The global Compression Garments And Stockings Market is estimated to be valued at US$ 2,863.3 Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compression garments and stockings provide graduated compression to different parts of the body from feet to calves and thighs. They improve blood circulation and prevent complications associated with long periods of sitting or standing like swelling and pain.
Market key trends:
One of the key trends in the compression garments and stockings market is the growing popularity of targeted compression garments and stockings. Manufacturers are focusing on developing targeted compression wear specific to different parts of the body like arms, abdomen, and back which can address specific issues like back pain, lymphedema, pregnancy related discomfort etc. There is also a rise in customization of compression garments and stockings according to individual needs in terms of size, color, and level of compression provided. This has increased personalized care and comfort for individuals using compression wear.
Market key trends:
One of the key trends in the compression garments and stockings market is the rising inclination towards compression therapy owing to its advantages such as relief from pain, swelling, and improved blood flow. Compression garments are extensively used in the treatment of varicose veins, deep vein thrombosis, and lymphedema. The increasing prevalence of such medical conditions is expected to propel the demand for compression wear over the forecast period.
SWOT Analysis
Strengths:
- Wide application in treatment of various medical conditions such as varicose veins and deep vein thrombosis.
- Provides relief from pain, swelling, and improves blood circulation.
Weaknesses:
- High cost of medical compression garments may limit adoption.
- Availability of alternative treatment options poses competition.
Opportunities:
- Growing health awareness and focus on preventive healthcare presents an opportunistic area.
- Emergence of e-commerce retailers expanding access.
Threats:
- Presence of local players offering low cost substitutes.
- Stringent regulatory environment and quality standards.
Key Takeaways
The Global Compression Garments And Stockings Market Demand was valued at US$ 2,863.3 Mn in 2023 and is expected to reach over US$ 4,712.1 Mn by 2030, expanding at a CAGR of 5.1% during the forecast period. The growing inclination towards compression therapy owing to its advantages in pain management, reduced swelling and improved blood circulation is supporting the market growth.
Regional analysis:
North America dominated the compression garments and stockings market in 2023 and is expected to maintain its lead through 2030. This can be attributed to factors such as rising prevalence of DVT and varicose veins along with growing demand for advanced compression therapies. Additionally, presence of major manufacturers and favorable reimbursement policies drive the North America regional market.
Key players analysis:
The compression garments and stockings market is consolidated in nature with companies like 3M, BSN Medical, Covidien Ltd., and Medi GmBH & Co KG occupying a major chunk of the market share. Product innovation and portfolio expansion have been the key strategies adopted by leading players to gain an edge in this highly competitive market space. For instance, in 2021 Covidien launched a new line of knee-high compression stockings targeted at consumers with moderate to severe chronic venous insufficiency.
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