Compression Garments And Stockings Market Size Is Projected to Reach USD 3,541.1 Million at a CAGR Of 5.1% Owing To Technological Developments In Robotics By 2027
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Compression stockings are referred as elastic garments that are worn around the leg to constrict the limb. Moreover, it reduces the diameter of distended veins and increase venous blood flow velocity and valve effectiveness. Unlike traditional dress or athletic stockings and socks, compression stockings utilize stronger elastics to create significant pressure on the legs, ankles and feet. Compression therapy aids in reducing venous pressure, prevents venous stasis and impairments of venous walls, and further helps in relieves heavy and aching legs. Compression stockings play an important role in the management of venous diseases, venous ulcers, and aids in preventing thromboembolic diseases of the deep venous system in legs.
The global compression garments and stockings market is estimated to be valued at 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.
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Global Compression Garments and Stockings Market: Drivers
The rising incidence of sports injuries is the major factor that is expected to drive demand for compression products, thereby further expected to drive growth of the global compression garments and stockings market over the forecast period. 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
However, availability of alternate therapies is the major factor that is expected to hinder growth of the global compression garments and stockings market over the forecast period. 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.
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On the basis of product type, compression garments segment was valued at US$ 2,178.3 Mn in 2018 and is expected to reach US$ 3,456.7 Mn by 2027 exhibiting a CAGR of 5.1% during the forecast period. The segment growth is attributed to increasing development and introduction of novel compression garment in the market by market players. For instance, on 21 January 2020, AIROS Medical, Inc., received the U.S. Food and Drug Administration (FDA) 510(k) clearance to market its updated AIROS 8 Sequential Compression Therapy device and garment system.
Among application, varicose veins segment accounted for major market share of 46.1% in 2018, in terms of value, followed by oncology segment. The growth of the segment is attributed to increasing prevalence of varicose veins. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.
Among distribution channel, hospitals segment accounted for major market share of 34.7%, in 2018, in terms of value, followed by online channel segment. The growth of the segment is attributed to increasing recommendation of compression garments, and stockings by physicians for patients suffering from varicose veins, and oncology patients.
The increasing adoption of compression therapy has resulted an increase in athletic recovery. Athletes prefer to wear compression garments during and after exercise, in order to reduce swelling and inflammation, speed up muscle recovery, and prevent delayed-onset muscle soreness.
The increasing number of 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
Key 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 manufacturer of compression garments, therapeutic shoes and inserts, announced its plans to relocate its global headquarters from San Diego, California to Dallas, Texas.
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