5 Takeaways From The Pneumatic Compression Therapy Market Overview 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Pneumatic Compression Therapy Global Market Report 2024, the pneumatic compression therapy market is expected to show promising growth in the forecast period.
The pneumatic compression therapy market has experienced robust growth in recent years, with notable milestones signaling its expansion. From $3.15 billion in 2023, the market is projected to reach $3.37 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.8%. This growth is attributed to various factors including patient outcomes, medical advancements, and an aging population.
Future Projections and Drivers
- Projected Growth: Forecasts indicate continued strong growth in the pneumatic compression therapy market, with expectations of reaching $4.39 billion by 2028, maintaining a CAGR of 6.9%.
- Key Drivers: Focus on patient-centric care, rising healthcare professional support, and demand for non-invasive treatments are anticipated to fuel this expansion.
Orthopedic Patient Surge Propels Growth In The Pneumatic Compression Therapy Market
Understanding Orthopedic Patients
- Scope of Orthopedics: Orthopedics focuses on diagnosing and treating skeletal abnormalities, including issues with bones, joints, muscles, and tendons.
- Role of Pneumatic Compression Therapy: Pneumatic compression therapy aids orthopedic patients by preventing blood clots in deep veins, offering crucial post-surgical care and management of chronic conditions.
Industry Response and Key Statistics
- Prevalence of Osteoporosis: Osteoporosis, a common orthopedic concern, causes approximately 1.5 million fractures annually in the United States alone, with associated costs reaching $19 billion.
- Projected Increase: The annual number of fractures caused by osteoporosis is expected to rise significantly, underscoring the importance of effective treatment modalities like pneumatic compression therapy.
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Innovative Advancements In The Pneumatic Compression Therapy Market
- Focus on Product Development: Major companies in the market are investing in innovative products such as compression sleeves to cater to diverse customer needs and enhance revenue streams.
- Introduction of Compression Sleeves: These specialized garments apply pressure to specific body areas, aiding in enhanced blood circulation and inflammation alleviation.
Industry Collaboration and Acquisition
- DJO Global Inc. Acquisition: DJO Global Inc., a prominent player in the medical device sector, acquired MedShape Inc., strengthening its foot and ankle business and expanding its technological offerings.
- MedShape Inc. Background: MedShape Inc. is recognized for its soft tissue fixation and fracture management devices, aligning with DJO Global Inc.’s strategic objectives.
Segmentation and Market Dynamics
Understanding Market Segments
- Product Types: The market encompasses a range of products including pneumatic compression sleeves and pumps, catering to different therapeutic needs.
- Techniques and Applications: Static and dynamic compression therapies are utilized for various applications such as varicose vein treatment and lymphedema management.
- End User Profiles: Hospitals, nursing care centers, and home care settings serve as primary stakeholders in delivering pneumatic compression therapy.
North America emerged as the largest region in the pneumatic compression therapy market in 2023, showcasing robust adoption rates and healthcare infrastructure.
In conclusion, the pneumatic compression therapy market continues to evolve dynamically, driven by technological innovations, demographic trends, and industry collaborations. As stakeholders navigate these dynamics, the focus remains on enhancing patient outcomes and fostering a culture of innovation in orthopedic care and chronic condition management.
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