Global Market for Compression Garments & Stockings Poised to Grow at 4.9% CAGR during 2017-2027
Posted: Jun 26, 2018
According to a latest report published by Future Market Insights, by the end of 2027, the global compression garments and stockings market is anticipated to reach US$ 3,541.3 Mn in value, reflecting a moderate growth at 4.9% CAGR. The global market for compression garments and stockings, which is currently valued at a little over US$ 2,100 Mn, will witness a steady growth in terms of volumes over the forecast period from 2017 to 2027. Towards the end of this period, more than 46 million units of compression garments and stockings will be sold across the globe. The report estimates that volume-wise growth of the global compression garments and stockings market will exhibit a 5.2% CAGR, after recording global sales of 26.5 million compression garments & stockings in 2016.
The report, titled "Compression Garments & Stockings Market: Global Industry Analysis and Opportunity Assessment, 2017-2027," has included multiple factors impacting the growth of global compression garments & stockings market during the forecast period. Growing caseload for varicose vein treatments and orthopaedic surgeries is observed as a key driver boosting the sales of compression garments & stockings. Meanwhile, advancements in fabric and garment designer is serving as a blessing in disguise for compression garment & stocking manufacturers. Moreover, rising sports injuries, increase in the number of orthopaedic surgeries, and rapidly growing obese population witnessed in several parts of the world is boosting the global demand for compression therapy products.
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The report has also assessed that compression therapy will remain to be recognized as a gold standard for the treatment of lymphedema, chronic venous insufficiency, and deep vein thrombosis during the forecast period. Compression garments and stockings are easy-to-use, safe, and provides effective treatment in a short time span, which will continue fuelling their sales in the long run. Nonetheless, treatment of vascular diseases with compression therapy products is expensive, and demands greater expenditure for routine follow-ups and out-patient monitoring.
Global Compression Garments & Stockings Market – Forecast Highlights
In 2016, more than 90% of the global compression garments and stockings market revenues was accounted by global sales of compression garments
Through 2027, lower compression garments are pegged to remain in great demand, reflecting a volume CAGR of 5.6%
Throughout the forecast period, varicose veins will be observed as the largest application, account for half of global revenues by 2027-end
Wound care application of compression garments and stockings is also expected to gain traction, showcasing a value CAGR of 5.2%
Towards the end of 2027, more than 15 million compression garments and stockings will be distributed across the globe through hospitals
In the due course of this forecast period, online sales will be observed as fastest-growing distribution channels, exhibiting a robust volume CAGR of 6.5%
North America and Western Europe, together, will be at the forefront of expansion of global compression garments and stockings market
While these two regions account for nearly 70% of the market revenues by 2027-end, the compression garments and stockings markets in Latin America and the Asia-Pacific excluding Japan (APEJ) region will register value CAGRs of 5% and 6.2% respectively
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Strict Guidelines Limits the Design Space for Potential Conceptual Ideas
Manufacturing medical compression garments require strict guidelines to be followed. Manufacturers are prioritizing optimal therapeutic efficacy, product reliability and best comfort while producing compression garments and stockings. Faulty products and poorly-designed garments & stockings can cause shearing, a potential problem if the patient has weak skin, a venous ulcer or some other wounds. This constraint limits the design space for potential conceptual ideas as patient safety continues to be the most crucial concern and constraint for manufacturers. The report has profiled leading players in the global compression garments and stockings market, which include 3M, BSN Medical, Nouvelle Inc., Medical Z, medi GmbH & Co KG, Covidien Ltd. (a Medtronic PLC. Company), SIGVARIS, Therafirm, Santemol Group Medical, 2XU Pty. Ltd., and Leonisa, Inc.
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