Report Code: A05953 | Pages: 245 | Jan 2020 | 11284 Views | ||
Author(s) : Abel T , Roshan D | Tables: 115 | Charts: 39 |
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Request Now !The compression stockings market size was valued at $1.6 billion in 2018, and is expected to reach $2.4 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
The global healthcare industry was valued at $8,800 billion in 2018, and is expected to reach at $11.6 Trillion during the forecast period. The increase in number of aging population, rising prevalence of chronic diseases, infrastructure investments, technological advancements, evolving care models, higher labor costs amidst workforce shortages, and the expansion of health care systems in developing markets are some of the key factors that help drive the overall growth of the market in terms of value sales. This has triggered the demand for different types of healthcare products that even includes compression stockings. Compression stockings are one of those specialized hosiery products, which are designed to help prevent the occurrence of, and guard against further progression of, venous disorders such as edema, phlebitis, and thrombosis. In addition, compression stockings improve and regulate blood flow in one’s leg. Moreover, it prevents leg swelling and blood clots, which propel its demand globally, thereby augmenting the growth of the global compression stockings market.
The preference for compression therapy has been on rise over the past couple of years. Compression therapy is a simple and effective means of increasing blood flow in the lower and upper limbs through strengthening vein support. People suffering from vein diseases experience strain in leg veins that can prompt valves within the veins to fail to work efficiently, resulting in blockage of blood flow that eventually pool out in the legs. Such customers rely on compression therapy, where during the process, they need to wear compression garments such as compression stockings. Hence, rise in preference for compression therapy is an influential trend during the compression stockings market forecast .
Compression stockings products witness increased demand in various healthcare sectors-hospital being one of the major consumers. Patients who undergo surgeries, especially on their limps due to serious injuries, doctors recommend them to wear compression garments that include compression stockings for proper blood circulation. Hence, surge in demand of different types of compression stockings drives the growth of the global compression stockings market.
On the basis of type, the compression stockings market is segmented into knee high and thigh high. Among these, the thigh-high segment accounts for a higher value compression stockings market share. This is attributed to the fact that thigh-high compression stockings offer numerous benefits as compared to knee-high compression stockings. These stockings not only cover feet and calves but also cover the entire leg for compression therapy. Moreover, Thigh-high compression stockings are available in different styles such as sheer, opaque, pattern, ribbed, and silicon band. Most of the thigh-high compression stockings are made of cotton blend as well as nylon blend. Sigvaris, Solaris, Solidea, and Therafirm are some of the popular brands operating in thigh-high compression stocking segment.
Depending on demography, the compression stockings market is bifurcated into men and women. The women’s segment accounts for a higher value share as compared to the men’s segment, as majority of the compression stocking products are being designed targeting the female customers. Compression stockings for women not only come with medical solutions for poor blood circulation in one’s leg but also features attractive designs, patterns, and colors that altogether cater to the requirements of target customers. Thigh-high compression stockings is one of the most preferred stockings among the female population. Jobst, Sigvaris, CircAid, Dr. Scholl’s, Truform, Therafirm, and Venosan are some of the key brands operating for women compression stockings market.
By distribution channel, the compression stockings market is segregated into online and offline channel. Among these, sales of compression stockings through offline channel is expected to be highest. Some of the key brick-and-mortar stores such as hypermarket/supermarket, specialty stores, and franchisee store are being considered in the offline store segment. These stores facilitate variety of options in hygienic products promoting both branded and private-labelled segments. Moreover, these kind of store initiates several key promotional and marketing events such as customer loyalty programs, discounts, and seasonal offers in the view of generating higher revenue sales.
Region wise, the compression stockings industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the global compression stockings market. In 2018, the North American compression garment market generated a revenue sales of $1.8 billion registering a CAGR of 4.5%. Increase in popularity of compression wear in table tennis, baseball, and cycling and continuous innovations in shapewear by manufacturers are the major factors that drive the growth of the market in North America. U.S. dominated the North American compression stockings market, owing to rise in popularity of high-end compression clothing in the region during the past few years. This is attributed to increase in inclination of women toward fashionable and stylish shapewear. Prominent market players in North America include Marena Group, Ann Chery, Your Contour, Leonisa SA, and Spanx Inc. Compression wear has gained extreme popularity among athletes and gym enthusiasts. In addition, the region witnesses popularity of bottoms, shirts, and sleeves & stockings in sports such as table tennis, soccer, baseball, and others. Moreover, athleisure trend has increased among Americans. Hence, rise in number of health-conscious customers coupled with increase in popularity of compression wear in sports industry has boosted the demand for compression stockings in the region.
Key players profiled in the compression stockings market include Spanx Inc., Triumph International Corporation, 2xu Pty Ltd., Leonisa, Ann Chery, Colfax Corporation (DJO Global), I-Runner, European Lingerie Group, Creswell Sock Mills, and Zhende Medical Group.
Compression Stockings Market Report Highlights
Aspects | Details |
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BY PRODUCT TYPE |
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BY DEMOGRAPHY |
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BY DISTRIBUTION CHANNEL |
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BY REGION |
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Key Market Players | 2XU Pty Ltd, Ann Chery, Colfax Corporation, Creswell Sock Mills, European Lingerie Group', I-Runner, Leonisa SA, Spanx Inc, Triumph International AG, Zhende Medical Group |
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According to the insights of the CXOs of leading companies, rise in geriatric population coupled with increase in per capita expenditure on healthcare products has been one of the key factors that help drive the demand for compression stockings.
Compression stockings manufacturers consider adopting some of the key marketing strategies to help trigger demand among the target customers such as inbound marketing, relationship marketing, influencer marketing and other such. Manufacturer sights these marketing channels as an effective platform that help promote their compression stockings and accordingly increase their customer base.
Apart from marketing, according to some of the key manufacturers in global compression stockings market, innovation in product offerings plays an influential role in triggering the demand for the product. Manufacturers have been continuously improvising their product features to meet the expectations and requirements of target customers.Furthermore, increase in internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs, as online platforms serves as one of the easiest means to create awareness about the specifications and features of compression stockings among target customers.
A. The global compression stockings market is expected to register a CAGR of 5.60% during the forecast period.
A. The global compression stockings market is expected to be valued at US$1.6 billion in 2018 and the market is expected to be valued at US$2.4 billion in 2026.
A. Spanx Inc., Triumph International Corporation and Colfax Corporation are some of the leading manufacturing companies in the Global Compression Stockings Market
A. Some of the attractive deigns and alluring prints facilitated by compression stocking manufacturers turns out to be an influential trend that will help shape the market during the forecast period.
A. Overall rise in number of Chronic venous leg ulceration (VLU) patients coupled with surge in demand for the product from geriatric population are the driving factors for Global Compression Stockings Market. Continuous product innovation facilitated by manufacturers is one of the key opportunities that is expected to drive the overall growth of the market in terms of value sales.
A. Availability of counterfeit products is one of the major challenges faced in the global compression stocking market.
A. Women segment is expected to witness significant value sales growth during the forecast since female population are more prone leg cramp or even Chronic venous leg ulceration
A. Recent advancements in fabrics utilized to develop compression & shapewear is expected to supplement the growth of the market in terms of value sales.
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