Meticulous Research® Foresees Global Compression Therapy Market Reaching $5.88 Billion by 2030

Leading global market research firm, Meticulous Research®, has unveiled its latest comprehensive report, 'Compression Therapy Market by Product (Bandages, Stockings, Wraps, Socks, Pumps), Technique (Static, Dynamic), Condition (Varicose Vein, Lymphedema, DVT, Leg Ulcer), Distribution Channel (E-commerce, Hospital, Pharmacy & Retailer)-Global Forecast to 2030.'

According to the report, the compression therapy market is poised to achieve a valuation of $5.88 billion by 2030, showcasing a robust Compound Annual Growth Rate (CAGR) of 3.8% from 2023 to 2030.

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Market Drivers and Growth Factors

The growth trajectory of the compression therapy market is underpinned by various factors. The burgeoning geriatric population, an upswing in chronic diseases prevalence, escalating incidents of sports injuries and accidents, a surge in orthopedic procedures, and a rise in cases of varicose vein diseases and deep vein thrombosis (DVT) collectively contribute to market expansion. Additionally, the growing acceptance of compression therapy products as a preventive measure, coupled with their minimal side effects and extensive advantages, further propel market growth. Emerging economies are expected to present significant growth opportunities in the coming years.

Challenges and Restraints

Despite the optimistic outlook, challenges persist. The lack of adherence to compression therapy among patients, the imperative to reduce healthcare costs, and insufficient awareness regarding compression therapy pose potential obstacles to market growth. Furthermore, the adoption of alternative technologies and an inadequately structured reimbursement system present challenges for industry players.

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Key Players Shaping the Market

Major players operating in the compression therapy market include 3M Company (U.S.), Essity (Sweden), BIOCOMPRESSION SYSTEMS (U.S.), Arjo (Sweden), Convatec Inc. (U.K.), Cardinal Health (U.S.), PAUL HARTMANN AG (Germany), Medline Industries, Inc. (U.S.), Juzo (Germany), DJO, LLC (U.S.), Smith+Nephew (U.K.), SIGVARIS GROUP (U.S.), and Medi GmbH & Co. KG (Germany).

Future Outlook and Market Segmentation

The report extensively delves into the future outlook of the compression therapy market, segmented by Product (Bandages, Garments - Stockings, Socks, Wraps, and Others, Pumps), Technique (Static Compression Therapy and Dynamic Compression Therapy), Condition (Varicose Vein Diseases, Deep Vein Thrombosis, Lymphedema Treatment, Leg Ulcer, and Others), and Distribution Channel (Hospitals & Clinics, Pharmacies & Retailers, E-commerce, and Others). Additionally, the study evaluates industry competitors and analyzes the market at regional and country levels.

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Segment Insights

Product Segment: In 2023, the bandages segment is anticipated to dominate the market, primarily due to their widespread use as a first-line treatment for edema and venous disorders. The segment's substantial market share is attributed to its low cost, off-the-shelf availability, and high demand.

Technique Segment: The static compression therapy segment is expected to hold the largest market share in 2023, driven by its widespread adoption and benefits such as enhanced comfort during extended use, cost-effectiveness, user-friendly application, and reliable delivery of consistent pressure.

Condition Segment: The varicose vein diseases segment is projected to lead the market in 2023, owing to the increasing prevalence of varicose vein-related disorders among the elderly population and advancements in vein-specific compression therapeutic devices.

Distribution Channel Segment: In 2023, the pharmacies & retailers segment is expected to account for the largest market share, driven by the growing demand for compression therapy products and their wide accessibility through pharmacies operating around the clock.

Regional Analysis

North America is projected to account for the largest share of the compression therapy market in 2023. This dominance is attributed to factors such as the growing elderly population, high healthcare expenditures, a rising number of individuals with chronic conditions, and the presence of major market players.

Key Questions Answered in the Report

The report provides insights into high-growth market segments, historical market sizes, market forecasts for 2023-2030, major drivers, restraints, challenges, and opportunities in the global compression therapy market. It also identifies key players, analyzes the competitive landscape, and outlines recent developments and strategies adopted by major market players. Geographical trends and high-growth regions/countries are also explored.

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This release was published on openPR.