Report Overview

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global compression bandages market was valued at US$ 2.45 billion in 2021 and is expected to register a revenue CAGR of 5.50% to reach US$ 3.96 billion by 2030.

Market Fundamentals

A compression bandage or elastic bandage is used to apply a steady pressure locally on the wound to reduce blood flow and swelling and restrain movement. Deep vein thrombosis (DVT), leg ulcers, and varicose veins are some diseases resulting from chronic wounds treated with compression bandages. These are made to apply the necessary amount of compression to the injured area under constant stress. Compression bandages are categorized by the degree of firmness, such as extra-high, high, moderate, and light compression. 

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Market Dynamics

Significant factors influencing the global compression bandages market revenue are a surge in deep vein thrombosis (DVT), leg ulcers, and varicose. Furthermore, technical advancements and the production of efficient compression bandages are other factors supporting global market revenue growth. In addition, the recommendation of compression therapy is increasing to treat chronic wounds, contributing to the growth in compression bandage manufacturing during the forecast period.  

However, using compression bandages correctly requires skill, and elderly debilitated individuals find its use challenging; these are some difficulties limiting the market revenue growth for compression bandages to some extent.

Market Ecosystem

The global compression bandages market has been analyzed from four perspectives: product, material, application, and region. 

Global Compression Bandages Market by Product 

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Based on products, the global compression bandages market is segmented into short stretch bandages, long stretch bandages, and multilayer bandages. 

The short stretch bandage segment accounts for the highest market revenue share. This high revenue share is attributed to the factor that they produce high working pressure required for both venous flow and lymphatic drainage. Furthermore, the short stretch bandages are cost-effective, reusable, and 100% breathable, contributing to its high revenue growth. 

The long stretch bandage segment is expected to register a significant rise in revenue growth during the forecast period due to its high adoption by physicians and patients. The multilayer bandages are effective during rest and motion; they lower the depth of superficial and deep veins, increase venous flow, lessen edema, and enhance the muscle pump’s action.

Global Compression Bandages Market by Material  

Based on materials, the market for compression bandages is segmented into polyester, cotton, latex, and others. 

The latex segment accounts for the largest revenue share in the market. Compression bandages made of latex are more durable, elastic, and practical, driving revenue for these materials. 

The cotton and polyester segment are expected to show lucrative revenue growth during the forecast period due to people's rising latex allergy cases; manufacturers are focusing on developing latex-free bandages. Additionally, cotton and polyester offer various advantages, such as soft support and durability, raising the revenue share.

Global Compression Bandages Market by Application 

Based on application, the global compression bandages market is segmented into wound management, lymphedema, deep vein thrombosis, and others. 

The lymphedema segment dominates the global market in terms of the largest revenue share. Lymphedema can be effectively reduced and managed by applying compression bandages, as they prevent the accumulation of lymph fluid, aiding the fluid's movement to a region with good drainage. Additionally, it helps the muscles to pump fluid out. Patients with deep vein thrombosis are treated with compression bandages to prevent blood from pooling and clotting, speeding up the recovery process, which contributes to the total revenue share of this segment. 

Global Compression Bandages Market by Region 

Based on region, the global compression bandages market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

North America accounts for the highest revenue share in the global compression bandages market. This high revenue growth is owing to the increased prevalence of diseases resulting in chronic wounds, such as lymphedema and deep vein thrombosis. Other factors, such as growing awareness about the treatments, increase the demand for compression bandages in the region. 

Europe is expected to rise significantly during the forecast period due to the presence of key market players offering various products in this region. Moreover, increasing cases of conditions like lymphedema and deep vein thrombosis support revenue growth in this region.  

Asia Pacific also expects to register high revenue growth during the forecast period. The factors supporting the development are increased healthcare funding, adoption of new and innovative products in the treatments, and raising awareness. 

Competitive Landscape

The prominent players operating in the global compression bandages market are:  

• Paul Hartmann AG
• 3M & Co.
• ConvaTec Group plc
• Cardinal Health, Inc. 
• B. Braun Melsungen AG 
• Clinisupplies Ltd. 
• Lohmann & Rauscher International GmbH & Co. KG
• Molnycke Health Care AB
• Smith & Nephew plc
• Andover Healthcare, Inc. 

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