Compression stockings help in reducing leg fatigue, preventing deep vein thrombosis, and improving leg circulation. They are particularly beneficial for individuals who are bedridden or immobile for prolonged periods due to medical conditions. The growing geriatric population worldwide is more prone to medical ailments requiring bed rest, thereby driving the demand for compression stockings. As per estimates, the number of people aged 65 years or above will reach 1.5 billion by 2050. With age progression, leg swelling, varicose veins and other issues related to blood circulation become more common. Compression stockings provide relief for such conditions without the need for medical intervention in most cases.
The global Compression Stockings Market is estimated to be valued at US$ 14,869.5 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the compression stockings market is the introduction of technologically advanced products. Manufacturers are focusing on development of smart compression stockings integrated with sensors and mobile device connectivity. These smart stockings can monitor health parameters like blood circulation, venous health issues, and send alerts in case of emergency. For instance, Sigvaris has launched mySwing mini, a connected compression stocking which pairs with an app and tracks daily wear time and activity levels. Such innovative products are gaining popularity among health-conscious consumers and patients requiring chronic monitoring. Growing preference for technologically advanced compression stockings will remain a major driving factor for market revenues over the forecast period.
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Porter’s Analysis
Threat of new entrants: The threat of new entrants in the compression stockings market is low as it requires high initial capital for manufacturing, distribution and branding. Bargaining power of buyers: The bargaining power of buyers in the compression stockings market is moderate as there are many players offering substitute products. However, medical grade compression stockings have specific applications. Bargaining power of suppliers: The bargaining power of suppliers in the compression stockings market is low due to the availability of substitutes and lack of differentiation in raw materials. Threat of new substitutes: The threat of new substitutes in the compression stockings market is moderate as alternative therapies and products provide partial substitutes. Competitive rivalry: The competitive rivalry in the compression stockings market is high due to the presence of well-established players and product differentiation.
Key Takeaways
The global compression stockings market is expected to witness high growth over the forecast period. Regionally, North America is expected to dominate the compression stockings market owing to increasing cases of varicose veins, DVT and related conditions. Factors such as rising obese and geriatric population are further driving the regional market growth. Europe is also expected to hold a significant share in the compression stockings market due to growing awareness and product adoption.
Key players operating in the compression stockings market are Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, and Julius Zorn GmbH, and Medtronic SIGVARIS. Bio Compression System offers graduated compression stockings under the brand ‘Circ aid’. BSN medical provides medical compression hosiery including knee highs, pantyhose and sleeves.
The global compression stockings market is highly competitive with the presence of several small and large players. Major players are focusing on new product launches, collaborations and geographical expansion to gain market share.
