The global Compression Stockings Market is estimated to be valued at US$ 1.6 billion in 2018 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2019 to 2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compression stockings are specially designed hosiery garments that help in improving blood circulation in the legs and prevent the occurrence of venous disorders such as deep vein thrombosis (DVT), varicose veins, and lymphedema. These stockings apply graduated pressure to the legs, with maximum pressure at the ankles and decreasing pressure as it moves up the leg. Compression stockings are widely used by individuals who are at a higher risk of developing venous disorders, such as pregnant women, individuals with a family history of varicose veins, and people who spend long hours standing or sitting.
Market Key Trends:
The key trend in the Compression Stockings Market is the increasing demand for advanced compression stockings that offer superior comfort and convenience. Manufacturers are focusing on developing innovative products with enhanced features such as moisture-wicking, antibacterial properties, and trendy designs. Moreover, the growing adoption of e-commerce platforms for the sale of compression stockings has made it convenient for consumers to access a wide range of products from different brands. Additionally, the rising geriatric population and the increasing prevalence of chronic venous disorders are driving the demand for compression stockings. Healthcare professionals are also recommending compression stockings as a preventive measure for individuals at a higher risk of developing venous disorders, further fueling market growth.
Key players in the Compression Stockings Market include Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS.
PEST Analysis:
Political: The political factors influencing the compression stockings market include government regulations regarding healthcare and medical devices. Changes in regulations and policies can impact the manufacturing, distribution, and sales of compression stockings. For instance, any changes in the reimbursement policies associated with these products can affect their demand.
Economic: The economic factors affecting the market include the overall economic growth, disposable income, and healthcare spending. As the average disposable income increases and healthcare infrastructure improves, more individuals are likely to afford and avail compression stockings. Moreover, the economic conditions of a region affect the pricing of these products, which can influence their demand.
Social: The social factors influencing the market include the increasing awareness about the benefits of compression stockings, especially among the aging population and individuals involved in sports and fitness activities. The growing emphasis on preventive healthcare and the acceptance of compression stockings as a non-invasive treatment option for various vascular conditions also contribute to market growth.
Technological: Technological factors play a crucial role in the compression stockings market, particularly in terms of product design, manufacturing techniques, and innovative materials used. Advancements in textile technology, such as the development of moisture-wicking and breathable fabrics, enhance comfort and compliance. Additionally, technologies like 3D printing and automated manufacturing processes improve production efficiency and reduce costs.
Key Takeaways:
The Global Compression Stockings Market Size is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. This growth can be attributed to several factors, such as the increasing prevalence of venous disorders, rising geriatric population, and the adoption of compression stockings as a preventive measure by athletes and individuals engaged in physically demanding activities.
In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the compression stockings market. The region's increasing geriatric population and high healthcare expenditure contribute to the robust demand for compression stockings. Moreover, the presence of key market players and advancements in medical technology further drive market growth in North America.
Key players operating in the compression stockings market include Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid Medical Technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. These companies are actively involved in product development, collaborations, mergers and acquisitions, and geographical expansions to gain a competitive edge and increase their market share.
