The global compression therapy market is on a growth trajectory, with projections indicating it will reach a value of $4.9 billion by 2027, up from an estimated $3.7 billion in 2022. This market is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2027. A recent research study sheds light on key trends and factors influencing this market, including the techniques, products, applications, distribution channels, and regional dynamics driving its expansion.
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Factors Driving Market Growth
1. Sports Injuries and Accidents: One of the primary drivers behind the growth of the compression therapy market is the increasing incidence of sports injuries and accidents worldwide. These incidents often result in skeletal injuries, for which compression therapy products are used to support the healing process and expedite patient recovery. In the United States alone, approximately 8.6 million sports injuries are recorded annually, according to the US Department of Health and Human Services.
2. Expanding Product Offerings: Market growth is further bolstered by the concerted efforts of key players to expand their range of compression therapy products. This focus on diversification is expected to fuel market expansion as companies strive to cater to the growing demand.
Challenges Hindering Growth
1. Patient Compliance Issues: A notable challenge faced by the compression therapy market is the low patient compliance with compression garments. Patients may struggle to adhere to treatment protocols, especially in long-term treatments where the primary goal is to prevent specific conditions like ulcers. The discomfort associated with regular use of compression garments, including pain, swelling, and skin irritation, contributes to this compliance issue.
Opportunities for Market Expansion
1. Off-the-Shelf and Online Sales: Some compression therapy products, such as low-pressure compression stockings, bandages, and wraps, are increasingly being sold through pharmacies, off-the-shelf retailers, and e-commerce platforms. These products do not require authorization from medical professionals, making them accessible to a broader consumer base. The rising sales of compression products through e-commerce channels and off-the-shelf outlets in mature markets present significant growth opportunities for manufacturers.
Regional Growth Prospects
North America: In 2021, North America is expected to account for the largest share of the global market.
Asia Pacific: This region is projected to experience the highest growth during the forecast period. Factors driving this growth include the rising geriatric population, increasing prevalence of orthopedic and diabetes-related diseases, and increased healthcare expenditure in Asian countries like China and India. Additionally, localized product manufacturing and the expanding presence of global manufacturers in Asia Pacific are supporting market growth.
Key Players
Leading players in the compression therapy market include:
- DJO Global, Inc. (US)
- BSN medical (US)
- medi GmbH Co. KG (Germany)
- Tactile Medical (US)
- SIGVARIS (Switzerland)
- Sanyleg S.r.l. (Italy)
- 3M Company (US)
- ConvaTec Inc. (US)
- ArjoHuntleigh (Getinge Group, Sweden)
- Julius Zorn GmbH (Germany)
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As the global compression therapy market continues to grow, driven by factors like the increasing incidence of sports injuries and a focus on product diversification, key players and stakeholders in the industry are poised to capitalize on these opportunities. However, addressing patient compliance issues remains a challenge that industry participants must work to overcome for sustained growth in the coming years.
