The Global Compression Therapy Industry is on the verge of remarkable expansion, with projections indicating a market worth of US$ 3.01 billion in 2022, soaring to an impressive US$ 4.59 billion by 2030. This sustained growth, characterized by a robust Compound Annual Growth Rate (CAGR) of 5.4%, is set to redefine the landscape of healthcare and patient care from 2022 to 2030.
The key driver behind this remarkable trajectory is the strong demand from individuals battling diabetes. With the global diabetic population on the rise, the need for specialized compression products, such as compression stockings and diabetic socks, has surged. These products have become indispensable tools in managing the symptoms and complications associated with diabetes, offering comfort and relief to millions of patients worldwide.
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Key Takeaways from Global Compression Therapy Industry Study
- Static compression therapy held the largest market share in 2019 and the trend is expected to continue in the forecast period (2020-2030)
- Chronic ulcers are expected to hold more than 69% of market share in terms of revenue in 2020
- Among all distribution channel, institutional sales is the leading segment followed by retail sales. Retail sales segment is anticipated to grow at CAGR of 6% over the forecast period
- North America and Europe are collectively expected to hold more than 67% of revenue share in 2020 while East Asia is expected to show greater growth potential in the forecast period.
“Acquisitions and launch of compression products along with increasing demand for compression therapy offering increased mobility, enhance athletic performance and safety profiles are driving the growth of Global Compression Therapy Industry ” says the FMI Analyst
Expansion with Research: The Latest Trend
The compression therapy market players are onto the expansion spree to stand out.
For instance –
In May 2020, British Medical Journal published a study that stated that anti-embolism stockings are all the more effective with respect to DVT (deep vein thrombosis). This finding is bound to influence players to go for production of anti-embolism stockings in the forecast period
Avanos Medical Inc., in the year 2018, announced acquiring CoolSystems, Inc. The products post acquisition were marketed as “Game Ready”
Huntleigh Healthcare Ltd.’s IPC (Intermittent Pneumatic Compression) products under the “Hydroven” brand are a noteworthy addition to vascular assessment systems
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Key Participant Insights
The global market is set to broaden its scope in the forecast period, stimulated by high prevalence rate of diabetes, rising geriatric population globally and adoption of advanced compression therapy systems which can be used as bi-layer and multi-layer for conventional treatment option. In addition to this, strict guidelines limits the design space for potential conceptual ideas and availability of alternate therapies has augmented the sales of compression products.
The key market players covered by FMI include:
- Paul Hartmann AG,
- Sigvaris AG,
- Cardinal Health Inc.
- 3M Health Care Ltd.
Key Segment
Product Type
- Pneumatic Compression Therapy
- Non-Segmented Pneumatic Compression Pumps
- Pneumatic Compression Sleeves
- Lower Pneumatic Compression Sleeves
- Upper Pneumatic Compression Sleeves
- Segmented Pneumatic Compression Pumps
- Segmented Pneumatic Compression Pumps with Calibrated Gradient
- Segmented Pneumatic Compression Pumps without Gradient
- Static Compression Therapy
- Anti-Embolism Stockings
- Compression Bandages
- Compression Garments
- Lower Compression Garments
- Upper Compression Garments
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Global Compression Therapy Industry by Indication:
- Chronic Ulcers
- Venous Leg Ulcers
- Diabetic Foot Ulcers
- Pressure Ulcers
- Non-healing Surgical Wounds
- Traumatic Wounds
- Burn Cases
Global Compression Therapy Industry by Distribution Channel:
- Institutional Sales
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Nursing Facilities
- Retail Sales
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
Global Compression Therapy Industry by Region:
- North America Compression Therapy Market
- Latin America Compression Therapy Market
- Europe Compression Therapy Market
- East Asia Compression Therapy Market
- South Asia & Pacific Compression Therapy Market
- Middle East & Africa (MEA) Compression Therapy Market
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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