Compression Stockings Market to Reach US$ 1.6 Billion by 2022; Bio Compression System and BSN Medical among Key Players
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 2019-2026, according to a new report published by Coherent Market Insights.
Compression stockings are specialized hosiery garments that help improve blood circulation by applying graduated pressure to the legs. They are commonly used to treat conditions such as varicose veins, deep vein thrombosis, and lymphedema. The advantages of compression stockings include reducing swelling, alleviating pain, and preventing further complications. The market for compression stockings is driven by the increasing prevalence of chronic venous diseases and the growing awareness about the benefits of compression therapy.
Market Key Trends:
One key trend observed in the Compression Stockings Market is the adoption of advanced technologies in compression therapy. Manufacturers are focusing on developing innovative compression stocking products that offer better comfort and effectiveness. These include stockings with enhanced breathability, moisture-wicking properties, and seamless construction. The use of smart textiles and 3D printing technologies is also gaining traction in the market. These advancements are expected to positively impact the growth of the compression stockings market during the forecast period.
The compression stockings market can be segmented based on the type of product and distribution channel. In terms of product type, the market can be divided into gradient compression stockings and anti-embolism compression stockings. Gradient compression stockings dominate the market segment due to their wide range of applications and effectiveness in managing various venous disorders. These stockings apply the highest pressure at the ankle and gradually decrease the pressure towards the thigh, promoting blood flow and preventing blood pooling. Gradient compression stockings are recommended for individuals with varicose veins, deep vein thrombosis, and other venous insufficiencies. The ease of use, availability in different compression levels, and affordability of gradient compression stockings make them the preferred choice among consumers.
The Global Compression Stockings Market Size is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. One of the driving factors for this growth is the increasing prevalence of venous disorders, such as varicose veins and deep vein thrombosis, which is driving the demand for effective treatment options. Additionally, the growing aging population and the rise in sedentary lifestyles are contributing to the market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the compression stockings market. The region has a well-established healthcare infrastructure, high awareness about venous disorders, and the presence of key market players. Moreover, the increasing adoption of compression stockings for preventive and therapeutic purposes in North America is boosting the market growth in the region.
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 key players are actively engaged in product development, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolios. The market is highly competitive, with key players focusing on technological advancements and customized solutions to cater to the specific needs of patients.