April 19, 2024

Compression Therapy Market Size to Rake USD 8.40 Bn by 2033

The global compression therapy market size was valued at USD 4.58 billion in 2023 and is projected to rake around USD 8.40 billion by 2033 with a CAGR of 6.25% from 2024 to 2033.

Key Points

  • North America dominated the market with the major market share of 44% in 2023.
  • Asia Pacific is expected to witness the fastest growth during the forecast period.
  • By product, the compression bandages segment has accounted for the largest market share of 44% in 2023.
  • By product, the compression pumps segment is expected to witness the fastest rate of growth during the forecast period.
  • By technology, the static technology segment held the biggest market share of 66% in 2023.
  • By technology, the dynamic technology segment is expected to grow at a significant rate during the forecast period.

Compression Therapy Market Size 2024 to 2033

The Compression Therapy Market has witnessed significant growth in recent years, driven by the rising prevalence of vascular diseases, such as deep vein thrombosis (DVT), lymphedema, and varicose veins, among others. Compression therapy involves the application of external pressure to the limbs or other parts of the body to improve circulation and reduce swelling. It is widely used in both clinical and home settings for the management of various medical conditions. The market encompasses a wide range of products, including compression garments, compression bandages, compression pumps, and compression stockings, catering to the diverse needs of patients across different demographics.

Get a Sample: https://www.precedenceresearch.com/sample/3934

Growth Factors:

Several factors contribute to the growth of the compression therapy market. One of the key drivers is the increasing incidence of chronic diseases such as diabetes and obesity, which are known to elevate the risk of vascular disorders. Additionally, the aging population worldwide has led to a higher prevalence of conditions like venous ulcers and peripheral artery disease, further fueling the demand for compression therapy products. Moreover, advancements in technology have led to the development of innovative compression devices and materials, enhancing the effectiveness and comfort of treatment options. Furthermore, growing awareness about the benefits of compression therapy among healthcare professionals and patients alike has also contributed to market growth.

Region Insights:

The compression therapy market exhibits regional variations influenced by factors such as healthcare infrastructure, economic development, and disease prevalence. North America holds a significant share of the market, driven by the high adoption rate of advanced medical technologies and the presence of key market players. Europe follows closely, with countries like Germany, France, and the UK leading in terms of market size and innovation. The Asia-Pacific region is expected to witness rapid growth, fueled by increasing healthcare expenditure, rising awareness about chronic diseases, and expanding access to healthcare services in countries such as China and India. Emerging economies in Latin America and the Middle East & Africa also present opportunities for market expansion, albeit at a slower pace.

Compression Therapy Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 6.25%
Global Market Size in 2023 USD 4.58 Billion
Global Market Size by 2033 USD 8.40 Billion
U.S. Market Size in 2023 USD 1.51 Billion
U.S. Market Size by 2033 USD 2.77 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product and By Technology
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Compression Therapy Market Dynamics

Drivers:

Several drivers contribute to the continued growth of the compression therapy market. Firstly, the growing geriatric population globally is a significant driver, as elderly individuals are more susceptible to vascular conditions that require compression therapy for management. Additionally, the increasing prevalence of lifestyle-related risk factors such as obesity and sedentary habits has led to a rise in venous disorders, further boosting the demand for compression therapy products. Moreover, the expanding applications of compression therapy beyond traditional medical settings, such as sports and fitness, have created new avenues for market growth. Furthermore, favorable reimbursement policies for compression therapy in many countries have facilitated greater access to treatment for patients.

Restraints:

Despite the positive growth trajectory, the compression therapy market faces certain restraints that could impede its expansion. One of the primary challenges is the high cost associated with advanced compression therapy products, which may limit their adoption, particularly in developing regions with limited healthcare budgets. Additionally, concerns regarding the discomfort and inconvenience associated with wearing compression garments for extended periods may deter patient compliance, affecting the effectiveness of treatment outcomes. Moreover, the lack of standardized guidelines for prescribing compression therapy and variations in clinical practices across regions could hinder market growth by creating uncertainty among healthcare providers and patients alike.

Opportunities:

Despite the challenges, the compression therapy market presents several opportunities for growth and innovation. The rising adoption of telemedicine and remote patient monitoring technologies offers new avenues for delivering compression therapy services to patients in remote or underserved areas. Furthermore, collaborations between healthcare providers, manufacturers, and research institutions can lead to the development of personalized compression therapy solutions tailored to individual patient needs, thereby enhancing treatment efficacy and patient satisfaction. Additionally, the integration of digital health technologies such as wearable sensors and mobile apps into compression therapy products holds promise for improving patient monitoring, adherence, and overall outcomes.

Read Also: Cannabidiol Market Size to Reach USD 35.96 Billion by 2033

Recent Developments

  • In May 2020, AIROS Medical, Inc., a medical technology manufacturer specializing in compression therapy products that treat cancer-related lymphedema and venous complications, announced the launch of its updated AIROS 6 Sequential Compression Therapy device and Arm Plus garments following multiple regulatory approvals.
  • In June 2022, Stryker has launched a new research & development facility in India, covering an extensive area of 150,000 square feet. The facility’s primary objective is to foster innovation within India and on a global scale, reinforcing the company’s commitment to enhancing healthcare worldwide.
  • In February 2022, Therabody unveiled its latest product, the second generation of Recovery Air pneumatic compression boots. These boots feature cutting-edge technology, enabling more efficient post-recovery for users. With advanced pneumatic compression, the boots aid in improving blood circulation and reducing muscle soreness and swelling, ensuring an effective and accelerated recovery process for individuals.
  • In September 2021, Arjo announced that it has received 510(k) clearance from the US Food and Drug Administration (FDA) for WoundExpress, an intermittent pneumatic compression (IPC) solution for accelerating healing of venous leg ulcers. The FDA clearance follows several recent studies showing that WoundExpress can significantly improve lower leg wound management.
  • in January 2022, AIROS Medical, Inc., a designer, manufacturer, and distributor of compression therapy devices, and Fist Assist Devices, LLC (Fist Assist), an innovative medical device company, launched an e-commerce website, www.fistassistusa.com, for the sale of the Fist Assist FA-1 compression device in the United States. This will increase sales of compression therapies via online platforms, driving market growth in this region.

Compression Therapy Market Companies

  • Smith & Nephew PLC
  • Medline Industries, Inc.
  • Cardinal Health
  • Julius Zorn GmbH
  • Hartmann AG
  • Medi GmbH & Co.
  • SIGVARIS
  • BSN Medical GmbH
  • Convatec Group PLC
  • Bio Compression Systems, Inc.
  • Stryker
  • Arjo
  • Tactile Medical
  • Gottfried Medical
  • 3M Company
  • Paul Hartmann
  • DJO Global, Inc.
  • Juzo
  • Spectrum Healthcare

Segments Covered in the Report

By Product

  • Compression Pumps
  • Compression Stockings
  • Compression Bandages
  • Compression Tape

By Technology

  • Static Compression Therapy
  • Dynamic Compression Therapy

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/

Leave a Reply

Your email address will not be published. Required fields are marked *