Compression Bandages
- Compression Stockings
- Compression Tape
- Others Compression Garments
- Dynamic Compression Therapy
- Compression Pumps
- Compression Sleeves
By Distribution Channel
- Institutional Sales
- Retail Sales
By End-use
- Hospitals
- Specialty Clinics
- Home healthcare
- Physician’s Office
- Nursing Homes
- Others
Key Regional Developments
North America dominated the compression therapy market in 2023, holding a 42.77% revenue share. The region's market leadership is underpinned by several factors, including technological advancements, a high prevalence of chronic diseases, and a robust healthcare infrastructure. The United States, in particular, is a key market within North America, with over 25 million individuals suffering from varicose veins. This high patient population, combined with advanced healthcare facilities and widespread awareness, drives demand for compression therapy products.
Europe is also a significant market for compression therapy, driven by aging populations and advanced healthcare systems. The United Kingdom and Germany are notable contributors, with a growing number of elderly individuals who require management for chronic venous insufficiency and related conditions.
Recent Developments
- Medi GmbH & Co. expanded its compression therapy offerings in June 2023 with the introduction of new circular and flat-knit variants, enhancing product diversity and catering to a broader range of patient needs.
- MediWound entered a partnership with 3M in October 2023 to conduct a phase III clinical trial of EscharEx, aiming to advance wound care options and expand the therapeutic applications of compression therapy.
- Tactile Medical secured a patent in September 2023 for an innovative compression garment system that features adjustable pressure, providing enhanced patient
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Key Takeaways
- Gain an in-depth understanding of the compression therapy market, including key drivers, restraints, and opportunities.
- Identify the dominant segments and understand the factors contributing to their growth.
- Explore regional disparities in market maturity and identify the fastest-growing markets.
- Stay updated on the latest innovations in compression therapy products and their impact on market growth.
- Understand the impact of government regulations and reimbursement policies on market accessibility and affordability.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Compression Therapy Market Segmentation, by Technology
8. Compression Therapy Market Segmentation, by Distribution Channel
9. Compression Therapy Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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