Compression stockings are medical hosiery worn to reduce the occurrence of varicose veins and edema during prolonged standing or walking. They enable improved blood circulation, provide muscle support, and prevent leg fatigue. The global compression stockings market is projected to exhibit significant growth over the next decade owing to the rising prevalence of diabetic foot ulcers and venous leg ulcers.
The global compression stockings market is estimated to be valued at US$ 14,869.5 million 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:
The rising prevalence of diabetic foot ulcers is a key growth trend for the compression stockings market. It is estimated that around 15% of diabetic patients develop foot ulcers during their lifetime. Improper blood circulation is one of the primary causes of diabetic foot ulcers. Compression stockings help improve blood flow in the legs and prevent the formation of ulcers. Thus, the growing diabetic population worldwide is augmenting the demand for compression stockings for ulcer prevention.
SWOT Analysis
Strengths: Compression stockings offer effective therapy and preventive treatment option for people suffering from varicose veins, deep vein thrombosis and other leg complications. They help improve blood circulation and prevent leg fatigue.
Weaknesses: Compression stockings need to be worn all day which can be inconvenient and uncomfortable, especially in warm weather. Improper fitting can reduce their efficacy.
Opportunities: Growing elderly population at higher risk of leg health issues boosts market potential. Rising health awareness expands preventive treatment demand.
Threats: Alternative cost-effective leg therapy options poses competition. High costs of branded products restrain market growth in price-sensitive regions.
Key Takeaways
The global compression stockings market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 14,869.5 Mn by 2023 growing at a CAGR of 9.3% through 2030.
Regional analysis: North America dominates currently due to advanced healthcare infrastructure and higher health awareness. Asia Pacific is expected to grow at fastest pace considering large geriatric population in countries like China and India which elevates preventive treatment demand. Europe remains another major regional market for compression stockings.
Key players: Key players operating in the compression stockings market are Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. These companies hold a significant market share and are focused on product innovation and portfolio expansion through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
