20/04/2024
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Compression Therapy Market Global Forecasts

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The global compression therapy market is poised for steady growth over the next five years, according to a new report by MarketsandMarkets. The market was valued at $3.7 billion in 2022 and is projected to reach $4.9 billion by 2027, growing at a compound annual growth rate (CAGR) of 5.5%.

Several key factors are driving expansion in the compression therapy sector. The rising incidence of sports injuries and accidents around the world is fueling demand for compression bandages, wraps, stockings and other products to support healing. An aging population susceptible to conditions like varicose veins and venous leg ulcers is also propelling market growth.

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Compression bandages currently account for the largest share of the overall compression therapy products market. As a critical first line of defense against venous disease, compression bandages are widely used to prevent recurrence of conditions such as varicose veins. Their strong position is likely to continue thanks to the high and rising prevalence of contributing factors like diabetes and obesity.

The largest application for compression therapy is in the treatment of varicose veins. Compression therapy is often the preferred initial approach for managing varicose veins, before moving to more invasive treatments like surgery. With varicose veins becoming more common globally, this segment will remain the major contributor to industry revenues through 2027.

While the outlook is broadly positive, some challenges exist. Patient compliance with compression garments can be poor, especially for preventative long-term treatment. Discomfort from compression stockings and wraps may lead some patients to halt treatment prematurely against medical advice. Manufacturers will need to focus innovation on improving patient experience.

Key opportunities lie in the growing sales of compression products through e-commerce platforms and retail outlets. Increased direct-to-consumer marketing of compression stockings, wraps and bandages that can be used without a prescription is opening up new distribution channels beyond hospitals and medical clinics.

From a geographic perspective, North America and Europe are currently the largest compression therapy markets. However, Asia Pacific is expected to record the fastest growth over the next five years. Rising consumer incomes in the region alongside growing elderly populations with higher risks of venous disease will spur demand for compression treatments.

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If current trends persist, compression therapy should continue seeing healthy expansion worldwide. Companies looking to enter or expand in the sector will find abundant chances to capture additional market share. Maintaining patient comfort and treatment adherence while tapping into new online and retail sales channels will be vital areas of focus in coming years.

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