Compression Therapy Market Projected to Reach $5.88 Billion by 2030

[Redding, California , 20-02-2024] - Meticulous Research, a leading authority in global market research, has released a comprehensive report titled 'Compression Therapy Market: Product, Technique, Condition, Distribution Channel, and Global Forecast to 2030.'

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According to Meticulous Research's latest publication, the compression therapy market is anticipated to achieve a valuation of $5.88 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 3.8% from 2023 to 2030.

The significant growth of this market can be attributed to various factors, including the increasing geriatric population, the rising prevalence of chronic diseases, a surge in sports injuries and accidents, a rise in orthopedic procedures, and the growing occurrence of varicose vein diseases and deep vein thrombosis (DVT). Additionally, the acceptance of compression therapy products as a preventive measure, coupled with their minimal side effects and extensive benefits, further contribute to market expansion. Emerging economies are expected to present significant growth opportunities for market players.

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However, challenges such as patient non-adherence to compression therapy, the imperative need to reduce healthcare costs, and limited awareness about compression therapy may impede market growth. Furthermore, the adoption of alternative technologies and inadequate reimbursement structures pose additional challenges for industry stakeholders.

Key Players:

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

Compression Therapy Market: Future Outlook

The compression therapy market is segmented by Product (Bandages, Garments, Pumps), Technique (Static, Dynamic), Condition (Varicose Vein Diseases, DVT, Lymphedema Treatment, Leg Ulcer), Distribution Channel (Hospitals & Clinics, Pharmacies & Retailers, E-commerce), and Geography. The report provides a comprehensive analysis of industry competitors and examines market dynamics at regional and country levels.

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Among the products covered, the bandages segment is expected to hold the largest market share in 2023, owing to their widespread use as a first-line treatment for edema and venous disorders. Static compression therapy is anticipated to dominate the market technique-wise, while the varicose vein diseases segment is expected to lead among the conditions covered. Pharmacies & retailers are projected to account for the largest distribution channel segment.

Regional Insights:

North America is forecasted to dominate the compression therapy market in 2023, driven by factors such as the growing elderly population, high healthcare expenditures, and the presence of major market players. The region's demographic shift, with an expected geriatric population surpassing 80 million by 2040, is poised to elevate the demand for home care treatments and targeted therapies.

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