Portland, OR, March 22, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Compression Therapy Market was valued at $3.2 billion in 2021 and is projected to reach $5.4 billion by 2031, registering a CAGR of 5.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.2 Billion |
| Market Size in 2031 | $5.4 Billion |
| CAGR | 5.4% |
| No. of Pages in Report | 400 |
| Segments Covered | Distribution Channel, Technique, Appliation, and Region. |
| Drivers | Surge in demand for compression therapy |
| Rise in the incidence of deep vein thrombosis | |
| Increase in the prevalence of lymphedema among individuals across the world | |
| Restraints | Lack of awareness regarding compression therapy among people |
| Opportunities | Increase in healthcare expenditure along with improvements in healthcare facilities |
| Technological advancements in compression therapy |
Covid-19 scenario-
- Compression therapy has proven to be an accurate and effective treatment for various vein conditions during the COVID-19 pandemic, providing valuable guidance for managing chronic diseases.
- The market happened to experience significant growth due to an increase in the number of deep vein thrombosis cases during the pandemic. The demand for compression therapy products also witnessed a sharp incline, as their effectiveness has been demonstrated in treating a range of medical conditions.
The global compression therapy market is analyzed on the basis of distribution channel, technique, application, and region. The study utilizes tabular and graphical representation to offer a thorough study of the segments and their sub-segments. The segmentation can assist investors and market participants to build strategies based on the top revenue-generating and fastest-growing segments identified by the study.
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By distribution channel, the retail pharmacies segment contributed to the major share in 2021, garnering more than two-fifths of the global compression therapy market revenue. The e-commerce segment, on the other hand, would showcase the fastest CAGR of 6.0% during the forecast period.
By technique, the static compression therapy segment accounted for the highest share in 2021, generating nearly three-fifths of the global compression therapy market revenue. The dynamic compression therapy segment, however, would display the fastest CAGR of 5.6% throughout the forecast period.
By application, the varicose veins treatment segment held the highest share in 2021, garnering nearly two-fifths of the global compression therapy market revenue. The lymphedema treatment segment, simultaneously, would display the fastest CAGR of 6.1% throughout the forecast period.
By region, North America held the major share in 2021, accounting for around two-fifths of the global compression therapy market revenue. Asia-Pacific, simultaneously, is anticipated to grow at the fastest CAGR of 6.7% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global compression therapy market report include Medtronic PLC, Bio Compression Systems, Inc., Medi GmbH and Co. K, Paul Hartmann AG, BSN Medical, Smith and Nephew PLC., 3M Company, Cardinal Health, Inc., Sanyleg S.R.L. and Sigvaris. These market players have adopted several strategies including new product development, clinical trials, product approval, branding, partnership, new product upgrade/ development, acquisition, expansion, strategic alliance, product launch, geographical expansion, collaboration, and agreement to highlight their expertise in the market. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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