Compression Therapy Market Analysis by Product (Compression Pumps, Compression Stockings); End User (Hospital, Home Care) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4858 | Published Date: Apr 28, 2023
Compression Therapy Market Analysis by Product (Compression Pumps, Compression Stockings); End User (Hospital, Home Care) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4858 | Published Date: Apr 28, 2023
Compression Therapy Market SIze is estimated to garner a revenue of ~USD 10.79 billion by the end of 2035 by growing at a CAGR of ~8.20% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 4.19 billion in the year 2023. The market growth is mainly owing to an aging population, a rise in the incidence of chronic diseases, and an increasing demand for non-invasive treatments. In 2019, an estimated 1.6 million people died from diabetes worldwide, up from 1.3 million in 2010. Cardiovascular diseases (CVDs) are the leading cause of death globally, with an estimated 17.9 million deaths in 2019. The market is a growing sector in the healthcare industry that focuses on treating various medical conditions such as lymphedema, deep vein thrombosis, and chronic venous insufficiency. Compression therapy involves applying pressure to the affected area of the body using specially designed garments, stockings, or bandages.
In addition to this, the number of people with cancer is expected to rise to 27.5 million worldwide by 2040, up from 17 million in 2018. According to the WHO, an estimated 463 million adults were living with diabetes in 2019, and the number is projected to rise to 700 million by 2045. The global prevalence of obesity has nearly tripled since 1975, with an estimated 1.9 billion adults overweight, of which over 650 million are obese. These statistics highlight the growing burden of chronic diseases on global health and the need for effective prevention and management strategies. The rise in chronic diseases is one of the major factors driving the growth of the compression therapy market, as more patients seek non-invasive treatments to manage their conditions.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8.20% |
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Base Year Market Size (2023) |
~ USD 4.19 Billion |
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Forecast Year Market Size (2035) |
~ USD 10.79 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The market is segmented and analyzed for demand and supply by end user into hospital, home care, and others. Out of the five types of end users, the hospital segment is estimated to gain the largest market share of about ~35% in the year 2035. The growth of the segment can be accredited to the large number of patients requiring treatment for various conditions. The hospitals are also growing rapidly in number, which is estimated to positively influence segmental growth. For instance, by the year 2022 there was noted to be approximately 6,100 hospitals in the United States. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice. They have the knowledge to solve common problems and the resources to solve more complex medical problems. Hospitals may also offer specialized care, such as neurology, obstetrics and gynecology, and oncology. By definition of a hospital, a county hospital is typically a primary medical facility in a region with numerous intensive care and mobile beds for patients requiring long-term care.
The global compression therapy market is also segmented and analyzed for demand and supply by product into compression pumps, and compression stockings. Amongst these two segments, the compression pumps segment is expected to garner a significant share of around ~60% in the year 2035. The growth of the segment can be accredited to the technological advancements. The development of portable and wearable compression pumps has made them more convenient and accessible to patients. These devices can be worn discreetly under clothing and can be used at home or on the go, enabling patients to manage their conditions more effectively. As awareness of the benefits of compression therapy increases, more patients and healthcare providers are turning to compression pumps as a non-invasive treatment option. This is driving the demand for these products and contributing to their growth. Governments and insurance companies are increasingly recognizing the benefits of compression therapy and are introducing policies to encourage its use. This includes reimbursement policies for compression pumps, which can make them more affordable and accessible to patients. These growth drivers are expected to continue driving the growth of the compression pumps segment in the forecast years, making it an attractive market for manufacturers and investors.
Our in-depth analysis of the global compression therapy market includes the following segments:
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By End User |
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By Product |
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The compression therapy in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about ~35% by the end of 2035. The regional growth can majorly be attributed to the increase in the aging population. According to the United Nations, the number of people over the age of 65 in the Asia Pacific region is expected to triple by 2050. This is expected to increase the prevalence of age-related conditions such as arthritis, edema, and varicose veins, driving the demand for compression therapy. The incidence of chronic diseases such as diabetes, cardiovascular disease, and cancer is on the rise in the Asia Pacific region. Compression therapy is an effective treatment for many of these conditions, and as the demand for non-invasive treatments increases, so will the demand for compression therapy. Many countries in the Asia Pacific region are investing in their healthcare infrastructure, which is expected to improve access to healthcare and increase the adoption of compression therapy. This includes initiatives to improve primary healthcare, increase the number of hospitals and clinics, and expand insurance coverage.
The compression therapy in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about ~24% during the forecast period. The growth of the market in this region can primarily be attributed to the increasing awareness. As awareness of the benefits of compression therapy increases, more patients and healthcare providers in North America are turning to these products as a non-invasive treatment option. This is driving the demand for compression therapy and contributing to its growth in the region. Governments and insurance companies in North America are recognizing the benefits of compression therapy and are introducing policies to encourage its use. This includes reimbursement policies for compression therapy products, which can make them more affordable and accessible to patients. The development of new compression therapy products such as advanced wound care dressings, portable and wearable compression devices, and 3D printing technologies is driving the growth of the compression therapy market in North America. These growth drivers suggest that the market in North America is poised for significant growth in the coming years, providing opportunities for manufacturers and investors.
Further, compression therapy in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growing prevalence of chronic diseases. The incidence of chronic diseases such as diabetes, obesity, and cardiovascular disease is on the rise in Europe. Compression therapy is an effective treatment for many of these conditions, driving demand for compression therapy products. Europe is home to several leading manufacturers of compression therapy products, and there is a focus on developing new and innovative products. This includes products such as advanced wound care dressings, portable and wearable compression devices, and 3D printing technologies. As awareness of the benefits of compression therapy increases, more patients and healthcare providers in Europe are turning to these products as a non-invasive treatment option. This is driving the demand for compression therapy and contributing to its growth in the region. Governments and insurance companies in Europe are recognizing the benefits of compression therapy and are introducing policies to encourage its use. This includes reimbursement policies for compression therapy products, which can make them more affordable and accessible to patients.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: An increasing aging population and a rise in the incidence of chronic diseases are the major factors driving the market growth.
Ans: The market size of compression therapy is anticipated to attain a CAGR of ~10.79% over the forecast period, i.e., 2023 – 2035.
Ans: The high cost of products is estimated to be the growth hindering factors for the market expansion.
Ans: Which region will provide more business opportunities for the growth of the compression therapy market in the future?
Ans: The major players in the market are Medi GmbH & Co. KG, Tactile Medical, DJO Global, Inc., Sanyleg S.r.l., Paul Hartmann AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, end-user, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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