Change in lifestyle, development in fabrics and garments designs, rise in number of Chronic venous leg ulceration (VLU) patients, increase in demand from geriatric population drive the growth of the global compression stockings market.
Allied Market Research published a report, titled, "Compression Stockings Market by Type (Knee High and Thigh high), Demography (Men and Women) and Distribution Channel (Departmental Stores and E-commerce): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global compression stockings industry was estimated at $1.6 billion in 2018 and is expected to hit $2.44 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Drivers, restraints & opportunities-
Change in lifestyle, innovation in fabrics and garments designs, increase in number of chronic venous leg ulceration (VLU) patients, surge in demand from geriatric population fuel the growth of the global compression stockings market. On the other hand, rise in awareness of probable side effects of compression garments restrains the growth to some extent. However, continuous product innovation, and advent of social media marketing are expected to pave the way for a number of opportunities for the frontrunners in the industry.
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Compression garments are widely being considered as an important measure in preventing the recurrence of venous leg ulcers. Moreover, compression is being recognized as the cornerstone for long-term management of chronic edema. Over the past couple of years, rise in number of cases of edema as well as venous leg ulcers has been witnessed, especially among individuals who are aged above 50 years. Hence, such patients rely on compression stockings for proper blood circulation. Thus, rise in number of patients suffering from venous leg ulcers patients triggers the demand for compression stockings, thereby augmenting the global compression stockings market growth.
Key players in the market-
Triumph International Corporation
2xu Pty Ltd.
Creswell Sock Mills
Ann Chery
Colfax Corporation (DJO Global)
Spanx Inc.
I-Runner
European Lingerie Group
Leonisa
Zhende Medical Group
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Over the years, the compression stocking segment has endured higher level of evolution in terms of product offerings. Taking in account customers’ desire of convenience in using any kind of healthcare products, some of the key manufacturers in global compression stockings market have strategized on introducing novel and unique products. For example, VenoPower brand of Tacco has introduced compression sock free design, which helps to increase the blood circulation by 26%. Unlike compression socks which only stimulate the calf muscle to assist in circulation, VenoPower activates both the calf and venous foot pump simultaneously. Hence, innovation is considered to be an influential compression stockings market trend.
The global market is segmented on the basis of product type, demography, distribution channel and region. Based on product type, the market is segmented into knee high and thigh high. Based on demography, the market is classified into men and women. By distribution channel the market is divided into departmental stores and E-commerce. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
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Apart from innovation, aesthetics in compression stocking is another key factors that helps draw the attention of target customers in the global market. Initially, compression stockings were available in traditional medical care designs and fabrics that tend to be unattractive. However, in the recent past, compression stocking manufacturers strategized on launching fashion-oriented products that cater to growing customer requirements. For instance, in 2017, Comrad, one of the key manufacturers in global compression stockings market, launched a new line of compression stockings that feature alluring prints and modern styles. Hence improvisation in compression stockings will be an influential factor during the forecast period.
Key Findings of the Study
In 2018, by type, the thigh-high segment accounted for around higher value compression stockings market share, i.e., 55.9%.
In 2018, depending on demography, the men segment is expected to register a CAGR of 6.2% during the forecast.
In 2018, North America accounted for a prominent market share of 40.4%
