Compression Garments And Stockings Market

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The global Compression Garments And Stockings Market is valued at USD 3.1 Billion in 2022 and is projected to reach a value of USD 4.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period.

Compression garments are pieces of clothing that can tightly fit around the skin. In the medical context, Compression Garments And Stockings support people to stand for more extended periods or have poor circulation. The global Compression Garments And Stockings market is expected to grow during the forecast period owing to increasing popularity as it helps reduce venous pressure and avoid venous stasis and injuries of venous walls. These help in relieving pain in the user's legs. Additionally, raising awareness through mutual efforts by the social and government body is also helping the market grow exponentially. Increasing awareness among the general population combined with rising demand from developing economies such as India and China will augment the global Compression Garments And Stockings market growth.

Advancements in graduated pressure treatment combined with improved operations within compression garments in pressure distribution, safety, and effectiveness are expected to increase the footprint of the global Compression Garments And Stockings market during the forecast period. Rising consumer awareness, such as increased healing properties and reduced bruising efficiency, is prompting increased sales of the Compression Garments And Stockings. Additionally, Compression Garments And Stockings are gaining popularity due to increasing rates of varicose veins, lymphedema, and other muscle issues. An increasing number of athletes and gymnasts are utilizing Compression Garments And Stockings as they are a perfect fit, absorb moisture, and help prevent injuries. This will widen the global Compression Garments And Stockings market growth.

The global Compression Garments And Stockings market is expected to increase owing to advanced fabric quality and textile styles. Rising awareness regarding physical fitness combined with an increasingly aging population is expected to increase sales further. Rising healthcare costs and increasing product launches from prominent players are expected to widen the global market scope. To improve the efficiency of compression garments, the dominant players are incorporating numerous sensors within their products. Additionally, rising incidences of edema, phlebitis, and thrombosis are expected to increase the footprint of the global Compression Garments And Stockings market during the forecast period.

Economic Insights

Experts and analysts have predicted a US recession for close to a year. However, an official announcement has yet to be made by any government agencies. Recessions are defined by a slowdown of financial conditions that have not shown signs of growth for more extended periods. Negative growth for two consecutive quarters of gross domestic product can lead to a recession. The ongoing conflict between Russia and Ukraine has forced the global economy to face the shocks of increasing power prices. According to some reports, beginning from February 5th, the European Union, the G-7, and their latest allies will impose to regularise a fuel cap on the price of Russia's fuel exports. This will be the latest punishment for their unlawful invasion of Ukraine. These impositions will align with the EU prohibition on almost all Russia's oil imports. Some of these measures are already imposed on the country's crude shipments.

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1. Rising Preference of Compression Therapy: The global Compression Garments And Stockings market is expected to grow significantly during the forecast period owing to the increasing popularity of compression therapy. Compression therapy is a simple and effective manner of increasing blood flow in the lower and upper limbs by strengthening vein support. An increasing number of people suffering from vein diseases experiencing strain in leg veins is expected to add value to the global market growth. The rising reliance of such consumers on compression therapy is pushing the market's growth.

2. Growing Adoption of Compression Garments: The forecast period is expected to experience an increasing adoption of Compression Garments And Stockings due to a rising number of orthopedic post-surgical management solutions. Additionally, hospitals are expected to be one of the prominent distribution channels as many patients suffer from muscle pain, swelling, and bone-related injuries. Growing preference for Compression Garments And Stockings among the senior population will add value to the global market.

3. Strong Focus of Prominent Players: The dominant players in the global Compression Garments And Stockings market is focused on expanding their product portfolios, which is expected to support sustainable growth. Market leaders are inclined towards focusing their products on professional sports personnel. According to the US Department of Health and Human Services, there were more than 8.6 million sports injuries in the US alone, which is a viable opportunity for the market to expand.

Market Segmentation

The global Compression Garments And Stockings market can be categorized on the following: Product Type, Demography, Distribution Channel, and Regions. Based on product type, the market can be categorized into knee high and thigh high. By demography, the market can be segmented across men and women. Based on distribution channel, the market can be split between offline and online. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product Type

Thigh High to Dominate Global Market Owing to Rising Demand from Various Healthcare Sectors

The global Compression Garments And Stockings market is expected to be dominated by the segment of thigh-high products during the forecast period. Rising demand in various healthcare sectors such as hospitals and specialty clinics is one of the major consumers of thigh-high Compression Garments And Stockingss. Doctors and physicians recommend wearing compression garments for patients who undergo surgeries, especially on their limbs, due to severe injuries. They improve blood circulation. These factors are expected to widen the segment's growth, fuelling the global Compression Garments And Stockings market growth. Knee-high garments will grow with the fastest-growing CAGR during the forecast period owing to the rising number of limb injuries.

Based on Demography

Women to Lead Market Share Owing to Products Being Designed for the Females

Women are expected to account for the largest market share during the forecast period in revenue and share. Factors such as the fact that most compression stocking products are designed to target female customers. Compression stockings for women come with medical solutions for poor blood circulation but also feature attractive designs, patterns, and colors that attract the targeted consumer. Studies indicate that women are purchasing excessive thigh-high compression products, which is expected to increase the segment's value. The segment for men will grow with the fastest growing CAGR during the forecast period owing to the inclination of market leaders to market products to men.

Based on Distribution Channel

Offline to Fuel Largest Market Owing to Rising Sales Through Hypermarkets & Supermarkets

The offline distribution channel is expected to occupy the largest market share during the forecast period in revenue and share. Offline channels include retail and specialty stores and hypermarkets, and supermarkets. These channels are expected to widen their footprint owing to the rising number of patients suffering from arthritis and sports injuries buying their products directly. Additionally, the wide availability of products within the roof of hypermarkets and supermarkets combined with experienced salespeople to guide consumers directly to purchase products according to their needs will increase the footprint of the segmental value. The online segment will grow with the fastest growing CAGR during the forecast period owing to rising discounts on products and an expanding e-commerce sector.

Based on Region

North America to Dominate Largest Market Share Owing to Rising Consumers Suffering from Sports Injuries

The global Compression Garments And Stockings market is expected to be dominated by the region of North America in terms of revenue and share during the forecast period. Factors such as rising sports injuries and advanced healthcare infrastructure are expected to add value to the regional market. The rising popularity of compression garments in various sports such as table tennis, baseball, and cycling is expected to widen further the scope of the North American Compression Garments And Stockings market. Additionally, continuous development in shapewear by manufacturers is one of the major factors driving the market growth in the region.

Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to the rising number of patients in the region and increasing awareness towards utilizing compressed garments. Additionally, an ongoing trend of rising online shopping trends from emerging economies such as China and India will further increase the footprint of the Asia Pacific Compression Garments And Stockings market.

Competitive Landscape

The global Compression Garments And Stockings market is full of dominant players commanding an international and regional presence. Market leaders are focused on concentrating their efforts on expanding their presence by diversifying their product portfolios. Additionally, the dominant market leaders are investing heavily in their research and development centers to develop better quality products further.

The key players in the global Compression Garments And Stockings market include - 2XU Pty Ltd (Australia), Ann Chery (Colombia), Colfax Corp. (U.S.), Creswell Sock Mills (U.S.), European Lingerie Group (Sweden), I-Runner (U.S.), Leonisa SA (Colombia), Spanx Inc. (U.S.), Triumph International AG (Switzerland), Zhende Medical Group (China) among others.

Recent Developments:

· October 2020: 3M announced the availability of PREVENA RESTOR AXIO FIRM Incision Management System that is used for managing post-operative incision and the surrounding soft tissue envelope. This launch was announced after the launch of the orthopedic surgical repair of extremity fractures.

· March 2020: AIROS Medical Inc., announced that they received the US FDA clearance of 510 (k) for selling their updated compressed therapy devices and garment.

· March 2020: Nouvelle compression announced that they were launching bras for pre-eminent healing that gives outcomes for breast enhancement. These can be worn 24 hours, and the company also includes Bra Bands, Bras with cups, sleeves, and without cups. These products were designed for safety.

· July 2019: 2XU announced they were teaming up with Tryzens to increase their involvement and consumer experience. 2XU is announcing the launch of its products onto e-commerce to market its compression garments and fitness wear for cycling and running.

Segmentation of the Global Compression Garments And Stockings Market