The report" Global Compression Therapy" Market by Products ( Compression Garments, Compression Pumps, Compression Braces), Distribution Channels (Clinics and Hospitals, E-commerce platforms, Retailers and Pharmacies, Homecare), Techniques (Static Therapy, Dynamic Therapy), Application (Lymphedema Treatments, Varicose Vein Treatments, Leg Ulcer Treatments, Deep Vein Treatments) and Regional (North America, Europe, APAC, and LAMEA)- Global Forecast to 2030. "The Global Compression Therapy Market share was USD 2.84 Bn in 2020. It is predicted to reach USD 4.71 Bn by 2030, representing a CAGR of 5.2 % throughout the forecasted period.
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KEY FACTORS AUGMENTING THE MARKET GROWTH
The rising number of older adults and sports-related injuries and accidents are some of the primary drivers of the global compression market throughout the estimated time frame of 2020-2030.
By Product, ‘Compression garments’ segment to hold the most significant share of the market by 2021
Based on Products, Compression garments, compression braces, and compression pumps are the three types of compression treatment. Compression garments are expected to dominate the compression therapy market by 2021. This is mostly owing to the widespread use of compression garments for a variety of conditions, including varicose veins, edoema, DVT, and lymphedema, as well as the treatment of several chronic diseases.
By Technique, Static therapy held the largest share of the market in 2020
Static treatment led the market in 2020, based on Techniques, due to its ease of use and simplicity. Furthermore, it surpassed the market and obtained the highest share due to its ability to cure sports injuries and edoema to reduce pain.
By Application, lymphedema treatment accounted for the maximum share of the market in 2020
Based on Applications, the compression therapy market is segmented into varicose vein treatment, deep vein thrombosis treatment, lymphedema treatment, leg ulcer treatment, and other applications. Furthermore, the lymphedema treatment industry is estimated to develop at the quickest CAGR throughout the forecast period, owing to the increased likelihood of lymphedema and end users' strong preferences for compression therapy for the treatment and control of lymphedema.
By Distribution Channel, the "Hospital" segment to hold the maximum share of the market by 2026
Based on Distribution Channel, the hospital sector is expected to have the largest share of the market due to the growing use of compression treatment and an increased hospitalization rate. Furthermore, the Homecare segment is expected to grow at the fastest CAGR by 2026, as the number of older adults continues to rise. As a result of the current situation, people are becoming more interested in having their treatment, such as cold compression therapy for Guyon's canal syndrome, done at home.
By Region, North America comprehensively led the market in terms of revenue.
The market in the North American area is expected to dominate the Global Compression Therapy market with regard to revenue due to increased awareness among the population and favorable reimbursement policies. The North American compression treatment devices market is valued at US$ 1.3 billion and is anticipated to continue its prosperity with a CAGR of 5.5 percent over the next five years.
SOME OF THE CRUCIAL EXISTING MARKET PLAYERS:
Below mentioned players are the ones who are the market leaders of Global Compression Therapy - 3M Company, Medtronic plc Smith & Nephew plc, Spectrum Healthcare, SIGVARIS, Bio Compression Systems Inc., Sigvaris Management AG, Paul Hartmann AG, BSN Medical GmbH, Gottfried Medical Inc., Colfax Corp., Tactile Systems Technology Inc.
Recent Developments: -
• On 16th February 2022, Therabody introduced the second-gen of Recovery Air pneumatic compression boots, which feature enhanced technologies to aid recovery. Recovery Air's accurate pressure control and natural negative gradient permit a fuller, better complete compression and release cycle, similar to that of a sponge. This permits clean, oxygenated blood to flow to the limb faster and washes away metabolic waste more efficiently.
• On 23rd February 2021, DeRoyal partnered with Tyndall and RCSI to convert compression wound therapy. Chronic wounds that do not heal affect more than 5% of the population, with the number of people with non-healing wounds increasing as the geriatric and diabetic populations expand. These wounds generate major morbidity and mortality, resulting in yearly healthcare expenses of €12.5 billion globally. Every 12 seconds, a patient in some parts of the globe is losing a diabetic foot to amputation. As a result, they're starting an Enterprise Ireland Innovation Partnership cooperation worth €1 million to develop the next version of compression wound care therapy.