Compression stockings are elastic garments worn around the leg to compress the limb. They reduce the diameter of distended veins and increase venous blood flow velocity and valve effectiveness. Unlike traditional dress or athletic stockings and socks, compression stockings use stronger elastics to create significant pressure on the legs, ankles and feet. Compression therapy helps decrease venous pressure, prevents venous stasis and impairments of venous walls, and relieves heavy and aching legs. Compression stockings play an important role in the management of venous diseases, venous ulcers, and preventing thromboembolic diseases of the deep venous system in legs.
The global compression garments and stockings market is estimated to account for US$ 2,346.7 Mn in terms of value in 2019 and is expected to reach US$ 3,541.1 Mn by the end of 2027
Global Compression Garments and Stockings Market: Drivers
Increasing incidents of sports injuries is expected to boost demand for compression products, thereby aiding in growth of the global compression garments and stockings market. For instance, according to the National High School Sports-Related Injury Surveillance Study 2017-2018, 1,367,490 cases of sport-related were recorded in high schools in the U.S.
Global Compression Garments and Stockings Market: Opportunities
Key players in the market can focus on lunching cost effective compression garments and stockings, especially in emerging regions. These products are not covered under insurance, which increases healthcare expenditure for patients.
Global Compression Garments and Stockings Market: Restraints
Availability of alternate therapies is expected to hinder growth of the global compression garments and stockings market. Alternate treatments for chronic venous insufficiency include local wound care (including debridement), dressings, topical or systemic antibiotics for infected wounds, other pharmacologic agents, surgery and adjunctive therapy.
Compression garments segment in the global compression garments and stockings market was valued at US$ 2,178.3 Mn in 2018 and is expected to reach US$ 3,456.7 Mn by 2027 at a CAGR of 5.1% during the forecast period.
Manufacturers are indulged in development and introduction of novel compression garment in the market which is expected to support growth of the segment over the forecast period. For instance, on 21 January 2020, AIROS Medical, Inc. received U.S. Food and Drug Administration (FDA) 510(k) clearance to market its updated AIROS 8 Sequential Compression Therapy device and garment system.
The varicose veins segment held dominant position in the global compression garments and stockings market in 2018, accounting for 46.1% share in terms of value, followed by oncology respectively.
Increasing prevalence of varicose veins is expected to boost growth of the global compression garments and stockings market over the forecast period. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.
The hospitals segment held dominant position in the global compression garments and stockings market in 2018, accounting for 34.7% share in terms of value, followed by online channel
Compression garments, and stockings are majorly prescribed by physicians to patients suffering from varicose veins, and oncology patients which is expected to support growth of the market over the forecast period.
The adoption of compression therapy has increased in athletic recovery. Athletes prefer to wear compression garments during and after exercise to reduce swelling and inflammation, speed up muscle recovery, and prevent delayed-onset muscle soreness.
Increasing R&D in temperature-responsive textile has led to technological advancements in compression garments and stockings. For instance, in October 2019, researchers at the University of Minnesota reported development of a temperature-responsive textile that can be used to create self-fitting garments such as compression garments.
Global Compression Garments and Stockings Market: Competitive Landscape
Major players operating in the global compression garments and stockings market include, 3M, BSN Medical, Covidien Ltd. (a Medtronic Plc. company), Medi GmBH & Co KG, SIGVARIS, Therafirm, 2XU Pty. Ltd., Santemol Group Medikal, Leonisa, Inc., Nouvelle, Inc., and Medical Z.
Global Compression Garments and Stockings Market: Key Developments
February 2019: SRC Health announced that What to Expect, an independent research organizations concluded that the company’s maternity compression collection significantly reduces pain for pregnant women.
December 2018: DJO Global, a provider of compression garments, therapeutic shoes and inserts, announced its plans to relocate its global headquarters from San Diego, California to Dallas, Texas.
“*” marked represents similar segmentation in other categories in the respective section.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.