Compression Socks Market is anticipated to top a valuation of nearly US$ 1 Bn by 2031
The global Compression Socks Market is expected to witness a CAGR of 5% and reach US$ 1 Bn by the year 2031. With how healthcare data gets accumulated these days (which could be inclusive of medical IoT solutions, DICOM files, and patient records), ultra-modern platforms like data fabrics are in the offing, so that distributed and structured data could be well-managed. This would be the healthcare industry's situation in the upcoming period.
Rise in prevalence of venous disorders such as deep vein thrombosis and chronic venous insufficiency, coupled with diabetic foot ulcers, has led to a surge in the demand for compression socks. Rising awareness about the efficacy of compression socks and introduction of new functionalities according to consumer demand are aid market growth.
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Increasing demand for compression socks in active sports and travel is also expected to create a positive opportunity of growth in different markets over the forecast period. Increase in investments in emerging economies for manufacturing compression garments and new product launches, along with acquisitions and collaborations by key players, is expected to aid in market expansion as well.
The global compression socks market was valued at US$ 600 Mn in 2020, and is expected to exhibit a CAGR of around 5% over the forecast period (2021 - 2031).
3M Healthcare (3M Co.)
Calzificio ZETA S.R.L.
medi GmbH & Co KG
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Key Takeaways from Market Study
Graduated compression socks hold around 60% value share, globally, due to their efficacy and use in the treatment of chronic venous disease and edema.
Increased global prevalence of varicose veins and use of compression socks for their treatment is an augmenting factor toward demand.
In terms of distribution channel, hospitals and online sales contribute to a large share in market due to their high-quality service.
The region of North America is dominant in the global market for compression socks, and will continue to remain the most lucrative market over the forecast period.
"Compression garments are witnessing growth in emerging economies due to online advertisements and new product functionalities. Niche areas such as sports activities and oncology pose a promising opportunity for manufacturers," says an analyst of Persistence Market Research.
New Product Launches - Strategy by Key Players
Key manufacturers of compression socks use the strategy of introducing new and innovative products according to patients' needs. This factor induces an intense competition among market players.
For instance, to increase the value of comfort, Medi GmbH & Co KG launched a class of compression socks with extra padding named 'Duomed Relax' in April 2019.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the compression socks market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031. The research study is based on product (standard compression socks and graduating compression socks), application (varicose veins, wound care, burns, oncology, and others), and distribution channel (hospitals, ambulatory surgical centers, clinics, online sales, and other healthcare facilities), across seven key regions of the world.
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Compression Socks Market - Report Highlights
A detailed overview of parent market of Compression Socks Market
Changing Compression Socks Market dynamics in the industry
In-depth segmentation of the Compression Socks Market
Historical, current, and projected Compression Socks Market size regarding volume and value
Recent industry trends and developments in Compression Socks Market
Competitive landscape of the Compression Socks Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Compression Socks Market performance
Must-have information for Compression Socks Market players to sustain and enhance their market footprint
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