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Compression Therapy Market Trends, Top Companies, Share, Growth And Forecast 2033
Compression Therapy Market
The Business Research Company offers in-depth market insights through Compression Therapy Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The compression therapy market size has grown strongly in recent years. It will grow from $4 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to aging population, increased prevalence of chronic venous diseases, growing awareness about the benefits, rising incidence of diabetes and obesity-related conditions, expansion of indications for compression therapy.
The compression therapy market size is expected to see strong growth in the next few years. It will grow to $6.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing healthcare spending and improved access, growth in the geriatric population, rising prevalence of lymphedema and other chronic conditions, expansion of applications in sports and fitness, higher adoption of compression therapy in hospitals. Major trends in the forecast period include development of wearable and smart compression devices, customization of compression therapy solutions, integration of compression therapy in wound care management, emphasis on patient comfort and compliance in compression therapy, collaboration between manufacturers and healthcare providers for improved patient outcomes.
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Market Segmentation:
The compression therapy market covered in this report is segmented -
1) By Product: Compression Pumps, Compression Stockings, Compression Bandages, Compression Tapes
2) By Technique: Static Compression Therapy, Dynamic Compression Therapy
3) By Application: Varicose Vein Treatment, Deep Vein Thrombosis Treatment, Lymphedema Treatment, Leg Ulcer Treatment, Other Applications
Major Driver - Elderly Population Growth, Catalyst For Compression Therapy Market Expansion
The rise in the geriatric population is contributing to the growth of the compression therapy market. The share of the aged population in many countries across the globe is rapidly growing. The old population is vulnerable to different chronic diseases. Compression therapy is a simple and efficient way to enhance vein support and increase blood flow efficiency in the lower limbs. Compression therapy is most commonly used in the elderly population with chronic venous illness. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. Therefore, the increasing geriatric population is expected to aid the growth of the compression therapy market.
Competitive Landscape:
Major companies operating in the compression therapy market report are 3M Company, ArjoHuntleigh AB, Bio Compression Systems Inc., BSN Medical GmbH, Cardinal Health Inc., ConvaTec Inc., DJ Orthopedics Global Inc., Julius Zorn GmbH, medi GmbH & Co KG, Medtronic plc, Paul Hartmann AG, Sanyleg Srl, Sigvaris Management AG, Smith & Nephew plc, Tactile Systems Technology Inc., Thuasne SA, ATI Physical Therapy, Bauerfeind AG, Biohorizons Implant Systems Inc., Encompass Health Corporation, Essity AB, Hanger Clinic, Kinetec SAS, Lympha Press International Inc., Medi USA, National Seating & Mobility Inc., Norton Healthcare Inc., NovaSom Inc., Optima Molliter Srl, Physio-Control Corporation, Select Medical Corporation, Sigvaris Group
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Top Trend - Innovative Developments In The Compression Therapy Market
Major companies operating in the compression therapy market are developing innovative products such as wearable compression systems to meet larger customer bases, more sales, and increase revenue. A wearable compression system refers to a medical device designed to provide continuous or intermittent compression therapy to a specific area of the body, typically the limbs. For instance, in April 2022, Koya Medical Inc., a US-based medical technology company, launched the Dayspring active compression system. One distinctive characteristic of this product is its ability to accommodate the body's movements during treatment, a capability that sets it apart from traditional pneumatic (air-based) compression pumps. Unlike conventional devices that demand patients to remain stationary and be tethered to electrical outlets, this system allows individuals to engage in their daily activities while undergoing treatment. The Dayspring system is designed to address lymphedema and venous diseases in the lower extremities. As per Koya, it's worth noting that the Dayspring system marks the pioneering FDA-approved non-pneumatic active dynamic compression treatment of its kind. The system comprises a comfortable, breathable mesh garment, incorporating the company's proprietary Flexframe technology, to deliver controlled and personalized compression while allowing for natural mobility. Additionally, it features an intelligent, rechargeable controller with Bluetooth capabilities, complemented by companion software for tailoring treatments and assessing treatment records.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Compression Therapy Market Characteristics
3. Compression Therapy Market Trends And Strategies
4. Compression Therapy Market - Macro Economic Scenario
5. Compression Therapy Market Size And Growth
…..
27. Compression Therapy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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