Global Compression Therapy Market Size, Share & Growth Projected to Outstrip USD 4.7 Billion by the End of 2027 | BlueWeave
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The Global Compression Therapy Market to Benefit from the Growing Use of Compression Garments
Many types of compression garments are available in the market, including compression stockings, compression bandages, and compression wraps. There are several applications for these during treatment and in everyday life as well as during physical activity. Compression garments have increased in popularity and are thus gaining great traction because they offer enhanced recovery during training sessions and assist in recovering from exercise-induced muscle damage. That is why these products are highly popular among athletes.
Varicose Vein Treatment Is Anticipated to Drive the Global Compression Therapy Market Growth in The Forecast Period
Based on applications, the global compression therapy market is segmented into lymphedema treatment, leg ulcer treatment, varicose vein treatment, and deep vein thrombosis treatment. Among these, the varicose vein treatment segment accounts for the largest market share. Varicose veins are estimated to affect 23% of American adults. About 22 million women and 11 million men between the ages of 40 and 80 are affected by this disease. Due to such a high prevalence of this disease, the demand for varicose vein treatment is rising at a high rate and also propelling the growth of the global compression therapy market.
Global Compression Therapy Market - By Distribution Channel
Based on distribution channels, the global compression therapy market is segmented into hospitals & clinics, pharmacies & retailers, and e-commerce platforms. Among all these segments, the hospitals & clinics segment holds the largest market share because of the large patient pool approaching hospitals for the treatment of various chronic diseases. Geriatric patients are more likely to suffer from leg ulcers and venous disorders and are often hospitalized for treatment. Compression therapy is therefore extremely reliable in hospitals since the therapy products are readily available.
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Global Compression Therapy Market - Regional Insights
Geographically, the global compression therapy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America held the largest market share in 2020. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The market is gaining significant traction in this region mainly because of the high and increasing geriatric population. It has been estimated that the Asia-Pacific region will have around 226 million elderly people who are aged 65 or more by 2025. Furthermore, sports injuries will also likely spur the growth of the market in the Asia Pacific. Last but not least, the increasing prevalence of diseases like lymphedema is also boosting the compression therapy market in APAC countries.
Impact of COVID-19 on Global Compression Therapy Market
Significant growth in the global compression therapy market was prompted by the COVID-19 pandemic.An elevated risk of venous thromboembolism is associated with COVID-19. Blood clotting causes have contributed to an increase in the prevalence of Deep Vein Thrombosis (DVT) as a result of the rising infection cases and hospitalization rates of COVID-19 cases.This is because patients with COVID-19 are advised to stay in bed for a long period of time, especially those who are 65 or older. Therefore, the compression therapy market grew during this period, which contributed to the growth of the overall global market.
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The leading players in the global compression therapy market are OFA Bamberg, Bauerfeind AG, Thermotek, Inc., Tactile Medical, Sanyleg S.R.L., Medi Gmbh & Co. KG, Julius Zorn GmbH, Convatec Inc., Cardinal Health, Inc., BSN Medical, DJO Global, Inc., Gottfried Medical, Inc., Bio Compression Systems, Inc., Medline Industries, Inc., Arjohuntleigh, Medtronic PLC, 3M Company, Paul Hartmann AG, Smith & Nephew PLC, and other prominent players.
The industry participants focus on expanding their product portfolio through product approvals and launches. Several companies are partnering with sports teams as their official recovery partners and therapy partners to boost their brand awareness and expand their market revenue. Furthermore, the adoption of competitive strategies like mergers, acquisitions, and collaborations are also very prominent in this market.
Don’t miss the business opportunity of the global compression therapy market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global compression therapy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global compression therapy market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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