Compression Garments to Lead with Over 90% Market Share
Accounting for over 90% share of market revenues, compression garments continue to attract greater investments as compared to compression stockings. By 2026, sales of compression garments will surpass the US$ 3 Bn mark, with significant application in orthopaedic post-surgical pain management. On the other hand, compression stockings are likely to see sluggish adoption rate due to risks associated with improperly worn stockings, which could further lead to uneven distribution and excessive pressure.
Developed Regional Markets Continue their Hegemony
The markets in Western Europe and North America continue to capture significant demand share throughout the forecast period, with the former expected to join the billion-dollar club by 2022. With patient-centric healthcare model as well as tech-driven transformations on the horizon, the war of innovation hegemony among prominent stakeholders is amplifying these developed regional markets, which continue to account for nearly 70% share of total revenues.
Market players are also tapping white spaces in the developed regional market of Asia Pacific excluding Japan (APEJ), owing to surging government investments in patient empowerment, and emerging healthcare technology trends.
Manufacturers Focusing on Nanotechnology-based Textiles
The military and sports sectors have been the center of innovation research in the textile industry, which have further accented for smart textiles. Nanotechnology, for instance, enhances the durability of the fabrics owing to a large surface area-to-volume ratio and high surface energy of nanoparticles. The nanoparticle technology offers immense growth potential for the textile industry, thus, manufacturers of compression garments and stockings must drive their attention towards tech-driven materials and processes.
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How Growth will Unfold
Adoption of compression garments and stockings in compression therapy market will remain prominent in treating varicose veins, where their usage will account for around US$ 2 Bn by 2029 end. In the wake of increasing incidents of varicose veins, especially in developed regions, market players are viewing this as a target application area. While application of compression garments and stockings in varicose veins continue to hold nearly half of total demand, they are likely to witness moderate adoption in other applications - oncology, wound care, and burns.
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL COMPRESSION GARMENTS AND STOCKINGS MARKET
What are the new trends in compression garments and stockings market?
Nanotechnology-based garments, sportswear, and utility of nanofibers for enhanced physical and mechanical benefits are factors responsible for growing inclination towards compression garments and stockings among users.
Which region will lead the global sales for the compression garments and stockings market?
Western Europe accounted for the largest market share in terms of revenue in the compression garments and stockings market. Asia Pacific excluding Japan (APEJ) is anticipated to offer lucrative opportunities during the forecast period.
Which distribution channel is expected to contribute maximum revenue share during the forecast period?
Hospitals are expected to hold significant market share during the forecast period. Online sales accounted for the second most attractive segment owing to increase in number of patients who are attracted to promotional offers and ease of procurement.
What is the growth strategy of leading players in the compression garments and stockings market?
3M is the leading player in the compression garments and stockings market. The company is enhancing its product portfolio via acquisition of companies offering similar products. In October 2019, 3M acquired Acelity, Inc. and its subsidiary KCI to expand its wound healing segment.
How the compression garments and stockings market landscape is going to shape during the forecast period?
Rising number of chiropractors and physiotherapists prescribing the use of compression therapy for the ageing population is expected to contribute to the steady growth of the compression garments and stockings market. As the injuries related to sports are increasing year-on-year, this ultimately will increase the number of products sold to athletes.
COMPRESSION GARMENTS AND STOCKINGS MARKET TAXONOMY
The global compression garments and stockings market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Compression Garments
- Upper Compression Garments
- Lower Compression Garments
- Compression Stockings
- Anti-Embolism Compression Stockings
- Gradient Compression Stockings
- Varicose Vein
- Wound Care
- Other Indications
- Ambulatory Surgical Centers
- Online Sales
- Other Healthcare Facilities
- North America
- Western Europe
- Eastern Europe
- Latin America