Compression Garments And Stockings Market to Reach Valuation of USD 4.5 Billion by 2030 – Growth in the Usage of Smart Fabrics in Healthcare Domain Drives the Market

In terms of revenue, the Compression Garments And Stockings Market is expected to reach USD 4.5 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.5% from 2023 to 2030.

Market growth is expected to be fueled by the expanding healthcare industry, which in turn has been driven by the ongoing population boom as well as post-pandemic complications being experienced by citizens worldwide. Regions of Asia-Pacific and Europe with high geriatric populations have provided lucrative business opportunities to key players in the Compression Garments And Stockings market. On the other hand, certain regions in North America, especially the United States, recorded a high prevalence of diabetes and obesity which has led to an increased demand for support and rehabilitation products that aid full body blood circulation and reduce the risk of disease.

Rising awareness amongst denizens driven by government initiatives has resulted in a sharp spike in sales of smart and innovative compression garments. This in turn has increased investments in research and development activities with technological advances, specifically in the field of nanotechnology, driving the market to reach new heights.

Key Highlights from the Report

1. Among Technology, the rapid advancement in the field of nanotechnology has opened up new possibilities for the Compression Garments And Stockings market. Smart fabrics with the ability to respond to external stimuli, provide antimicrobial and mold-repellent properties that reduce the risk of infections, and confer self-cleaning abilities to the accessory have taken the medical textile industry by storm.
2. By Application, the varicose veins segment accounted for the largest share of 47% of the global Compression Garments And Stockings market in 2022 and is expected to continue dominating the market during the forecast period. An increase in the geriatric population in countries like Japan and Germany is predicted to drive this segment’s growth.
3. In terms of Region, North America accounted for the largest revenue share of 81% of the global Compression Garments And Stockings market and is expected to continue this trend during the forecast period. The availability of superior healthcare systems, the presence of key market players, and the ever-growing geriatric populations are the reasons behind this trend.

Market Dynamics

The market will be positively influenced by rising awareness among patients and healthcare providers alike as new research and development activities pertaining to smart compression garments are advertised on a wider scale. Key players in the market are rushing to fulfill demands coming from the multibillion-dollar sports industry as athletes seek accessories that enhance performance and ensure timely recovery from sports-related injuries.

Leading companies are coming up with numerous products made through advanced technologies that specifically target the athletic population and their needs. The United States region is predicted to record the fastest-growing trend in this market over the analysis period. This growth is attributed to the large geriatric population in this region. Countries like China, India, and Japan are also expected to be leading contributors. The prevalence of old-age-related complications, the region’s growing number of medical professionals and facilities, along with rising investment in technology-based products are believed to be the top reasons for recording this growth. North America has dominated the market in 2022 due to the availability of advanced healthcare systems, more focus on funding research, and the large presence of key players in the {keyword}} market. A high cost of specialized equipment and proprietary testing methods is expected to slow market growth.

The Compression Garments And Stockings Market in North America is expected to witness a noteworthy development with a significant growth rate over the forecast period. This can be attributed to the availability of value-added goods like compression gradient and anti-static braces and the focus on compression garment-related research to find innovative ways to increase consumer comfort and reduce severe risks of disease. The area businesses are introducing products that meet consumer demands.

The Global Compression Garments And Stockings Market is Segmented as follows

• Product Type
  • Knee High
  • Thigh High
• End User
  • Men
  • Women
• Distribution Channel
  • Offline
  • Online
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players in the Global Compression Garments And Stockings Market is

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)

The Global Compression Garments And Stockings Market Scope can be Tabulated as below