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Description
The compression therapy market is valued at USD 2,539.2 Million in 2021, and it is projected to grow at a significant CAGR of 12.3% over 2022-2028. Compression therapy, which involves applying external pressure to the human body, is the most well-known and crucial supplementary treatment for venous and lymphatic illnesses. The rising launch of compression therapy devices is also expected to drive the growth of this market. Doctors have prescribed compression therapy for thousands of years, as far back as the Hippocrates of ancient Greece. The increased acceptance of preventative care and/or rehabilitation as a long-term approach to handling various venous disorders is driving the global market for compression therapy. Poor blood flow, often known as chronic venous insufficiency (CVI), is a frequent ailment treated with compression therapy. According to Trusted Source research from 2014, CVI affects 25 to 40% of women and 10 to 20% of males. Because older adults are more sensitive to numerous health issues, the growing global geriatric population is considered a significant factor promoting market expansion. These variables drive patient demand for and use various treatment modalities, such as compression therapy. Compression therapy products are becoming more popular as a first-line treatment for significant target indications and post-surgery rehabilitation. Today, different grades of compression stockings are available, ranging from over-the-counter support hoses to prescription devices. Emerging economies such as China, India, Brazil, and Mexico are expected to provide many potential possibilities for compression therapy market competitors during the projected period. In 2021, the compression garments segment had the most market share. This can majorly be attributed to the use of compression garments in a wide range of indications, such as varicose veins, edema, Deep vein thrombosis (DVT), lymphedema, and management of several chronic conditions.
Recent Market Developments:
In January 2022, Convatec Group Plc a global medical solutions company focused on the management of chronic conditions, is pleased to announce that it has entered into a definitive agreement to acquire Triad Life Sciences Inc(1) (‘Triad’), a US-focused medical device company that develops biologically-derived innovative products to address unmet clinical needs in surgical wounds, chronic wounds and burns.
In July 2021, Essity’s acquisition of ABIGO Medical is completed. The process following the acquisition of the remaining 25% of the shares of ABIGO Medical AB is completed and the company is now a wholly owned subsidiary of Essity. As per the terms of the transaction, ABIGO Medicals pharma business has been divested and sold to the company’s founder Jan G. Smith.
