Compression Socks Market is expected to exhibit a CAGR of around 5% over the forecast period (2021 - 2031) - Persistence Market Research
NEW YORK, June 10, 2021 /PRNewswire/ -- 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.
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).
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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.
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"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.
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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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