Global Compression Therapy Market is Estimated to Witness High Growth Owing to Increasing Incidence of Sports Injuries and Occurrence of Chronic Venous Disease
The Global Compression Therapy Market is estimated to be valued at USD 4.10 Bn in 2024, exhibiting a CAGR of 7.5% over the forecast period (2024-2031). The rising number of sports injuries and accidents globally is one of the key factors driving the growth of the market. Compression therapy products are widely used post-surgery and for sprains, strains, and fractures to help reduce swelling and promote healing.
Market Dynamics:
Growth in aging population and rise in healthcare expenditure
The global aging population has been on a steady rise over the past few decades. As people grow older, they become more susceptible to developing medical conditions such as deep vein thrombosis, chronic venous insufficiency, and lymphedema which require compression therapy for treatment. Additionally, with rapid economic development, the healthcare spending has witnessed a significant increase globally which has improved the access and availability of advanced treatment options such as compression therapy. These factors combined are expected to propel the demand for compression therapy products over the forecast period.
Rising awareness about preventive compression therapy
There exists limited awareness about the benefits of compression garments and stockings for preventive care among the general population as well as healthcare professionals. However, educational initiatives by manufacturers are gradually helping increase awareness.
Growing aging population is driving the demand for chronic disease management
The global population is aging rapidly. In May 2023, according to the United Nations, the number of people aged 60 years or over is expected to more than double by 2050 and reach nearly 2.1 billion. Chronic diseases such as varicose veins, deep vein thrombosis, and lymphedema have become more common as people age. Compression therapy devices like compression stockings, bandages, and wraps play an important role in managing such chronic conditions. They help improve blood circulation and relieve pain and swelling. With the growing geriatric population globally, the need for effective disease management solutions is rising which is driving greater adoption of compression therapy products.
Increasing incidence of sports injuries and accidents
Participation in sports and recreational activities has increased significantly in recent years. However, this has also led to a surge in sports injuries and physical trauma from accidents. Common conditions like muscle strains, sprains and ruptures often require compression for fast healing. Compression gear provides support to injured muscles and joints, reduces inflammation and promotes blood flow. They are also prescribed post-surgery for wounds and fractures. As more people actively participate in sports, the risk of injuries grows. This is fueling demand for both medical grade compression wraps and sleeves as well as consumer-oriented sport compression products.
Lack of awareness about compression therapy’s benefits
Despite proven clinical efficacy, many patients and physicians remain unaware of the therapeutic advantages of compression. Some still view it as only a symptomatic treatment or aesthetic solution. Misperceptions persist around its usage for lymphedema, venous insufficiency and other chronic diseases. Limited knowledge hinders full acceptance and uptake of compression as a standard treatment protocol. Extensive public education campaigns are needed across developing regions to highlight compression therapy's role in disease management. Overcoming information barriers regarding appropriate usage guidelines is key to drive further market proliferation.
High cost of advanced medical-grade devices
Medical compression products incorporating innovative designs, materials and technologies come at a premium. Devices with graduated compression profiles, electrostimulation functions or those used post-limb saving surgeries have high price tags, placing them out of reach for most patients in price-sensitive markets. Reimbursement challenges in some countries also make such devices less affordable. This cost restraint impacts consumption levels, especially for clinical indications requiring long-term compression wear. While consumer segments are growing, the medical market potential remains untapped due to budget limitations in public healthcare systems.
Growing e-commerce platforms expanding access
The rapid expansion of online retail is opening new opportunities for compression device makers. E-commerce portals are transcending geographical boundaries to reach customers directly. They offer convenience in product research, selection of appropriate sizes, specialized brands along with doorstep delivery. Online channels also provide transparency in pricing, reviews/ratings and after-sales support. Compression manufacturers are leveraging digital marketplaces to tap broader demographics beyond clinical settings. The emergence of multi-brand compression product aggregators and subscription services has further eased access globally. E-commerce is playing a big role in driving the shift towards self-care and widening the consumer segment.
Emergence of bioengineered fabrics and smart materials
Advancements in materials science are revolutionizing compression dressings. Research into bio-inspired and biomimetic fabrics that can self-regulate pressure, wick moisture and seamlessly conform to body contours has gained momentum. Smart textiles incorporated with sensors and electronics show promise to enable remote monitoring capabilities. Such innovations enhance patient compliance, outcome predictability as well as enable new form factors like wearable compression sleeves and socks. Tech-driven compression solutions could stimulate novel healthcare models blending medical and consumer domains. This represents a significant long-term opportunity for established players to pursue in partnerships with disruptive startups.
Link: https://www.coherentmarketinsights.com/market-insight/compression-therapy-market-544
Key Developments:
- In October 2023, MediWound, a biopharmaceutical company specializing in wound care, announced a strategic partnership with 3M to conduct Phase III clinical trials for EscharEx, an advanced enzymatic debridement therapy.
- In September 2023, Tactile Medical, an innovator in chronic disease management solutions, was granted a patent for a novel compression garment system designed with adjustable pressure to optimize fluid movement and management.
- In June 2023, Medi GmbH & Co., a global leader in medical compression solutions, introduced new compression products, including circular and flat-knit variants, tailored to meet diverse patient needs.
- In May 2022, Medline Industries, LP., a leading distributor of healthcare products, launched skin health and compression workshops to train Healthline workers in advanced care practices.
Key Player:
Sigvaris, Essity Aktiebolag, Arjo, PAUL HARTMANN AG, Medi GmbH & Co. KG, 3M Company, Tactile Systems Technology, Inc., Smith & Nephew, BSN Medical, Juzo, L&R (Lohmann & Rauscher), ConvaTec, Acelity, KCI Medical, and Sanyleg S.R.L.
