Press release
Demand For Compression Socks Is Surging Primarily Due To Increasing Instances Of Varicose Veins
Market SnapshotAccording to Fact.MR’s recent study on the global compression socks market, the market is gaining traction steadily and is expected to swell 1.6x through 2031, registering an impressive valuation of nearly US$ 1 Bn, and reaching US$ 630 Mn by 2021. Treatment for deep vein thrombosis will remain the key application area, slated to reach US$ 900 Mn by 2031.
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Key Points Covered in Compression Socks Industry Survey
Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
Assessment by Product Grade / Purity / Formulation Standards
Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
Certifications and Compliance Requirements
COVID-19 Impact on the Compression Socks Industry and How to Navigate
Recommendation on Key Winning Strategies
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Consumption Analysis of Compression Socks from 2016-2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded at a CAGR of around 4%. Globally, there is a rise in the number of patients with venous disorders. This is a key factor that is driving the growth of the compression socks industry.
Venous disorders include conditions such as varicose veins, spider veins, leg pain, leg swelling, chronic venous insufficiency, leg ulcers, deep vein thrombosis (DVT), and others. According to the Society for Vascular Medicine, an estimated 30 million people in the U.S. suffer from venous disorders.
Considering these factors, the global compression socks market is slated to expand at around 6% CAGR over the next ten years (2021-2031), and reach a valuation of over US$ 1 Bn by 2031-end, expanding at a CAGR of around 4.7% in value terms.
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Key Segments Covered
Product Type
Standard Compression Socks
Graduated Compression Stockings
Application
Compression Socks for Deep Vein Thrombosis
Compression Socks for Chronic Venous Disorder
Compression Socks for Diabetes Wounds
Compression Socks for Other Applications
Distribution Channel
Compression Socks via Hospital Pharmacies
Compression Socks via Retail Pharmacies & Drug
Stores
Compression Socks via Online Sales
Compression Socks via Other Distribution Channel
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Competitive Landscape
The market for compression socks is largely consolidated, with top players accounting for more than 60% of the market share. Despite fewer top competitors in the compression socks market, competition among top-tier players has been high.
Companies are focusing on new product introduction and product differentiation to maintain a foothold in the market. Sigvaris Group is the top player accounting for a majority share in the market for compression socks. Juzo, Inc., Essity Aktiebolag (publ), and Medtronic Plc. are mid-tier competitors in the compression socks industry. Notable developments in the industry are as follows:
In January 2021, Thuasne SAS, a prominent medical devices manufacturer in Europe, acquired Knit-Rite Inc. and its division Therafirm which is dedicated to providing compression products, including compression socks
In 2020, Hatch announced the launch of Hatch Compression Sock, and the Swell Relief Duo to help mommas-to-be soothe swollen feet and ankles in order to stay on toes all day long.
For More Insights- https://www.einpresswire.com/article/557144827/concrete-road-construction-machinery-is-poised-to-expand-at-a-cagr-of-over-4-by-2030
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