July 18, 2024

The Compression Garments And Stockings Market Is Estimated To Witness High Growth Owing To Increasing Incidence Of Chronic Venous Disease

Market Overview:

Compression garments and stockings are medical compression products used in the treatment and management of chronic venous diseases, deep vein thrombosis, leg edema, and other conditions that cause hardening and swelling of veins. Compression stockings provide graduated compression through elastic fibers that assist blood flow back to the heart. Treatment with compression garments is often recommended as a first-line treatment for many of these conditions.

Market Dynamics:

The compression garments and stockings market is expected to witness significant growth over the forecast period, owing to increasing incidence of chronic venous disease, growing elderly population, and rising awareness about benefits of compression garments. As per statistics by the National Institute of Health, 20-30% of adults in the U.S. suffer from chronic venous disease. Growing elderly population is expected to further propel market growth as risk of chronic venous disease increases with age. In addition, increasing adoption of compression sportswear during exercise and recovery is also contributing to market growth. However, complications associated with tight compression clothing such as skin irritation may hinder market growth.

SWOT Analysis
Strength: Compression garments help improve blood circulation and reduce swelling. They offer relief for varicose veins, restless leg syndrome and blood clots. They are increasingly being used for lymphedema treatment and injury recovery.
Weakness: Low awareness and acceptance about compression garments. Improper fitting and sizing can reduce effectiveness.
Opportunity: Rising geriatric population suffers more from leg pain, varicose veins and swelling which boosts demand. Increasing popularity of active aging and sports fuels market growth.
Threats: Availability of alternative therapies like medications, lifestyle changes and surgeries. Stiff competition from local players offering lower cost products.

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 increasing prevalence of blood clots, varicose veins and leg injuries among active population.

Regional analysis
North America dominates the compression garments and stockings market owing to increasing rate of obesity and venous disease in the region. The Asia Pacific region is expected to exhibit the fastest growth due rising health awareness and improving healthcare infrastructure in emerging countries of China and India.

Key players
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. They are focusing on new product launches and strategic partnerships to gain market share.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it