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The Rise Of Telemedicine Is Anticipated To Open Up The New Avenue For Compression Garments And Stockings Market

The Rise Of Telemedicine Is Anticipated To Open Up The New Avenue For Compression Garments And Stockings Market

The Compression Garments And Stockings Market is estimated to be valued at US$ 2,863.3 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Compression garments and stockings are medical devices that are worn on the legs and other body parts to provide graduated, controlled compression to increase blood flow in the veins and lymph vessels and reduce swelling. They are commonly recommended for conditions such as varicose veins, deep vein thrombosis (DVT), lymphedema, and leg fatigue. Different garments are available for upper and lower legs as well as sizes for different parts of the body.

Market Dynamics:

The main drivers boosting growth of the compression garments and stockings market are rising incidences of varicose veins, DVT, and lymphedema. For instance, according to the Society for Vascular Surgery, varicose veins affect around 30-40% of adults in the United States. Moreover, lymphedema is estimated to affect over 150 million people worldwide. Compression garments and stockings help manage symptoms and prevent clinical deterioration of these conditions. Furthermore, increasing obese population who are more prone to such conditions is also fueling demand for compression wear. However, high cost of advanced compression garments and lack of reimbursement policies in some countries may hamper market growth.

Segment Analysis

The compression garments and stockings market can be segmented into compression garments and compression stockings. Compression garments dominate the market with a share of over 60%, as they provide firm graduated compression from feet to thighs or hip and abdomen, which helps in improving blood circulation effectively. The higher effectiveness of compression garments makes them the dominating sub-segment.

PEST Analysis

Political: There are no major political risks affecting the market currently. Supportive regulations for medical compression products in different countries are boosting market growth.

Economic: The rising healthcare expenditure and disposable income are driving demand for compression garments and stockings market. High treatment cost of varicose veins and lymphedema is also propelling the market growth.

Social: Growing geriatric population, increasing incidence of lifestyle diseases like diabetes that can cause leg problems are promoting the use of compression garments and stockings for therapy.

Technological: Advanced compression garments and stockings with features like sweat-wicking fabrics and convenient designs are gaining popularity.usage of innovative fabrics that improve comfort.

Key Takeaways

The Global Compression Garments And Stockings Market Demand is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to rising sedentary lifestyles and obesity rates leading to increased varicose veins cases.

The North America region dominates the market holding over 35% share due to supportive reimbursement scenarios and rising healthcare expenditure in the region. Europe remains the second largest market owing to growing elderly population suffering from leg problems.

Key players operating in the compression garments and stockings market are 3M, BSN Medical, Covidien Ltd. (a Medtronic Plc. company), Medi GmBH & Co KG, SIGVARIS, Therafirm, 2XU Pty. Ltd., Santemol Group Medikal, Leonisa, Inc., Nouvelle, Inc., Medical Z, Pressio, Hyperice, Marena Group, LLC, AIROS Medical, Therabody, SYM ITO, Hohenstein, Koya Medical, Mueller Sports Medicine, and CRX Compression. The major players are focused on product launches and expansion strategies to strengthen their global presence.

Regional analysis: The Asia Pacific region is expected to witness fastest growth during the forecast period attributed to lucrative market opportunities, increasing disposable income, and rising medical tourism in the region.

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