As per our report, the size of the global compression garments and stockings market is valued at USD 2916.8 Million in 2020. This value is estimated to grow at a CAGR of 5.35% and will reach USD 3785.7 Million by 2025.
Drivers
The compression garments and stockings market is driven by factors like the growing occurrence rate of varicose veins. According to the American Vein and Lymphatic Society 2019, nearly 40million people of the US are suffering from varicose veins. Enlarging the patient pool for various chronic venous diseases, which increases the occurrence rate of orthopedic surgeries, drives the market. Having a sound knowledge about the usage of these compression garments and stocks, which are used as healing effects, and reducing the quality of the injured mark propel the growth globally. Having a strong consciousness in people about physical fitness is fueling growth. According to National High School Sports-Related Injury Surveillance, in 2017-18, 1,367,490 cases were recorded relevant to sports among the high schools in the US. More than 250,000 patients are being affected by vein thrombosis.
Restrains
The cost of these garments and stockings is over-priced. People suffering from various vein problems and other related disorders can't afford to buy these products, which restricts the growth globally. Strict rules and regulations used for manufacturing these garments and stockings down with the design limitation also hamper the market. Utilizing these compressed garments and stockings may cause some serious ailments like breathing problems, blood clots, and many more. Attainability of alternate therapies and also chronic wounds like debridement, dressings, or systemic antibiotics for infected wounds. Moreover, poor patient accordance and the lack of universally accepted quality for compression products hinder the growth during the forecast period. These garments may lose their elasticity during a certain period and need to be hand-washed, which may hamper the market growth.
Opportunities
Product development, innovative marketing, and upgrading and advancing strategies are likely to provide business opportunities for the key players in the upcoming years. Ensuring consistency and repeatability of applied pressure throughout is one key factor that offers a chance in the market.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 – 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 - 2025 |
|
Segments Covered |
By Product, Application, End-User and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on Global Compression Garments and Stockings Market has been segmented based on the product, application, end-user and region.
Compression Garments and Stockings Market - By Product:
Based on the product type, the compression garments are expected to account for the largest share in the market during the forecast period. It is due to the broad range of health benefits associated with the products such as twist and enlargement of veins, lymphedema and also some chronic conditions.
Compression Garments and Stockings Market - By Application:
Based on the application, the varicose veins segment held 39% of the market shares in 2019 and is estimated to grow at the fastest rate during the forecast period. The oncology segment stands second in leading the market by application.
Compression Garments and Stockings Market - By End User:
Based on end-user, the Hospitals segment is was the market leader and achieved a 34.7% share in the market in 2019. However, the online sales segment is growing with the highest CAGR during the forecast period. It is also estimated that the online sales segment will beat the hospitals leading position by the end of the forecast period due to the growing internet and e-commerce usage across the world.
Regional Analysis
North America Compression Garments and Stockings Market is expected to retain its dominating position in the compression garments and stockings market during the forecast period. Increasing elderly people's population and growth in sports injuries are leveling up the demand of the market.
Europe Compression Garments and Stockings Market is estimated to have promising growth and is also expected to be the second largest after North America. This is caused by an increase in demand for these compressed garments, a growing geriatric base, and growing disposable income and growing advertising of products fuel the growth.
Asia-Pacific Compression Garments and Stockings Market is projected to have the quickest growth with the highest CAGR in the compression garments and stockings market over the analysis period because of growing patient sympathy towards the usage of compressed garments and rising online shopping trends also mark up the growth of this region. India and China are the major contributors to the growth.
Latin America Compression Garments and Stockings Market is expected to have a steady growth rate in the coming years. Rising incidences of chronic diseases is a major factor propelling the demand of the market in this region.
Middle East & Africa Compression Garments and Stockings Market is expected to have important and substantial growth over the forecast period. Growing awareness among people over the availability of different treatment procedures are prompting the demand of the market.
TOP COMPANIES IN THE MARKET
Companies like Leonisa, Inc., Medical Z, 2XU Pty. Ltd, 3M, BSN Medical, Medi GmbH & Co KG, Nouvelle, Inc. and Santemol Group Medical are few of the major participants in the global compression garments and stockings market.
Recent Happenings in this market
In 2020, the AIROS Medical Inc. has received an acceptance from US FDA the clearance of 510 (K) for the sale of its updated compressed therapy devices and garment.
On March 18, 2020, Nouvelle compression wear has introduced bras which are for the pre-eminent healing that gives outcomes for breast enhancement. These can be wear 24 hours and the company also includes like Bra bands, Bras with cups, with sleeves and without cups and Cotton Bras. These were designed for safety and make them steady.
On July 23, 2019, 2XU teamed up with Tryzens to increase their evolvement and customer experience. The launch is of e-commerce sites that related to sportswear that include compression garments, and also fitness wear for cycling and running and so on.
DJO Global, one of a leading player in manufacturing compression garments and inserters and therapy shoes has made a partnership with Siren MD, where the DJO Global has become the premier vendor for Siren MD’s sports team market.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product Type
5.1.1 Introduction
5.1.2 Compression Garments
5.1.2.1 Upper Compression Garments
5.1.2.2 Lower Compression Garments
5.1.3 Compression Stockings
5.1.3.1 Anti-Embolism Compression Stockings
5.1.3.2 Gradient Compression Stockings
5.1.4 Y-o-Y Growth Analysis, By Product Type
5.1.5 Market Attractiveness Analysis, By Product Type
5.1.6 Market Share Analysis, By Product Type
5.2 Application Type
5.2.1 Introduction
5.2.2 Varicose Vein
5.2.3 Wound Care
5.2.4 Burns
5.2.5 Oncology
5.2.6 Others
5.2.7 Y-o-Y Growth Analysis, By Application Type
5.2.8 Market Attractiveness Analysis, By Application Type
5.2.9 Market Share Analysis, By Application Type
5.3 End-user
5.3.1 Introduction
5.3.2 Hospitals
5.3.3 Ambulatory Surgical Centers (ASC’s)
5.3.4 Clinics
5.3.5 Online Sales
5.3.6 Other Healthcare Facilities
5.3.7 Y-o-Y Growth Analysis, By End-user
5.3.8 Market Attractiveness Analysis, By End-user
5.3.9 Market Share Analysis, By End-user
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product Type
6.1.3.3 By Application Type
6.1.3.4 By End-user
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product Type
6.1.4.3 By Application Type
6.1.4.4 By End-user
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product Type
6.1.5.3 By Application Type
6.1.5.4 By End-user
6.2 North America
6.2.1 Introduction
6.2.2 United States
6.2.3 Canada
6.3 Europe
6.3.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.4.1 Introduction
6.4.2 China
6.4.3 India
6.4.4 Japan
6.4.5 Australia
6.4.6 South Korea
6.5 Latin America
6.5.1 Introduction
6.5.2 Brazil
6.5.3 Argentina
6.5.4 Mexico
6.5.5 Rest of Latin America
6.6 Middle East & Africa
6.6.1 Introduction
6.6.2 Middle-East
6.6.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 2XU Pty. Ltd
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 3M
8.3 BSN Medical
8.4 Leonisa, Inc.
8.5 Medical Z
8.6 medi GmbH & Co KG
8.7 Nouvelle, Inc.
8.8 Santemol Group Medical
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
