Compression Therapy Market to Surpass Market Valuation of USD 5.40 Billion by 2031 | SkyQuest Technology
WestFord, Sept. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Compression Therapy Market will reach a value of USD 6.26 Billion by 2031, with a CAGR of 5.40% during the forecast period (2024-2031). Compression therapy is today an indispensable component of modern healthcare, providing effective treatment for multiple conditions like lymphedema, venous disorders, and chronic wounds. The said therapy comprises the use of compression devices or garments to apply controlled pressure on the injured body parts. The compression therapy market is progressing significantly owing to the development of intelligent compression devices, the rising number of technological advancements, and the growing geriatric population that demands these devices or garments on the global scale.
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Compression Therapy Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.11 Billion |
| Estimated Value by 2031 | USD 6.26 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technique, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Expanding Demand for Online and Off-The-Shelf Products |
| Key Market Drivers | Increasing Cases of Accidents and Sports Injuries |
Compression Therapy Market Segmental Analysis
Global Compression Therapy Market is segmented by Product, function, Application, Distribution Channel and region.
Based on Product, the market is segmented into Compression Bandages, Compression Wraps, Compression Stockings, Compression Tapes, Compression Pumps, Compression Braces, and Other Compression Garments.
Based on Application, the market is segmented into Varicose Vein Treatment, Deep Vein Thrombosis Treatment, Lymphedema Treatment, Leg Ulcer Treatment, and Other Applications.
Based on Distribution Channel, the market is segmented into Pharmacies & Retailers, E-commerce Platforms, Hospitals & Clinics, and Home Care Settings.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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Compression Garments Segment to Register Larger Market Share Owing to Increased Applications and Simplified Usage
By product, the compression garments segment held a majority market share in the past years and is projected to lead the market over the estimated period as well owing to their wide range of applications and easy usage. The segment comprises products, such as compression sleeves, stockings, and socks that are prominently used to treat and manage lymphedema, different chronic venous disorders, and postoperative care. Hence, wide applications and the growing number of injuries are fueling the growth of the segment. Conversely, the compression pumps segment is expected to grow significantly in the coming years due to its importance in advanced treatments. These pumps are used for targeted and highly intensive compression therapy like chronic venous insufficiency or lymphedema. The growing number of such conditions is propelling the segment’s growth.
Static Compression Therapy Domain to Lead Due to High Preference and Easy Use
By technique, the static compression therapy segment is anticipated to lead the market over the forecast period owing to its simplified use. This therapy comprises the use of bandages, compression garments, and wraps that offer continuous and consistent pressure to manage conditions like post-surgical recovery, chronic venous insufficiency, and lymphedema. Its increasing applications for such conditions are fueling the segment’s growth. On the other hand, the dynamic compression therapy segment will hold a notable market share in the coming years owing to its mounting use for conditions that need adjustable treatment like severe lymphedema. This includes pneumatic compression devices like compression pumps that put intermittent pressure via inflatable spaces.
North America to Lead Market Owing to Increased Awareness and Rising Number of Patients
Geographically, North America dominated the market and is expected to lead over the forecast period owing to growing cases of chronic venous disorders, diabetes, and obesity. This ultimately increases the need for compression therapy. Such conditions need long-term management, which fuels the demand for compression products in the region. The increased level of awareness regarding the advantages offered by compression therapy among patients and professionals is also impacting the growth of the market in North America.
Asia-Pacific is expected to be the fastest-growing region because of increased healthcare spending in key developing nations like India and China. These nations are witnessing heavy healthcare spending and speedy economic growth. This expansion aids the adoption and development of improved healthcare technologies like compression therapy. Also, expansion of healthcare services and investments in better medical infrastructure is progressing the market in the region.
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Prominent Players in Compression Therapy Market
- Medtronic plc
- 3M Company
- Smith & Nephew plc
- BSN Medical GmbH
- Bio Compression Systems, Inc.
- Tactile Medical
- DJO Global, Inc.
- Medi GmbH & Co. KG
- SIGVARIS Group
- ArjoHuntleigh, Inc.
Compression Therapy Market Insight
Drivers:
- Growing Number of Orthopedic Procedures
- Rising Awareness Among People for Treatment Options
- Growing Technological Advancements
Restraints:
- Accessibility to Alternate Treatments
- Side-Effects of Using Compression Therapy
- Reduced Compliance Due to Users’ Discomfort
Key Questions Answered in Global Compression Therapy Market Report
- What is the projected size of Global Compression Therapy Market by 2031, according to SkyQuest Technology?
- Which segment accounted for the larger share in the Compression Therapy Market and why?
- Who are the leading players profiled in the Compression Therapy Market?
This report provides the following insights:
- Analysis of key drivers (growing aging population, expanding healthcare infrastructure, rising cases of diabetes), restraints (lack of awareness in emerging markets, potential side-effects, use and compliance challenges), opportunities (expanding applications, partnerships and collaborations, use in preventive healthcare), and challenges (distribution challenges, lack of standardization, costly advanced solutions) influencing the growth of compression therapy market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the compression therapy market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the compression therapy market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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