Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to the new market research report published by MarketsandMarkets, "Compression Therapy Market by Technique, Product (Bandages, Wraps, Stockings, Tapes, Ortho Braces, Pump), Application (Varicose Vein, DVT, Lymphedema Ulcer), Distribution Channel(Hospitals, Clinics, Pharmacies, E-Commerce) - Global Forecast to 2027", the global compression therapy market in terms of revenue was estimated to be worth $3.7 billion in 2022 and is poised to reach $4.9 billion by 2027, growing at a CAGR of 5.5% from 2022 to 2027.
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126 - Tables
43 - Figures
231 – Pages.
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Compression Therapy Market Report Scope:
| Report Coverage | Details |
| Market Value by 2027 | $4.9 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.5% |
| Historical Data | 2020–2027 |
| Base Year | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technique, Application, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled/Vendors | DJO Global, Inc. (US), BSN medical (US), medi GmbH & Co. KG (Germany), Tactile Medical (US), SIGVARIS (Switzerland), Paul Hartmann AG (Germany), Sanyleg S.r.l. (Italy), 3M (US), ConvaTec Inc. (US), Bio Compression Systems, Inc. (US), Cardinal Health, Inc. (US), Smith & Nephew plc (UK) among others |
| Key Market Opportunities | Increased sales of off-the-shelf and online products |
| Key Market Drivers | Growing incidence of sports injuries and accidents |
The growth of the compression therapy market is majorly attributed to factors such as the rising target population suffering from lifestyle-related diseases and vascular diseases, such as obesity, diabetes, lymphedema. Moreover, growing incidence of sports injuries and accident and rising geriatric patient population along with the increasing number of orthopedic surgeries are likely to boost the demand for compression therapy products.
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However, lack of uniform standard for compression therapy along with the lower patient compliance is anticipated to hinder the growth of the market.
Based on products, the compression therapy market is segmented into compression bandages, compression wraps, compression stockings, compression tapes, other compression garments, compression pumps, and compression braces. Compression bandages accounted for the largest share of the compression therapy market in 2021. Market growth is largely driven by the growing use of compression garments in a wide range of medical indications, such as varicose veins, edema, DVT, and lymphedema, as well as in the management of several chronic conditions.
Based on technique, the compression therapy market is segmented into static and dynamic compression therapy. The static compression therapy segment dominated the compression therapy market during the forecast period owing to the high adoption of compression garments and braces among end users for the treatment of target conditions such as DVT, varicose veins, and leg ulcers.
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Geographical Growth Scenario:
Based on region, the compression therapy market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest share of the compression therapy market in 2021. The Asia Pacific market is estimated to register the highest growth rate during the forecast period. Emerging countries such as China and India, have large diabetes and cancer patient populations. Moreover, the significant growth in the geriatric population, and increase in the incidence of medical condition such as varicose veins and orthopedic disorders are anticipated to increase in these countries, propelling the demand for compression therapy products. Moreover, increased healthcare expenditure and rising focus of many manufacturers on strengthening their presence and product offerings in Asian countries are anticipated to offer huge growth opportunity for compression therapy market in region during the forecast period.
Key Players:
The major players operating in the global compression therapy market are DJO Global, Inc. (US), BSN medical (US), medi GmbH & Co. KG (Germany), Tactile Medical (US), SIGVARIS (Switzerland), Paul Hartmann AG (Germany), Sanyleg S.r.l. (Italy), 3M Company (US), ConvaTec Inc. (US), ArjoHuntleigh (Getinge Group, Sweden), and Julius Zorn GmbH (Germany).
Top Compression Therapy Market Player:
DJO (US) was a key player in the compression therapy market. The company offers several compression therapy products, such as compression garments, devices, and pumps for various chronic diseases. Its products are sold under various brands, such as DVT, Bell-Horn, and Aircast. DJO focuses on acquisitions to expand its product offerings in the compression therapy market. The company has acquired several distributors in various locations, including Australia, Canada, South Africa, and Tunisia. This has helped the company to expand its geographical reach and control the distribution and sales of its products in these countries.
BSN medical (Germany): BSN medical is one of the leading players in the compression therapy market. BSN Medical focuses on acquisitions, product launches, and agreements to strengthen its position and increase its share in the compression therapy market. To create a market presence in Colombia, Canada, Brazil, Australia, Austria, and Japan, the company entered into joint venture agreements with Ortopédicos Futuro Colombia SAS (Colombia) and Terumo Medical Corporation (Japan). The company also collaborated with NASA to develop compression garments for astronauts to reduce the risk of rapid heart rate, low blood pressure, and light headedness post a long-duration spaceflight. Such initiatives help the company create a strong brand image in the compression therapy market
Recent Developments:
- In 2022, DJO acquired the EXCYABIR hip brace and the CryoKnee knee brace from Outcome-based Technologies to build its portfolio of bracing solutions, specifically in the fast-growing hip bracing category.
Compression Therapy Market Report Objectives:
- To define, describe, and forecast the compression therapy market based on product, technique, application, distribution channel, and region
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
- To analyse the micro markets with respect to individual growth trends, prospects, and contributions to the overall compression therapy market
- To analyse the opportunities for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to five major regions and their countries—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To strategically profile the key global players and comprehensively analyse their market shares and core competencies
- To track and analyse competitive developments such as product launches, upgrades, and approvals; partnerships, agreements, and collaborations; acquisitions; and expansions in the compression therapy market
- To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyses players on various parameters within the broad categories of business and product excellence strategy
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