Global Compression Therapy Market, by Technology (Static Compression Therapy, and Dynamic Compression Therapy), by Product Type (Compression Garments, Compression Stockings, Compression Bandages, Compression Tapes, and Compression Pumps), by Application (Varicose Vein, Deep Vein Thrombosis, Lymphedema, and Leg Ulcer), by Distribution Channel (Pharmacies, E-Commerce, and Others (Speciality Stores, Supermarkets, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,336.4 million in 2022 and expected to exhibit a CAGR of 5.9 % over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key players operating in market are focusing on receiving product approvals from regulatory authorities, which is expected to drive market growth over the forecast period.
For instance, In May 2021, Koya Medical, a healthcare company focused on developing treatments for lymphedema and venous diseases, announced that it received US Food and Drug Administration (FDA) 510(k) clearance for its active compression therapy system Dayspring for the treatment of lymphedema and venous diseases that impact lymphatic flow in lower extremities.
Global Compression Therapy Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 545,226,550 cases of coronavirus disease (COVID-19) were reported till 1 July, 2022, across the globe.
The COVID-19 pandemic has significantly impacted market across multiple sectors and industries which includes healthcare. Moreover, hospitals are affected by the pandemic as a clear lack in the number of healthcare professionals is being experienced in developed as well as developing countries. Additionally the pandemic has also affected the orthopedic field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for the treatment of COVID-19 patients.
Browse 148 Market Data Tables and 38 Figures spread through 340 Pages and in-depth TOC on “Compression Therapy Market” - Global Forecast to 2030, by Technology (Static Compression Therapy, Dynamic Compression Therapy), by Product Type (Compression Garments, Compression Stockings, Compression Bandages, Compression Tapes, and Compression Pumps), by Application (Varicose Vein, Deep Vein Thrombosis, Lymphedema, and Leg Ulcer), by Distribution Channel (Pharmacies, E-Commerce, and Others (Speciality Stores, Supermarkets, etc.)) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global compression therapy market, click the link below:
https://www.coherentmarketinsights.com/market-insight/compression-therapy-market-544
Key players operating in market are focusing on the adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance in April 2021, DJO Global, Inc., an American medical device company had completed acquisition of MedShape, Inc., a privately held orthopedic medical device company which provides innovative surgical solutions.
Key Takeaways of the Global Compression Therapy Market:
- Global compression therapy market is expected to exhibit a CAGR of 5.9% over the forecast period, owing to rising lymphedema population worldwide. For instance, according to the data published in National Center for Biotechnology Information in 2018, around 250 million people were suffering from lymphedema worldwide.
- Among product types, compression stocking is expected to account for the largest market share during the forecast period, owing to rising research and development and product launches. For instance, in February 2022, Balance Doctor, announced the launch of its proprietary line of doctor designed custom socks created specifically to treat chronic pain from peripheral neuropathy (PN) while also helping with balance and circulation issues.
- Key players operating in the global compression therapy market include BSN medical, SIGVARIS, medi GmbH & CO KG, Actile Medical, Innothera, PAUL HARTMANN AG, DJO Global, Inc., Devon Medical Products, ElastiMed, KT Health, IntelliSkin, 3M, Biocompression Systems, Inc., Medtronic and Other prominent players.
