Market Size –
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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Scope Of Compression Therapy Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
Table of Contents
1. Executive Summary
2. Compression Therapy Market Report Structure
3. Compression Therapy Market Trends And Strategies
4. Compression Therapy Market – Macro Economic Scenario
5. Compression Therapy Market Size And Growth
…..
27. Compression Therapy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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