Global Compression Product Market Set to Surge, Projected to Reach US$ 6,492 Million by 2034 | Future Market Insights Inc
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Development of Temperature-Regulating Compression Products Presents Opportunities in the Compression Product Market; The Market Predicted to Surpass US$ 6,492 million by 2034. The demand for compression products market in the United States is estimated to rise at a 6.0% CAGR through 2034.
NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global compression product market size is poised to cross US$ 3,673.4 million in 2024 and is likely to attain a valuation of US$ 6,492 million by 2034. The compression product industry is projected to develop at a CAGR of 5.8% from 2024 to 2034.
Compression products with improved temperature-regulating properties, such as phase-change materials or moisture-wicking textiles, are becoming more popular. This strategic approach addresses the requirement for increased comfort during various physical activity and weather conditions. Companies respond to consumers' unique interests and needs in various sports and exercise routines by introducing temperature-regulating technology. This approach promotes compression apparel as performance-enhancing and adaptable to various climatic circumstances, attracting a larger consumer base and guaranteeing product relevance in volatile markets.
The demand for compression therapy systems is increasing, which is fuelling the growth of the global market for compression products. Compression garments are being used more frequently to treat venous disorders. Compression is a miracle worker for pain relief, edema management, and quicker functional recovery. Due to the increased demand for orthopedic procedures, compression devices have a high market share in treating musculoskeletal problems after orthopedic procedures. Over the upcoming years, the market for compression products is expected to grow significantly.
Key Takeaways from the Compression Product Market Report:
Compression garments are the leading segment as a product and hold approximately 36.2% market share in 2024. Compression products' popularity is rising due to lymphedema, varicose veins, and other muscle problems. Compression products' strong sales can be attributed to their therapeutic advantages, including their capacity for healing and reducing bruising.
Lymphedema is the leading segment by application and held about 38.6% market share in 2024 due to the rising prevalence of lymphedema due to breast cancer coupled with the fact that compression therapy is the most effective form of treatment for lymphedema, as these products assist patients in better controlling their symptoms.
Pharmacies are the leading segment by distribution channel, holding about 35.9% of the market share, owing to factors such as the growing need for compression products over-the-counter for the treatment of muscle issues and disorders and a wide variety of product availability.
By region, North America is leading in the global compression products market and is expected to continue with a projected CAGR of 5.4% during the forecasted years.
“Increasing popularity of sporting events in several countries to increase demand for compression products, as well as the rise of disorders such as lymphedema and the overall growth of the healthcare infrastructure, is expected to boost compression product sales worldwide,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Report Scope as per Compression Product Industry Analysis:
Attribute
Details
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
US$ Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA).
Key Countries Covered
United States, Canada, Brazil, Mexico, Argentina, Rest of Latin America, United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, Rest of Europe, Japan, China, South Korea, India, Thailand, Indonesia, Malaysia, Australia, New Zealand, Turkey, GCC, South Africa, North Africa and Rest of MEA.
Key Market Segments Covered
Product, application, distribution channel, and region
The expansion of the compression products market depends on strategic alliances. The participants engage in mergers, acquisitions, joint ventures, and alliances to gain influence in numerous underserved regions. In the end, these partnerships aid in the expansion of the market for compression goods.
Recent Developments:
In October 2023, the renowned compression sock business Comrad Socks released their newest product, the Infrared Recovery Compression Socks. These socks are a bold step into the future of the compression wear industry, designed with improved circulation in mind.
The multinational high-performance wellness brand Hyperice released the next iteration of the acclaimed Normatec series, Normatec 3 by Hyperice, in June 2022. It uses dynamic air compression to improve everyday health and help in faster recuperation, better training, and peak performance.
In January 2021, Knit-Rite Inc. and its compression product subsidiary Therafirm were acquired by Thuasne SAS, a well-known medical devices producer in Europe.
In May 2021, a leader in the plastic surgery sector, Proxima Healthcare Solutions, created post-surgical compression garments.
Key Segments Covered in Compression Products Industry Research:
By Product:
Compression Garments
Compression Stockings
Compression Bandages
Compression Tapes
Compression Pumps
By Application:
Lymphedema
Deep Vein Thrombosis
Varicose Vein
Leg Ulcer
By Distribution Channel:
Pharmacies
E-Commerce
Supermarkets
Specialty Stores
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Domain:
Compression Therapy Market Size: The global compression therapy market is set to record a market value of US$ 3.01 Billion in 2022 and reach US$ 4.59 Billion by 2030, expanding at a CAGR of 5.4%, which indicates steady positive market growth for the forecast period (2022 to 2030).
Compression Garments Market Share: The global compression garments market size is expected to be valued at US$ 1,991.7 million in 2023. The overall demand for compression garments is projected to grow at a CAGR of 5.2% between 2023 and 2033, totaling around US$ 3,316.3 million by 2033.
Radial Compression Devices Market Demand: The radial compression devices market size is projected to be valued at US$ 255.5 Million in 2023 and is expected to rise to US$ 599.9 Million by 2033. The sales of radial compression devices are expected to grow at a significant CAGR of 8.9% during the forecast period.
Compression Garments and Stockings Market Growth: Expanding at a CAGR of 4.9%, the global compression garments and stockings market is expected to increase from a valuation of US$ 2.8 Billion in 2022 to US$ 3.9 Billion by 2029.
Compression Veterinary Bandages Market Outlook: By 2023, the compression veterinary bandages market is anticipated to be worth US$ 117.0 million. During the forecast period of 2023 to 2033, the compression veterinary bandages business is predicted to record a CAGR of 3.2%, with a closing value of US$ 161.1 million.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
