Compression stockings or elasticated hosiery are medical devices worn on the legs to treat circulation issues such as varicose veins and leg swelling. They are worn by individuals with deep venous thrombosis, lymphedema, and other circulatory issues. Compression stockings help improve blood flow in the veins and prevent blood from pooling in the legs by applying graduated pressure from the feet to the calves. Various styles and compression levels are available to suit different medical needs.
The global compression stockings market is estimated to be valued at US$ 14,869.5 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: Rising prevalence of varicose veins is considered one of the major drivers of the compression stockings market. According to research, around 25% of adults suffer from varicose veins globally. Sedentary lifestyle and obesity are increasing the risk of developing varicose veins. Compression stockings are the preferred first line treatment for varicose veins. They help improve circulation and symptoms such as leg swelling and pain. With growing rates of varicose veins worldwide, demand for compression stockings is anticipated to rise substantially over the forecast period. Another driver is growing healthcare expenditures in developing countries.Countries are allocating higher budgets and developing infrastructure to provide modern medical treatments and devices. This will increase access to compression stockings and boost market revenues.
SWOT Analysis
Strength: Compression stockings improve circulation and blood flow, helping prevent conditions like varicose veins and blood clots. The fabric is breathable and lightweight, making them comfortable for everyday wear. Manufacturers offer various compression levels for different conditions.
Weakness: Stockings need to be rolled on gently and may be awkward for some patients to apply themselves. Those with sensitive skin may find the material irritating. Compression must be sustained to be effective, requiring daily wear.
Opportunity: An aging population leads to more conditions treated by compression therapy. Mobile lifestyle trends boost demand for convenient compression products. Online sales extend customer reach for compression stocking brands. Greater awareness of preventive benefits could increase market size.
Threats: Alternative treatments like physical therapy, sclerotherapy and surgery may take market share if proven highly effective or reimbursed by insurers. Economic downturns threaten discretionary purchases of compression wear outside medical need. Low-cost generic versions may erode brand manufacturer profits.
Key Takeaways
The global compression stockings market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 14,869.5 Million. North America is anticipated to dominate the compression stockings market during the forecast period owing to rising prevalence of varicose veins and DVT cases in the region. Key factors driving the North American market include growing geriatric population, increasing awareness regarding therapeutic stockings, and availability of advanced healthcare facilities.
Asia Pacific is projected to grow at the fastest CAGR over the forecast period due to rapidly improving healthcare infrastructure and increasing medical tourism in Asian countries. Rise in chronic venous diseases and surgeries among growing aging populations in China and Japan are boosting demand. Additionally, changing lifestyles and growing disposable incomes are spurring uptake of compression stockings for preventive healthcare in Asia Pacific.
Key players operating in the compression stockings market are Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. Strategies by major manufacturers include new product launches, mergers & acquisitions, and collaborations to gain larger market shares. Compression stocking companies also focus on marketing therapies to promote preventive health and increasing e-commerce sales globally.
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