Press release
Increasing Demand For Compression Socks Market To Fuel Revenue Growth Through 2022 - 2031 : Fact.MR
A recently published report by Fact.MR reveals that the global compression socks market is projected to grow at a modest CAGR of 4.7% during the forecast period 2021-2031, surpassing nearly US$ 1 Bn by 2031. Compression socks having garnered significant demand for therapeutic purposes as the standard preventive measure for Deep Vein Thrombosis (DVT).From 2016-2020, sales of compression socks grew steadily at a CAGR of 4%. By 2021, the value of the market is expected to reach US$ 630 Mn. Sales further spiked during the COVID-19 pandemic, as work from guidelines issued by offices and the imposition of lockdowns compelled people to stay indoors with little to no physical activity. This led to an increase in cases of leg joint problems and swollen veins.
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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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Key Takeaways from the Market Study
By product, graduated compression stockings to experience 1.8x growth by 2031
Compression socks for deep vein thrombosis to surpass US$ 900 Mn by 2031
Hospitals to be primary distribution channel, surging over 1.9x during the forecast period
North America to account for 1/3rd of global compression socks market revenue
Asia to be one of the fastest growing markets, registering a CAGR worth 5% through 2031
Market Competition
The market for compression socks is largely consolidated, with top players accounting for more than 3/5thof the market share. Despite fewer top competitors in the compression socks market, competition among top-tier players has been high.
In July 2021, VIM & VIGR announced the launch of its fall 2021 collection of graduated compression socks, leg sleeves, and tights, hitting retail in August. The collection offers a range of compression levels from moderate 15-20 mmHg, moderate-firm 20-30 mmHg, and firm 30-40 mmHg
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.
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Deep Vein Thrombosis to Remain Primary Application Area?
According to Fact.MR, compression socks for treating deep vein thrombosis is likely to be the dominant segment, expected to surpass US$ 900 Mn during the forecast period. Compression socks help prevent onset of DVT symptoms in most cases.
When worn, these socks squeeze limbs in a manner which stimulates adequate blood flow through the veins. They tend to apply maximum pressure at the ankles, which gets lighter farther up the leg, compelling the blood to flow upward. This therapeutic squeezing can ease swelling, blood build-up and discomfort.
Why are Graduated Compression Stockings Highly Demanded?
Graduated compression stockings have garnered significant attention from consumers in the recent past. These stockings exert the greatest degree of compression at the ankle, which gradually decreases up the garment. They are being deployed to treat chronic venous disease and edema.
Graduated compression stockings are designed for ambulatory patients and are manufactured under strict medical and technical specifications to include consistency and durability. Fact.MR expects the segment to surge 1.8x by 2031.
Source - https://www.factmr.com/report/3519/compression-socks-market
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