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Pharmacy benefit management market
medical compression garments market REPORT OVERVIEW
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The global medical compression garments market size was in USD 2118.3 million 2021 and is expected to reach USD 3556.64 million by 2027, at CAGR of 9.02% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Medical compression garments are specialized clothing or hosiery designed to apply controlled pressure to various parts of the body. They are typically made from elastic and breathable materials and come in various forms, such as stockings, sleeves, bandages, and other garments. The primary purpose of medical compression garments is to improve blood circulation and reduce swelling, especially in the limbs. These garments come in different compression levels, typically measured in millimeters of mercury (mmHg). The level of compression varies based on the medical condition and the prescribed treatment. Common levels include mild (8-15 mmHg), moderate (15-20 mmHg), and firm (20-30 mmHg).
Medical Uses: Medical compression garments are commonly used to treat or manage a variety of conditions. They are often prescribed for individuals with venous insufficiency, varicose veins, or deep vein thrombosis (DVT) to improve blood flow in the legs. Compression garments can help manage lymphedema, a condition characterized by swelling, often caused by lymph node removal or damage. They can also be used to reduce swelling in the legs or other body parts due to various causes. Compression garments are sometimes worn by athletes to aid in post-exercise recovery by reducing muscle soreness and enhancing circulation.
COVID-19 Impact: Supply Chain Disruptions to Hinder Market Growth
In the early stages of the pandemic, there was a surge in demand for PPE, including masks, gloves, gowns, and face shields. Some manufacturers temporarily shifted their production to meet the immediate need for PPE, which affected the production and availability of medical compression garments. The pandemic disrupted global supply chains, leading to delays in the manufacturing and distribution of various medical products, including compression garments. The availability of raw materials, transportation, and manufacturing capabilities was affected. As healthcare facilities around the world focused on responding to the pandemic, many elective and non-urgent medical procedures and treatments, including the fitting and use of compression garments, were postponed or canceled. This led to a decrease in the immediate demand for these garments.
LATEST TRENDS
"Fashionable Designs to Enhance Market Growth"
Manufacturers were increasingly using advanced materials and fabric technologies to enhance the comfort and effectiveness of compression garments. These materials are often more breathable, moisture-wicking, and durable. The stigma associated with wearing compression garments was diminishing as more fashionable and aesthetically pleasing designs became available. This trend made patients more likely to comply with their treatment plans. Custom-fit compression garments were on the rise, allowing patients to have garments tailored to their specific body measurements and medical needs. This ensured a better fit and increased patient comfort. Some companies were exploring the integration of wearable technology into compression garments. This technology could include sensors for monitoring vital signs or tracking progress in real-time, potentially enhancing patient outcomes and facilitating remote monitoring by healthcare professionals.
medical compression garments market SEGMENTATION
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- By Type
Based on type market is classified as upper compression garments and lower compression garments.
- By Application
Based on application market is classified as varicose vein, wound care, burns, oncology and other indications.
DRIVING FACTORS
"Aging Population to Augment Market Growth"
Compression garments are a non-invasive and effective way to prevent and manage various medical conditions, such as venous disorders, lymphedema, deep vein thrombosis (DVT), and chronic swelling. As awareness of these conditions increases, more individuals and healthcare professionals turn to compression garments as a therapeutic option. The global population is aging, leading to an increase in age-related health issues. Conditions such as venous insufficiency become more common with age, and this demographic shift has driven the demand for medical compression garments market growth. Compression garments are not limited to medical use; they are also used by athletes and fitness enthusiasts to enhance performance, reduce muscle soreness, and aid in post-exercise recovery. The growing interest in physical fitness and sports has driven the demand for compression sportswear.
"Customization and Personalization to Propel Market Growth"
Advances in materials and manufacturing technologies have improved the comfort and durability of compression garments. These innovations make them more appealing to patients, leading to increased adoption. Custom-fit compression garments are becoming more accessible, allowing patients to have garments tailored to their specific body measurements and medical needs. This personalization enhances patient comfort and treatment effectiveness. Manufacturers are designing compression garments with more fashionable and appealing designs, reducing the stigma associated with wearing them. This trend encourages patient compliance and acceptance.
RESTRAINING FACTORS
"Cost and Accessibility to Impede Market Expansion"
Limited awareness among patients and healthcare professionals about the benefits of compression therapy and how to properly use compression garments can hinder their adoption and effectiveness. The cost of compression garments can be a barrier for some patients, especially if insurance does not cover the expenses. This cost barrier can limit access to these garments for individuals who would benefit from them. Effective use of compression garments often requires strict adherence to wearing schedules and proper care. Some patients may find it challenging to comply with these requirements, which can limit the therapeutic benefits.
medical compression garments market REGIONAL INSIGHTS
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"North America to Dominate the Market Due to Aging Population"
The North America region, including the U.S., has been a significant market for medical compression garments market share. Factors such as the aging population, the prevalence of chronic venous and lymphatic disorders, and established healthcare infrastructure have contributed to the demand for these products. The region has a well-developed healthcare system, and there's a strong emphasis on evidence-based practice, leading to widespread use of compression therapy for various medical conditions. Factors such as a large and aging population, increased awareness of healthcare, and rising disposable incomes have driven market expansion in this region.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Cardinal Health, Inc. (U.S.)
- 3M Company (U.S.)
- Smith & Nephew PLC. (U.K.)
- Bio Compression Systems, Inc. (U.S.)
- Sigvaris (Switzerland)
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2118.3 Million in 2021 |
Market Size Value By |
US$ 3556.64 Million by 2027 |
Growth Rate |
CAGR of 9.02% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the medical compression garments market expected to touch by 2027?
The global medical compression garments market size is expected to reach USD 3556.64 million by 2027.
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What CAGR is the medical compression garments market expected to exhibit by 2027?
The medical compression garments market is expected to exhibit a CAGR of 9.02% by 2027.
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Which are the driving factors of the medical compression garments market?
Aging population and customization and personalization are the driving factors of the medical compression garments market growth.
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Which are the key players functioning in the medical compression garments market?
Cardinal Health, Inc., 3M Company, Sigvaris and others are the key players functioning in the medical compression garments market.