According to the deep-dive market assessment study by Growth+ Reports, the global compression bandages market was valued at ~US$ 2.45 billion in 2021. The market is expected to witness a CAGR of ~5.50% from 2022 to 2030.
Compression bandages or elastic bandages provide a confining pressure on the injured site offering an accelerated recovery. The major manufacturers' increase in the prevalence of diseases causing chronic wounds, such as venous leg ulcers and lymphedema and the development of clinically effective bandages are the key growth drivers of the global compression bandages market. In addition, high demand for compression bandages is observed as these are economical and comfortable to use.
The high prevalence of venous leg ulcers will eventually increase the market for compression bandages. The British Medical Journal, published by the trade union of the British Medical Association in November 2021, states that the annual prevalence of venous leg ulcers is about 82.4 per 10,000 population. Treating the injured limb with compression bandages reduces swelling and promotes vein circulation. These bandages compress legs and stimulate blood from the lower edges to the heart, which accelerates the healing process. Additionally, compression bandages reduce inflammations near the wound, which makes it easier for the injured skin to get oxygen, thus beneficial for faster recovery. During lymphedema, the lymph fluid can drain and stop accumulating with the aid of a dressing with compression bandages. Furthermore, it can aid in keeping the body parts in their original shape. During intense therapies, consistent application of compression bandages is recommended by physicians for fast healing.
Many new clinically effective bandages are introduced in the market with innovation. The manufacturers are focusing on offering comfort with innovations in treatments. For instance, smart bandage technology is expected to improve the application of bandages and wound monitoring. Smart bandages can stimulate the healing process by maintaining a balanced wound environment, enabling postoperative and independent conservative treatment of infected and purulent-necrotic wounds until full epithelization. Market players are also bringing new approaches, such as blending two different fabrics to ensure proper blood flow and pressure excreted on the wound.
Geographically, the global compression bandages market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the market in 2021. This dominance is due to factors such as the presence of a large population affected with chronic wounds and related complications. The Asia Pacific region is expected to show lucrative growth during the forecast period due to constant efforts by the market players to launch innovative bandages and the consistent increase in the prevalence of venous ulcers and lymphedema. Additionally, the growing healthcare spending and improving awareness can show high growth in the region. For instance, according to an article published by Fairfax Media in August 2021, around 420,000 people in Australia are diagnosed with chronic wounds annually, costing approximately US$ 3 billion annually. The European market is characterized by high awareness among the general population, increased healthcare standards, and major market players in the region.
The prominent players operating in the 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, and Andover Healthcare Inc. among others.