Compression Therapy Market will grow at 6% CAGR through 2030 | Major key players, Growth, Revenue
The USD 3 billion compression therapy market is likely to grow witness 6% CAGR through 2030, despite the COVID-19 blip, according to market research firm Future Market Insights. According to a latest study that tracks compression therapy adoption and market analysis in 20+ countries, the long-term outlook remains optimistic.
Highlighting the key influencing factors, the study opines that growing diabetic population across the globe has increased the demand for compression stockings and diabetic socks. Moreover, innovations like NPWT (Negative Pressure Wound Therapy) have turned out to be the modus operandi for managing acute and chronic wounds. Also, advancements in pneumatic compression therapy have proven to be effective and safe in treating lymphedema (caused by HNC – head and neck cancer) as stated by “Supportive Care in Cancer”.
Key Takeaways from Compression Therapy Market Study
- The 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 market” says the FMI Analyst
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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
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. and 3M Health Care Ltd. consolidating their positions through mergers, acquisitions and new product launches.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global compression therapy market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provide compelling insights on compression therapy market on basis of product type such as compression therapy market is segmented into pneumatic compression therapy and static compression therapy. Pneumatic compression therapy further sub-segmented into non-segmented pneumatic compression pumps, pneumatic compression sleeves and segmented pneumatic compression pumps. Segmented pneumatic compression pumps further sub-segmented into segmented pneumatic compression pumps with calibrated gradient and segmented pneumatic compression pumps without gradient.
Whereas, pneumatic compression sleeves further sub-segmented into lower pneumatic compression sleeves and upper pneumatic compression sleeves. Further, static compression therapy is sub-segmented into anti-embolism stockings, compression bandages and compression garments. Compression garments is further sub-segmented into lower compression garments and upper compression garments, indication is segmented into chronic ulcers, non-healing surgical wounds and distribution channel is segmented into institutional sales, retail sales across seven major regions.
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