The global compression therapy market size was valued at USD 3.0 billion in 2021 and it is anticipated to grow at a CAGR of 8.4% during the forecast period to reach up to USD 6.8 billion by 2031.
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Compression therapy uses controlled pressure on the lower extremities to increase blood flow and efficiency of the lymphatic and venous system. It is the most established and the most important method of treatment for venous and lymphatic diseases. According to an article published by the National Center for Biotechnology Information (NCBI) in 2018, lymphedema is a pandemic and affects approximately 250 million patients across the globe. The increase in the prevalence of vein disorders such as venous leg ulcer, lymphedema, deep vein thrombosis, etc., the increasing geriatric population, and the rise in the adoption of pressure therapies for the treatment of these vein disorders are the key factors likely to drive the compression therapy market growth during the projection period.
Market Trends and Drivers
The presence of a large target patient population is boosting the market growth of the global compression therapy market. The target population for compression therapy products includes patients suffering from lifestyle-related diseases and vascular diseases, like obesity, diabetes, lymphedema, DVT, and varicose veins. The rising geriatric population across the globe is the primary factor supporting market growth as geriatric individuals are more susceptible to various health conditions. These factors are driving the demand and adoption of various treatment procedures, including compression therapy, among patients. Moreover, compression therapy products are increasingly being preferred as the first line of treatment for major target indications and for post-surgery rehabilitation.
Major Players in Compression Therapy Market
The key players in the global compression therapy market are DJO Global, Inc. (US), BSN medical (US), medi GmbH & Co. KG (Germany), Tactile Medical (US), SIGVARIS (Switzerland), Paul Hartmann AG (Germany), Sanyleg S.r.l. (Italy), 3M (US), ConvaTec Inc. (US), ArjoHuntleigh (Sweden), Julius Zorn GmbH (Germany), Bio Compression Systems, Inc. (US), Cardinal Health, Inc. (US), and Smith & Nephew plc (UK).
COVID-19 Impact
The current global COVID-19 pandemic has significantly impacted markets across multiple sectors and industries such as healthcare, oil & petroleum, aeronautics & defense, and food & beverage. The majority of these industries are witnessing a period of uncertainty in terms of global economic conditions, the regional impact of the pandemic on businesses, government laws and preventive regulations, demand from end users, and challenges faced in the supply chain and logistics. Owing to that, key businesses and market players are forced to shift focus from long-term growth strategies to short-term sustainability tactics that have led to changes in business operations such as manufacturing, supplying, and consumer communication in certain sectors of the global economy.
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The healthcare sector is at the epicenter of this global pandemic challenge and is anticipated to have major long-term consequences. This is likely to compel countries and key market players to undergo essential healthcare reforms once the crisis is eventually under control or has faded. The private healthcare sector is facing twice the burden—investing additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and the eventual treatment of patients alongside the sharp drop in out-patient footfall, elective surgeries, and international patients. Additionally, hospitals are affected by this pandemic as a clear lack in the number of healthcare professionals is being witnessed in developed as well as developing countries. The pandemic has also affected the orthopedics field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for treating COVID-19 patients. Owing to that, performing orthopedics and trauma surgeries has become a significant challenge with the non-availability of hospital staff and operation facilities.
Market Segments
By Product
- Compression Garments
- Compression Braces
- Compression Pumps
By Technique
- Static Compression Therapy
- Dynamic Compression Therapy
By Application
- Varicose Vein Treatment
- Deep Vein Thrombosis Treatment
- Lymphedema Treatment
- Leg Ulcer Treatment
- Others
By Distribution Channel
- Pharmacies & Retailers
- Hospitals & Clinics
- E-Commerce Platforms
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