What Has Been The Evolution of the Compression Bandages Market in Recent Years?
The compression bandages market has seen considerable growth due to a variety of factors.
• In the past few years, the market size of compression bandages has seen impressive growth. It is projected to grow from $1.63 billion in 2024 to around $1.74 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%.
The past significant growth in this sector can be traced back to factors such as the increasing occurrence of chronic illnesses, advancements in material and designs of the bandages, regulatory aid, and medical advancements.
What Is the Forecasted Market Size and Growth Rate for The Compression Bandages Market Size In The Coming Years?
The compression bandages market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for compression bandages is slated to witness a robust growth, eventually reaching $2.2 billion in 2029 with a compound annual growth rate (CAGR) of 6.1%.
Factors like increasing healthcare spending, growth in e-commerce, a trend towards customization and personalization, and a greater emphasis on preventive healthcare are likely to fuel this growth. The trend forecast also indicates an upsurge in demand for stylish compression stockings, a move towards environmentally friendly materials, integration of digital health, telemedicine, and remote consultations.
What Factors Are Driving Growth In The Compression Bandages Market?
The growth of the compression bandage market is being fueled by the rising incidence of chronic wounds. These are skin injuries that do not go through the regular wound healing process and remain for a prolonged duration. The increasing number of such wounds can be attributed to aging populations and unhealthy lifestyle practices like an improper diet and lack of physical activity. Compression bandages are beneficial for chronic wound management as they reduce inflammation, enhance blood flow, relieve pain, and deter further complications. They also provide external support to the wound and adjacent tissues, aiding in wound contraction and closure. For instance, Memorial Hospital of Carbon County, a critical access hospital in the US reported in January 2024, that nearly 6.7 million people were dealing with chronic wounds. This number is anticipated to rise by over 2% in the coming ten years. Additionally, these chronic wounds account for over $50 billion in healthcare costs. Hence, the escalating incidence of chronic wounds is a significant factor propelling the compression bandage market's growth.
What Are The Main Segments Of The Global Compression Bandages Market?
The compression bandages market covered in this report is segmented –
1) By Product: Short Stretch Bandages, Long Stretch Bandages, Multilayer Compression Bandages
2) By Material: Polyester, Latex, Cotton, Other Materials
3) By Application: Wound Management, Deep Vein Thrombosis, Lymphedema, Other Applications
4) By End-User: Hospitals And Ambulatory Surgical Centers, Clinics, Nursing Care Centers And Skilled Nursing Facilities, Home Care, Other End-Users
Subsegments:
1) By Short Stretch Bandages: Low-Stretch Compression Bandages, Bandages for Lymphatic and Venous Disorders, Elastic Short Stretch Bandages, Compression Therapy for Edema Management, Short Stretch Bandages for Wound Care
2) By Long Stretch Bandages: High-Stretch Compression Bandages, Bandages for Orthopedic and Musculoskeletal Injuries, Elastic Long Stretch Bandages, Bandages for Varicose Veins and Swelling, Long Stretch Bandages for Wound Protection
3) By Multilayer Compression Bandages: Layered Compression Systems, Bandages for Chronic Venous Insufficiency, Multilayer Compression for Lymphedema Treatment, Customizable Multilayer Compression Bandages, Multilayer Bandages for Post-Surgical Recovery
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What New Trends Are Influencing The Compression Bandages Market?
Leading firms in the compression bandage market are introducing inventive products, such as an elastic non-woven bandage in an effort to offer improved care and medical compression therapy. This type of bandage is elastic and breathable, typically used for its lightweight compression and support, particularly when dealing with wound care or keeping dressings in place, whilst also promoting flexibility and air circulation. For example, KOB GmbH, a medical apparatus manufacturer based in Germany, launched VisioCompress2 Lite in October 2022 which is a fresh addition to their compression bandage series. This dual-component system is developed for situations where less compression pressure is needed and is comprised of a padding bandage as well as a continuously elastic non-woven bandage, which now has indicators for easier and more stable application. Additionally, KOB launched the Hospifix Bi-elastic 911 tubular bandage, a flexible and seamless product that further expands the KOB's tubular assortment.
Who Are the Key Players In The Compression Bandages Market?
Major companies operating in the compression bandages market are:
• Cardinal Health Inc.
• Johnson & Johnson
• 3M Company
• Medtronic Plc
• Essity AB
• Medline Industries Inc.
• B. Braun Melsungen AG
• Smith & Nephew plc
• Coloplast A/S
• Paul Hartmann AG
• ConvaTec Group Plc
• Mölnlycke Health Care AB
• Integra LifeSciences Corporation
• Beiersdorf AG
• Lohmann & Rauscher GmbH & Co. KG
• DJO Global Inc.
• Thuasne Group
• BSN medical GmbH
• Talley Group Limited
• DeRoyal Industries Inc.
• Arjo AB
• Bauerfeind AG
• L&R Group
• medi GmbH & Co. KG
• Oppo Medical Inc.
What Is The Most Dominant Region In The Compression Bandages Market?
North America was the largest region in the compression bandages market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compression bandages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
