The 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 to 2026, as highlighted in a new report published by Coherent Market Insights.
Compression stockings are specialized hosiery garments that are designed to provide graduated pressure to the legs and feet. These stockings help in improving blood circulation and reducing swelling, thereby preventing and treating venous disorders such as varicose veins, deep vein thrombosis, and lymphedema. Compression stockings find applications in various fields, including healthcare, sports performance, maternity, and fashion. With the rising prevalence of venous disorders and the growing geriatric population globally, the demand for compression stockings is expected to witness significant growth in the coming years.
The market dynamics of the compression stockings market are driven by two major factors. Firstly, the increasing prevalence of venous disorders, such as varicose veins, among individuals of all age groups is driving the demand for compression stockings. Additionally, the growing geriatric population, who are more prone to venous disorders, is further contributing to market growth. Moreover, the rising awareness among individuals about the benefits of compression stockings and their increasing adoption in the fields of sports performance and maternity are also fueling market growth. These factors are expected to drive the market growth of compression stockings over the forecast period.
The compression stockings market can be segmented based on product type, distribution channel, application, and region. In terms of product type, the market is dominated by gradient compression stockings, which accounted for the largest market share in 2018. Gradient compression stockings are designed to apply the highest pressure at the ankle and gradually decrease as they move up the leg. This type of compression stocking is preferred by healthcare professionals for the prevention and treatment of various venous disorders, making it the dominating sub-segment in the market.
Political: The political environment plays a crucial role in the growth of the compression stockings market. Government regulations regarding the sale and distribution of medical devices, as well as healthcare policies, can impact the market dynamics.
Economic: Economic factors such as disposable income, healthcare expenditure, and reimbursement policies influence the demand for compression stockings. Growing healthcare expenditure and increasing awareness about venous disorders are driving market growth.
Social: The rising prevalence of venous disorders and an aging population are key social factors impacting the market. Lifestyle changes, such as sedentary behavior and obesity, also contribute to the demand for compression stockings among individuals at risk of venous diseases.
Technological: Technological advancements in material science and manufacturing processes have led to the development of innovative compression stockings. For example, the introduction of breathable and moisture-wicking fabrics has enhanced patient comfort and compliance.
The Global Compression Stockings Market Size is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. Increasing awareness about venous diseases and the growing aging population are key drivers contributing to market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the compression stockings market. This can be attributed to factors such as a high prevalence of venous disorders, a well-established healthcare infrastructure, and increasing healthcare expenditure.
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 offer a wide range of compression stockings and focus on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge in the market.