CHICAGO, Jan. 13, 2023 /PRNewswire/ -- Compression Therapy Market size is expected to reach USD 4.9 billion by 2027 from an estimated USD 3.7 billion in 2022, at a CAGR of 5.5% from 2022 to 2027 according to a new report by MarketsandMarkets. Factors such as growing number patients suffering with deep vein thrombosis, varicose veins, and lymphedema, an increasing number of orthopedic surgeries, rising incidence sports injuries and accidents and the availability of clinical evidence supporting the use of compression therapy in the management of different diseases are anticipated to support the growth of market.
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Browse in-depth TOC on "Compression Therapy Market"
126 - Tables
43 - Figures
231 - Pages
Compression Therapy Market Scope:
Report Coverage | Details |
Market Size | USD 4.9 billion by 2027 |
Growth Rate | 5.5% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Technique, Application, Distribution Channel, And Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increased sales of off-the-shelf and online products |
Key Market Drivers | Growing incidence of sports injuries and accidents |
The compression bandages segment is estimated to account for the largest share of the compression therapy market, by product, in 2021
Based on product, the compression therapy market is segmented into compression garments, compression braces, and compression pumps. The compression bandages segment is estimated to account for the largest share of this market in 2021 owing growing use of compression garments in a wide range of indications, such as varicose veins, edema, DVT, and lymphedema,
Varicose vein treatment is captured the highest market share of the compression therapy market, by technique, in 2021
Based on applications, the compression therapy market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment, and other applications. The varicose vein treatment segment accounted for the largest share of the compression therapy market in 2021.
The large share of this segment can primarily be attributed to high preference among healthcare providers for compression therapy as the first line of treatment for varicose veins and the procedural advantages offered by compression therapy products in the effective treatment of varicose veins.
Home care setting segment is estimated to grow at the highest CAGR during the forecast period
Based on distribution channel, the compression therapy market is segmented into hospitals & clinics, pharmacies & retailers, e-commerce platforms, and home care settings. In 2022, the hospitals & clinics segment is expected to account for the largest share of compression therapy market. The home care settings is fast emerging as a distribution channel for various compression therapy products owing to the rising demand for products for preventive care and increasing number of people are opting for compression devices for home use.
North America is capture the largest market for compression therapy market in 2021
The global compression therapy market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2021.
Rapid growth in the geriatric population, rising number of orthopedic and spinal surgeries, and the presence of various compression therapy product manufacturers in the region. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the rapid expansion of the target patient population in several Asia Pacific countries.
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Compression Therapy Market Dynamics:
Drivers:
- Large target patient population
- Growing incidence of sports injuries and accidents
- Increasing number of orthopedic procedures
- Greater product affordability and market availability
- Clinical evidence favoring adoption of compression therapy for management of target conditions
Restraints:
- Lack of universally accepted standards for compression products
- Low patient compliance with compression garments
Opportunities:
- Growth potential offered by emerging markets
- Growing patient awareness regarding benefits of compression therapy
- Increased sales of off-the-shelf and online products
- Direct-to-consumer orthodontics
Challenges:
- Significant adoption of alternative therapies for specific target indications
- Increasing pricing pressure on market players
Key Market Players:
The major players operating in the global compression therapy market are DJO Global, Inc. (US), BSN medical (US), medi GmbH & Co. KG (Germany), Tactile Medical (US), SIGVARIS (Switzerland), Paul Hartmann AG (Germany), Sanyleg S.r.l. (Italy), 3M Company (US), ConvaTec Inc. (US), ArjoHuntleigh (Getinge Group, Sweden), and Julius Zorn GmbH (Germany).
Recent Developments:
- In 2022, DJO acquired the EXCYABIR hip brace and the CryoKnee knee brace from Outcome-based Technologies to build its portfolio of bracing solutions, specifically in the fast-growing hip bracing category.
- In 2021, Essity acquired with ABIGO Medical. The acquisition added to the company's wound care product portfolio.
- In 2021, DJO acquired MedShape, Inc. (US). This acquisition will strengthen DJO's portfolio of fracture fixation, joint fusion, and soft tissue injury repair products, which utilize biomaterial technologies designed to improve patient outcomes.
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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting
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