Compression Bandages Global Market Report 2024

The compression bandages market size has grown strongly in recent years. It will grow from $1.54 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 6%. During the historic period, growth was primarily fueled by several factors including the prevalence of chronic diseases, advancements in material and design, regulatory backing, and progress in medical technology.

The compression bandages market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. In the forecast period, growth is anticipated due to factors such as increased healthcare expenditure, the expansion of e-commerce platforms, a shift towards customization and personalization, and a heightened focus on preventive healthcare. Noteworthy trends expected in this period include a rising demand for stylish compression stockings, a transition towards sustainable materials, integration of digital health solutions, and the proliferation of telemedicine and remote consultation services.

The compression bandage market is poised for growth due to the escalating prevalence of chronic wounds. Chronic wounds, characterized by prolonged healing and affecting a significant number of individuals, are on the rise, attributed to factors such as aging populations and unhealthy lifestyles. Compression bandages play a crucial role in managing chronic wounds by reducing swelling, improving circulation, and preventing complications, thereby contributing to wound contraction and closure. For example, in January 2024, Memorial Hospital of Carbon County reported approximately 6.7 million cases of chronic wounds in the US, with projections indicating a further 2% increase over the next decade. Moreover, chronic wounds incur substantial healthcare costs, exceeding $50 billion. Consequently, the market for compression bandages is witnessing significant expansion driven by the growing prevalence of chronic wounds.

Key players in the compression bandage market are focusing on product innovation to cater to evolving medical needs. Notably, the development of mini compression bandages represents a notable advancement in wound care and medical compression therapy. These compact and versatile products are designed to address bleeding control in minor to moderate trauma cases, underscoring the critical importance of timely intervention in emergencies. For instance, in February 2021, H&H Medical Corporation introduced the Mini 2x Gauze Compression, a compact solution integrating gauze for wound packing and wrapping with a compression bandage. This sterile, single-use product is tailored for on-the-go trauma response, emphasizing its effectiveness and convenience during emergencies.

In March 2024, Garware Fulflex India Pvt. Ltd. announced the acquisition of Avcor Health Care Products Inc., a move aimed at bolstering its offerings in the medical consumables segment. Garware's acquisition of Avcor is intended to expand its product portfolio to better serve existing and new customers. Avcor, a US-based manufacturer known for its innovative medical solutions, including latex-free elastic bandages and cold compression bandages, presents an opportunity for Garware to tap into new markets and enhance its technological capabilities in the medical products sector. Through this strategic acquisition, Garware seeks to leverage Avcor's expertise to strengthen its position in the compression bandage market and deliver enhanced value to customers.

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.

North America was the largest region in the compression bandages market in 2023. 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.

The countries covered in the compression bandages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Compression bandages are elastic wraps or garments applied to a specific body part to exert controlled pressure and provide support. They are commonly used in medical settings to improve circulation, reduce swelling, and support injured or weakened tissues. Compression bandages are typically made of stretchable materials such as elastic or elastane, allowing them to conform to the shape of the body part and provide consistent pressure. They are used to treat conditions such as venous ulcers, lymphedema, sprains, strains, and varicose veins. Compression bandages come in various sizes, lengths, and compression levels to suit different needs and applications. Proper application and monitoring of compression bandages are essential to ensure their effectiveness and prevent complications.

Compression bandages come in three main types such as short stretch, long stretch, and multilayer. Short-stretch bandages offer gentle compression and support due to their limited elasticity, crafted from diverse materials such as polyester, latex, and cotton. They serve a range of purposes such as wound care, managing deep vein thrombosis, and lymphedema treatment. These products cater to diverse clientele including hospitals, clinics, nursing care facilities, and home care services.

The compression bandages market research report is one of a series of new reports that provides compression bandages market statistics, including compression bandages industry global market size, regional shares, competitors with a compression bandages market share, detailed compression bandages market segments, market trends and opportunities, and any further data you may need to thrive in the compression bandages industry. This compression bandages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The compression bandages market consists of sales of elastic bandages, unna boots, and Velcro compression wraps. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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