Global Compression Stockings Market
Global compression stockings market report gives comprehensive outlook on compression stockings across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global compression stockings market gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application, and region. This report studies global compression stockings market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global compression stockings market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global compression stockings.
Global Compression Stockings Market:
The global compression stockings market is expected to be valued at US$ 1,894.3 Mn in 2019 and growing at a CAGR of 3.8% over the forecast period to reach US$ 2,367.4 Mn by 2026 owing to increasing prevalence of chronic venous diseases/venous insufficiency (CVD/CVI) which affects nearly 5% of adults in developed nations and 30% of the population is expected to have some forms CVD/CVI across the world, with symptoms of leg pain and swelling. Furthermore, prevalence of CVD/CVI is highest among the western countries such as Europe countries and Americas. As of 2017, around 600-80% of leg ulcers are related to the CVD and varicose vein affect approximately 30% of the population around the world. However, non-compliance among customers/patients is anticipated to hamper the growth of the market.
Surgeries propel the adoption of compression stockings
Compression stocks are recommended in many post surgeries like knee, legs, where the risk for developing deep vein thrombosis is one of the prevailing factor and moreover the post-operative swelling of the limbs is also expected to favor the utilization of compression stocking early after surgery. Moreover, irrespective of surgery, an outpatient or same day surgery, compression socks/stockings are more frequently prescribed. Popularity of knee arthroplasty, where knee joint is replaced with prosthetic devices, has been substantially gaining momentum and nowadays it is the routine procedure in many hospitals in both developed and developing nations. Surgeons in the United States (US) perform around 600 thousand procedures annually and more than 80 percent of knee replacement procedures are still functioning event after 25 years with reduced pain, improved quality of life and better mobility, which further encourage the surgeons to recommend knee replacements. Moreover, blood clots, known as deep vein thrombosis (DVTs), can develop after surgery. When DVTs get broken down and travel to the lungs ultimately result in a pulmonary embolism (PE), which is a life-threatening condition. As per the analysis from American Academy of Orthopedic Surgeons (AAOS), it is observed that around 1.2% of people with knee replacement get hospitalized with blood clots within 90 days of surgery and of these people approximately 0.9% with DVT and 0.3% with PE.
North America dominates the market share in the global Compression Stockings market
North America contributed approximately 49.8% of revenue followed by Europe, and Asia Pacific. In 2019, North America region accounted highest share and is anticipated to grow with a significant CAGR over the forecast years owing to increasing number of patients with venous disorders coupled with rising number of elderly population. The increasing demand for compression stockings among the pregnant women and athletes is one of the major factor driving the growth of the market over the forecast. However, compression stockings are least used in the MEA and LATAM regions which contributes only 2% of the global revenue of the compression stockings market
Key player’s profiles in the global compression stockings market include:
- Essity (BSN Medical)
- Cardinal Health, Inc.
- Colfax Corp. (DJO Global, Inc.)
- Indus Holding AG (Ofa Bamberg)
- Sigvaris Management AG
- Medi GmbH and Co. KG
- Bauerfeind AG
- Mölnlycke Health Care AB
- Julius Zorn, Inc.
- Belsana Medical
Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- For instance, in August 2019, Ofa Bamberg developed the first sustainable compression stocking which is known as Lastofa Verde, this compression stocking obtained from the oil of the castor oil plant
- On October 19, 2016, BSN medical announced today the launch of JOBST Relax, a custom-knit compression garment that redefines the nighttime management of lymphedema
Key Findings of the Report:
- Global compression stockings market expanding at significant CAGR over 2020 to 2025 owing to increasing demand for compression stockings in pregnant women.
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of new products and collaboration strategies to retain market position in global market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
- Thigh High
- Knee High
- Waist Attachment
- Ambulatory Patients
- Post-Operative Patients
- Pregnant Women
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA