Compression Stocking Market
Number of pages: 100 | Report Format: PDF | Published date: February 22, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.68 billion |
|
Revenue Forecast in 2030 |
US$ 2.65 billion |
|
CAGR |
5.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Patient Group, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global compression stocking market was valued at US$ 1.68 billion in 2021 and is expected to register a revenue CAGR of 5.2% to reach US$ 2.65 billion by 2030.
Compression Stocking Market Fundamentals
The global compression stocking market is rapidly growing due to the increasing awareness about the health benefits of compression stockings. The major defining trends of this market are the increasing aging population, growing awareness, and increasing healthcare expenditures. There is also a consistent demand for compression stockings among athletes, such as cyclists and runners. The growing prevalence of varicose veins is also augmenting the demand for compression stockings. Furthermore, the rising usage of compression stockings for post-surgical recovery and treatment of chronic venous disorders is fueling revenue growth in the market. Technological advancements, such as improving material quality, are projected to further drive the compression stockings demand in the global markets. Companies are increasingly focusing on product development and innovation to gain a competitive edge in the market.
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Compression Stocking Market Dynamics
Compression stockings can be utilized for various vascular diseases as a preventive and therapeutic measure. These stockings are widely used as a preventive measure for varicose veins, spider veins, and venous leg illness. Medical compression stockings are designed to assist in phlebitis, thrombosis, and chronic venous diseases. They are also highly used after vein surgery (varicose vein surgery) if needed for enhanced results in accordance with the required strength for the compression as a temporary compression therapy. These factors play a significant role in the revenue growth of the global compression stocking market. Additionally, the prevalence of venous leg ulcers (VLUs) is increasing among the population, especially among older people. Moreover, compression therapy using compression stockings aids in the treatment of VLU by resulting in ulcer healing, pain reduction, and recurrence prevention. It also aids in the veins narrowing, valve competence restoration, ambulatory venous pressure reduction, and venous reflux reduction (VR). Also, it helps to reduce inflammatory cytokines and capillary fluid leaks, hence relieving leg edema.
Market leaders are increasing their focus on aggressive promotional initiatives to promote compression stockings to runners, triathletes, and other endurance athletes. These stockings improve blood circulation during physical exertion, increase athletic performance, and allow for faster recuperation. This and the growing sports industry are boosting total sales and profitability. Moreover, rising healthcare infrastructure investments, technological advancements, and evolving healthcare systems in developing economies are bolstering the revenue growth of the global compression stocking market.
However, disadvantages, such as broken skin, pain, skin irritation, discomfort, and severe skin damage due to long-term usage, are expected to hamper the global market development to some extent.
Compression Stocking Market Ecosystem
The global compression stocking market has been analyzed from four perspectives: product type, patient group, distribution channel, and region.
Compression Stocking Market by Product Type
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Based on the product type, the global compression stocking market can be segmented into knee-high and thigh-high stockings.
The thigh-high stockings segment accounts for the largest revenue share of the global market. The thigh-high compression stocking covers entire feet instead of only knees and calves, providing enhanced compression therapy. Additionally, this medical compression stocking is available in various styles, such as sheer, ribbed, silicon, opaque, and other types of bands. Most thigh-high compression stockings are manufactured using a cotton/nylon combination. These factors are responsible for the revenue growth of the thigh-high segment of the compression stocking market.
The knee-high compression stockings segment is expected to depict slow and steady growth during the forecast period due to comparatively low demand and popularity of these stockings among the targeted population.
Compression Stocking Market by Patient Group
Based on the patient group, the global compression stocking market is segmented into women and men.
The demand for compression stockings is significantly high among female patients. The uptake for aesthetic and functional purposes, such as reducing the size of legs and reducing swelling, is another common purpose for which compression stockings are in high demand in female consumers. Moreover, the growing interest of the manufacturers in designing attractive patterns, features, and colors according to the targeted female audience due to its high popularity further propels the women segment, thereby enhancing the global market development.
Compression Stocking Market by Distribution Channel
Based on the distribution channel, the global compression stocking market has been segmented into online sales and offline sales.
The offline sales segment registered for the largest revenue share in 2021 and is expected to retain its dominance during the forecast period. The growth of this segment can be attributed to high sales of compression stockings via offline mode. Growing sales in offline channels, such as supermarkets, stores, specialty stores, and others, also greatly influence the global market. The large availability of these compression stockings, together with the ease and convenience of purchase by customers due to the benefits of various offers, such as discounts, seasonal offers, and other advantages, further drives the market expansion.
The online distribution channel segment is projected to register growth at a significant revenue CAGR during the forecast period. Due to low infrastructural expenses, major players and even small industries are leaning toward online commercialization. The online segment is an easy and convenient platform for customers. The increasing importance of social media marketing strategies and advertisements is expected to fuel revenue growth in the segment.
Compression Stocking Market by Region
Based on the region, the global compression stocking market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global market with the largest revenue share. The market growth in this region can be attributed to various factors, such as the large prevalence of chronic diseases, including VLUs, varicose veins, and spider veins. Increased incidences of such diseases can be majorly due to rising geriatric population in the region. Along with this, the rapid rise in obesity issues among youngsters owing to unhealthy and sedentary lifestyles is contributing to North America’s market development. Additionally, the high incidence of sports injuries due to the increased involvement of people in extreme sports is impacting the market revenue growth in North America. In addition, the availability of advanced infrastructure & healthcare systems, high awareness of compression stockings among the people, with the presence of major market players, in this region further encourage the overall growth of North America’s global compression stocking market.
Europe accounts for the second-largest revenue share in the global market. Additionally, Asia Pacific is one of the fastest growing regions attributed to various factors such as the growing prevalence of chronic venous disease, rising aged population, evolving healthcare infrastructure, and increasing healthcare expenditures.
Compression Stocking Market Competitive Landscape
The prominent players operating in the global compression stocking market are:
Compression Stocking Market Strategic Developments
The global compression stocking market is expected to be valued at US$ 2.65 billion by 2030.
The global compression stocking market is expected to register growth at a revenue CAGR of 5.2% during the projected period from 2022 to 2030.
North America occupies the largest revenue share of the global compression stocking market.
Several disadvantages, such as broken skin, pain, irritation, discomfort, and severe skin damage due to long-term usage, are expected to hamper the global compression stocking market development.
The thigh-high compression stocking segment dominates the global compression stocking market.
*Insights on financial performance are subject to the availability of information in the public domain