New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global compression therapy devices market is expected to generate US$ 3.1 billion in revenue in 2022, with the global market growing at a CAGR of 5.2% to reach US$ 5.4 billion by the end of 2033.
Compression therapy involves the use of medical devices to apply pressure to various body parts, typically the limbs, to improve blood circulation and manage conditions such as edema, venous disorders, lymphedema, and deep vein thrombosis. Compression therapy devices play a crucial role in maintaining proper blood flow, reducing swelling, and preventing complications in patients with these conditions.
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Market Overview:
This research report aims to provide an in-depth analysis of the global Compression Therapy Devices Market, including market trends, growth drivers, challenges, competitive landscape, and future projections.
The compression therapy devices market has witnessed substantial growth in recent years due to increasing awareness about venous disorders, the aging population, and advancements in technology. These devices are available in various types, including compression garments, compression stockings, compression bandages, compression pumps, and others.
Key Factors Driving the Market:
Rising Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as diabetes, obesity, and cardiovascular conditions has contributed to the demand for compression therapy devices. These conditions often lead to compromised blood circulation and related complications that can be managed with compression therapy.
Aging Population: The global aging population is more susceptible to circulatory issues and related disorders. As the elderly population grows, the demand for effective circulation-enhancing treatments like compression therapy devices is expected to rise.
Advancements in Technology: The development of innovative and user-friendly compression therapy devices has expanded the market. Technological advancements have led to the creation of devices that offer adjustable pressure, improved comfort, and ease of use.
Awareness and Education: Increased awareness among healthcare professionals and patients about the benefits of compression therapy has contributed to market growth. As more people become aware of the importance of managing circulatory disorders, the demand for effective treatment options has increased.
Non-Invasive Treatment Option: Compression therapy is a non-invasive treatment method that appeals to patients who prefer alternatives to surgical interventions. This has driven demand for compression therapy devices, especially among individuals seeking non-surgical solutions for conditions like varicose veins and lymphedema.
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Market Segmentation:
Product:
- Pneumatic Compression Therapy
- Static Compression Therapy
- Anti embolism/Compression Stockings
- Compression Bandages
- Compression Garments
- Lower Compression Garments
- Upper Compression Garments
Compression Class:
- 18-21 mmHg
- 23-32 mmHg
- 34-49 mmHg
- more than 50 mmHg
Distribution Channel
- Institutional Sales
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Nursing Facilities
- Retail Sales
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Specialized Orthopedic Stores
Regional Analysis:
North America holds a significant share of the market due to the high prevalence of venous disorders, advanced healthcare infrastructure, and favorable reimbursement policies.
Europe is another major market due to the aging population and increasing awareness about compression therapy. Countries like Germany, France, and the UK are key contributors.
The Asia Pacific region is expected to witness rapid growth due to improving healthcare infrastructure, rising healthcare expenditure, and increasing awareness.
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Competitive Landscape:
The compression therapy devices market is characterized by the presence of several key players, both multinational corporations and regional manufacturers.
Some of the major companies include:
Mölnlycke Health Care AB, 3M, Arjo (Huntleigh Healthcare Limited), Brownmed, Inc., Essity Aktiebolag (publ) (BSN Medical Inc.,), Cardinal Health., Daesung Maref Co., Ltd, AIROS Medical, Inc. (Devon Medical Products), Enovis (DJO Global, Inc), FlowAid Medical Technologices, Avanos Medical, Inc., (Game Ready), Julius Zorn, Inc., Lohmann & Rauscher GmbH & Co. KG, medi GmbH & Co. KG, TONUS ELAST SIASwoop Aero Pt. Ltd., Medline Industries, Inc., Paul Hartmann AG, SIGVARIS GROUP, Smith & Nephew, Stryker, Tactile Medical, Thuasne SAS, Zimmer Biomet (Medical Compression Systems (DBN) Ltd.)
Recent Developments
- Wrapmate and 3M Company have agreed to a three-year collaboration beginning in May 2021.
- On November 9, 2018, Brownmed announced the release of Spark Kinetic Sleeves, which combine compression and kinesiology to improve circulation, performance, and support in a variety of daily activities.
- After getting FDA 510(k) clearance, AIROS Medical, Inc. released the Arm Plus garments in May 2020. The purpose of this garment is to treat lymphedema in the arms, shoulders, chest, and back.
Future Outlook
The global compression therapy devices market is expected to continue growing, driven by factors such as increasing prevalence of venous disorders, technological advancements, and growing awareness. Market players are likely to focus on research and development to introduce more innovative and comfortable products. The homecare setting segment is anticipated to witness significant growth due to the convenience and cost-effectiveness it offers.
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