The Compression Therapy Market is on an upward climb, driven by a growing emphasis on improved circulation and faster recovery. According to a recent market analysis, the market, valued at an estimated US$3.37 billion in 2024, is expected to witness a steady rise at a moderate Compound Annual Growth Rate (CAGR) of 5.8% over the next decade. This projected growth trajectory is anticipated to propel the market to reach an impressive US$5.93 billion by 2034.
Meeting Demand from Diabetics and Beyond
One of the key drivers behind this remarkable growth is the escalating demand from individuals dealing with diabetes. The worldwide increase in the diabetic population has spurred the need for compression stockings and diabetic socks. These products play a vital role in managing the well-being of diabetics, and the market is responding with innovative solutions to meet their specific needs.
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Revolutionary Solutions and Advancements
In addition to catering to the diabetic population, the market is witnessing revolutionary advancements in the field of compression therapy. The introduction of NPWT (Negative Pressure Wound Therapy) has proven to be a game-changer in the management of acute and chronic wounds. This groundbreaking approach is redefining wound care, offering patients and healthcare providers more effective and efficient solutions.
Furthermore, pneumatic compression therapy has emerged as a safe and effective method for treating lymphedema, particularly in cases related to head and neck cancer (HNC). Research published in “Supportive Care in Cancer” highlights the effectiveness of these advancements in improving the quality of life for individuals dealing with lymphedema.
Positive Outlook for the Future
The compression therapy market’s steady growth is indicative of the ever-increasing need for innovative and effective healthcare solutions. As we move forward, expect to see further developments, increased accessibility, and improved quality of life for those who benefit from compression therapy.
Key Takeaways from Compression Therapy Market Study
- Static compression therapy held the largest market share in 2019 and the trend is expected to continue in the forecast period (2024-2034)
- Chronic ulcers are expected to hold more than 69% of the market share in terms of revenue in 2020
- Among all distribution channels, institutional sales is the leading segment followed by retail sales. The retail sales segment is anticipated to grow at a CAGR of 5.8% over the forecast period
- North America and Europe are collectively expected to hold more than 67% of revenue share in 2020 while East Asia is expected to show greater growth potential in the forecast period.
“Acquisitions and launch of compression products along with increasing demand for compression therapy offering increased mobility, enhance athletic performance and safety profiles are driving the growth of global compression therapy industry,” says the FMI Analyst
Expansion with Research: The Latest Trend
The compression therapy Industry players are on an expansion spree to stand out.
For instance –
In May 2020, the British Medical Journal published a study that stated that anti-embolism stockings are all the more effective concerning DVT (deep vein thrombosis). This finding is bound to influence players to go for the production of anti-embolism stockings in the forecast period
Avanos Medical Inc., in the year 2018, announced acquiring CoolSystems, Inc. The products post-acquisition were marketed as “Game Ready”
Huntleigh Healthcare Ltd.’s IPC (Intermittent Pneumatic Compression) products under the “Hydroven” brand are a noteworthy addition to vascular assessment systems
Key Participant Insights
The global market is set to broaden its scope in the forecast period, stimulated by the high prevalence rate of diabetes, the rising geriatric population globally, and the adoption of advanced compression therapy systems that can be used as bi-layer and multi-layer for conventional treatment options. In addition to this, strict guidelines limit the design space for potential conceptual ideas, and the availability of alternate therapies has augmented the sales of compression products.
The key market players covered by FMI include:
- Paul Hartmann AG,
- Sigvaris AG,
- Cardinal Health Inc.
- 3M Health Care Ltd.
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Compression Therapy Market Key Segment
Product Type
- Pneumatic Compression Therapy
- Non-Segmented Pneumatic Compression Pumps
- Pneumatic Compression Sleeves
- Lower Pneumatic Compression Sleeves
- Upper Pneumatic Compression Sleeves
- Segmented Pneumatic Compression Pumps
- Segmented Pneumatic Compression Pumps with Calibrated Gradient
- Segmented Pneumatic Compression Pumps without Gradient
- Static Compression Therapy
- Anti-Embolism Stockings
- Compression Bandages
- Compression Garments
- Lower Compression Garments
- Upper Compression Garments
Compression Therapy Market by Indication:
- Chronic Ulcers
- Venous Leg Ulcers
- Diabetic Foot Ulcers
- Pressure Ulcers
- Non-healing Surgical Wounds
- Traumatic Wounds
- Burn Cases
Compression Therapy Market by Distribution Channel:
- Institutional Sales
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Nursing Facilities
- Retail Sales
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
Compression Therapy Market by Region:
- North America Compression Therapy Market
- Latin America Compression Therapy Industry
- Europe Compression Therapy Industry
- East Asia Compression Therapy Industry
- South Asia & Pacific Compression Therapy Market
- Middle East & Africa (MEA) Compression Therapy Industry
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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