The compression stockings market involves products such as knee-high, thigh-high, and waist-high compression stockings that apply gentle pressure on the lower legs and feet. Compression stockings help improve blood circulation by preventing blood pooling in the legs and reducing swelling. They are commonly used to treat and prevent issues like varicose veins, deep vein thrombosis (DVT), leg cramps, heavy legs, spider veins and other chronic venous diseases. Advantages of compression stockings include improved comfort, reduce pain and swelling, prevent blood clots and heal wounds. The growing geriatric population which is more prone to such medical conditions and increasing awareness about the benefits of medical compression garments are majorly driving the adoption of compression stockings.
The Global compression stockings market is estimated to be valued at US$ 14,869.5 Mn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the compression stockings market are Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. These market players are focusing on new product launches and strategic collaborations to strengthen their market presence.
The growing prevalence of medical conditions such as varicose veins and DVT is a major factor fuelling demand for compression stockings. According to a study, over 30-40% of the adult population suffers from varicose veins in western countries. Rising obese and geriatric population is further contributing to high incidence rates of varicosis which is expected to drive market growth.
Technological advancements have led to the development of new raw materials and advanced production techniques for compression stockings. The introduction of graduated compression technology provides accurate graduated compression across the feet, ankles and calves. Wireless connectivity in smart compression garments is another emerging trend allowing remote monitoring of patients.
Market Trends
- Increased uptake of medical compression due to proven efficacy: Extensive clinical research proving the therapeutic benefits of compression stockings in preventing and treating chronic venous diseases has increased acceptance amongst healthcare professionals and patients.
- Rise in online purchase of compression clothing: Growing e-commerce platforms and company websites are enabling easy availability and purchase of compression stockings from the comfort of home driving market revenues.
Market Opportunities
- Untapped emerging markets: Developing regions like Asia Pacific and Latin America offer significant growth prospects for compression stockings due to growing health awareness, disposable income and increasing rate of obesity in these regions.
- Customization and product premiumization: Market players can leverage opportunities through product customization, incorporation of advanced materials and digital technologies to serve niche customer segments willing to pay premium for added convenience, comfort and efficacy.
Impact of COVID-19 on Compression Stockings Market Growth
The COVID-19 pandemic had a significant impact on the compression stockings market initially. During the lockdowns and travel restrictions imposed globally, the demand from hospitals and patients reduced drastically. However, with rising cases of COVID-19, patients requiring compression stockings for medical conditions increased. As the virus can cause blood clots in severe cases, the use of compression garments became more prevalent in COVID management.
With several elective surgeries and outpatient appointments being postponed during the pandemic's peak, the demand from orthopedic and trauma cases reduced in 2020. However, as restrictions eased and healthcare systems adapted to the new normal, the demand rebounded in 2021. Manufacturers also responded to the pandemic's demands by developing antimicrobial and anticoagulant compression products.
Going forward, the rising awareness about compression therapy's role in preventing inflammation and blood clots is expected to drive higher adoption post-COVID. The market is also expected to gain from expanding medical reimbursement policies worldwide. However, fluctuating raw material prices remain a challenge. With economic recovery underway, the global compression stockings market is projected to grow at a steady pace through 2030.
Europe accounts for the largest share of the compression stockings market in value terms. This is attributed to the rising prevalence of diabetes, DVT and other conditions requiring compression therapy. Countries like Germany, UK, France, and Italy have been consistently investing in physician education and awareness campaigns regarding compression garments. With universal healthcare and favorable reimbursement policies, penetration rates for medical compression socks and stockings have increased across Europe over the past decade.
The Asia Pacific region has emerged as the fastest growing market for compression stockings during the forecast period. This is due to rapid economic development, growing medical tourism, rising health expenditures and an increasing focus on preventive care in nations such as China, India and South Korea. With growing accessibility and awareness, prevalence of associatedconditions is rising in Asia, driving higher demand gains for compression stockings ahead. Improving access in rural areas and expansion of private insurance coverage also supports the region's growth opportunities.
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