The global compression product market is on an impressive growth trajectory, with recent market research forecasting a significant expansion. According to the latest report, the market is set to surpass USD 3,673.4 million by 2024 and is expected to reach a remarkable valuation of USD 6,492 million by 2034. This growth represents a robust Compound Annual Growth Rate (CAGR) of 5.8% over the next decade.
This upward trend is driven by a rising demand for compression products that offer enhanced temperature-regulating properties. As consumers increasingly prioritize comfort and performance, manufacturers are innovating to meet these needs. Cutting-edge technologies, such as phase-change materials and moisture-wicking textiles, are becoming integral to compression products, providing improved comfort and functionality across various physical activities and weather conditions.
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Responding to the evolving preferences of consumers across various sports and exercise routines, companies are swiftly incorporating temperature-regulating technology into their compression apparel. This strategic move not only enhances the performance-enhancing capabilities of these products but also makes them adaptable to fluctuating climatic circumstances. Consequently, this approach has garnered significant traction, attracting a wider consumer base and ensuring the continued relevance of compression products in volatile markets.
The forecasted growth of the compression product market underscores the industry’s commitment to innovation and meeting consumer demands for comfort, performance, and versatility. As companies continue to leverage advanced technologies and strategic marketing approaches, the future looks promising for the compression product sector.
Key Takeaways from the Compression Product Market Report:
- Compression garments are the leading segment as a product and hold approximately 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 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 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 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).
Competitive Landscape:
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.
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Key Companies Profiled:
- Proxima Healthcare
- 3M
- Bauerfeind
- Macom Enterprises
- Leonisa
- LIPOELASTIC
- Cosmac Healthcare
- Lohmann and Rauscher
- Wear Ease
- Peninsula BioMedical
- LympheDIVAs
- Juzo
- Medico International
- The Marena Group
- Smith & Nephew plc
- Spectrum Healthcare
- Bio Compression Systems Inc
- Gottfried Medical Inc.
- Cardinal Health
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)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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