Compression therapy is a technique that applies external pressure to particular body parts to treat a variety of medical conditions, including increasing blood flow through the area, reducing swelling, treating varicose veins, preventing orthostatic hypotension, and limiting movement of the part while maintaining blood flow in the event of a fracture or injury. Intermittent Pneumatic Compression (IPC) devices or compression apparel such as stockings, foot caps, sleeves, and mittens can be used to deliver therapy to the patient.
The market for compression therapy in 2021 was worth
USD 2.98 billion, and by 2030, it will reach USD 4.71 billion, growing at a 5.2% CAGR during the forecast period.
The increased prevalence of vein disorders like deep vein thrombosis, leg ulcers, and blood clots, as well as the widespread use of these products in sports medicine, are fueling the development of the global compression therapy market throughout the forecast period.
Market Dynamics
Drivers
Compression therapy is a crucial element in the treatment of ulcers and wounds. Intermittent pneumatic compression (IPC) devices, stockings, and bandages can all be use to deliver compression treatment. The market for compression therapy has been drive by the rising prevalence of different disorders like chronic venous disease, cirrhosis, angioedema, and lymphedema; using compression gloves and stockings helps avoid buildup of fluid.
The market for compression therapy devices is expanding due to expanding geriatric population who are more prone to various health issues. According to Age International, over the past 50 years, the average life expectancy has risen by almost 20 years. As a result, there are presently 962 million people over 60, and by 2050, this number will increase to over 2 billion.
Restraints
People in developing nations are still ignorant of diseases like lymphedema that could restrict or impede the expansion of this industry.
Additionally, the market’s expansion may be hamper by an ineffective pay plan for compression gear and therapeutic clothing.
Opportunity
Emerging countries like China, Mexico, Brazil, and India will provide enormous growth opportunities to the compression therapy market. The development rate of this market will be significantly impact by elements like a larger patient population, an increase in disposable income, improved health infrastructure, and greater awareness. By 2040, all emerging countries will gain $4.4 trillion, or a 7% increase in GDP. The proportional rise in GDP in 2040 ranges from 7 to 11%, depending on income level. They also found that investing in health in less industrialized nations yields a $2 to $4 return on investment.
Market Segmentation
By Technology
Due to its high ease and user-friendliness, the static technology segment led the entire market with 64.5% of the revenue share in 2022. The largest share of this market segment is due to these goods’ greater accessibility in treating edema and sports-related injuries to allow pain and pressure relief.
By product
In 2022, the compression bandages segment led the entire market with 43.8% of the revenue share. It is mainly due to its widespread use in treating edema, and lower limb venous and lymphatic disorders. Bandages are believe to have advantages like high-tension durability and high-cost efficiency, extensibility, and elasticity that account for their widespread use in various venous disorders.
Regional analysis
43.0% of the global industry was dominate by North America in 2022. The rising number of elderly people and obesity are to blame for the increase in this region’s percentage over the previous years. In this area, the availability of advantageous government reimbursement programs and rising healthcare awareness are also important growth drivers. Furthermore, a significant factor boosting the market’s expansion in this region is the rising prevalence of chronic vein disorders (CVD). For instance, a study article from 2022 claims that CVD is a significant health issue in Western nations. And that adult population prevalence ranges from 5 to 30%.
Asia Pacific will experience a profitable growth rate during the forecast period. The market is fueled by significant R&D expenditures by key players. And persistent efforts to commercialize goods at a relatively reduced cost. Additionally, increasing disposable income increases the likelihood that these goods will be use. And ongoing healthcare infrastructure upgrades will offer the market lucrative growth prospects.
Key Players
- Spectrum Healthcare
- SIGVARIS,
- Medtronic plc
- 3M Company,
- Smith & Nephew plc,
- Sigvaris Management AG
- Paul Hartmann AG
- Bio Compression Systems Inc.
- Gottfried Medical Inc.
- Colfax Corp.
- BSN Medical GmbH
- Tactile Systems Technology Inc.
The market for compression therapy in 2021 was worth USD 2.98 billion, and by 2030. It will reach USD 4.71 billion, growing at a 5.2% CAGR during the forecast period. Compression therapy market expansion is developing due to increased sports-related accidents and injuries. Technological developments in orthopedic procedures, and a sizable target patient group.
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