Increasing investments toward the development of new compression socks and distribution by key stakeholders are major factors expected to boost the growth of the compression socks market. The global compression socks market was valued at US$ 550 Mn in 2019, and is expected to exhibit a CAGR of 5% during the forecast period (2019–2029).
Rising prevalence of deep vein thrombosis, chronic venous insufficiency, and diabetic foot ulcers has led to a surge in the demand for compression socks. Besides, the introduction of new functionalities in compression socks and growing efforts for their distribution by market players have also aided market growth.
Moreover, increasing demand for compression socks in sports and travel in the global market would create a significant opportunity for players operating in the global compression socks market during the forecast years.
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Key Takeaways of Compression Socks Market Study
- Based on product, graduated compression socks contributed around 60% value share in the global compression socks market in 2018, owing to their potential use in the treatment of chronic venous disease and edema.
- Growing prevalence of varicose veins around the globe and the high adoption of compression socks during its recovery are expected to result in a notable market share of the varicose veins segment in the compression socks market.
- Hospitals and online sales, both combined, contributed around three-fourth of value share in the compression socks market, due to their high service and increasing demand among patients.
- North America captured the highest revenue share of 40%, and is expected to be the most lucrative region in the global compression socks market during the forecast period.
- Lack of standardization and difference in comfort level between brands are expected to adversely affect the growth of the compression socks market around the globe, to some extent.
“The growing demand for compression socks for sports, travel, and maternity purposes, and continuous focus on the development of compression socks with new functionalities, are projected to propel the growth of the global compression socks market over the coming years,” says a PMR analyst.
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Impact of COVID-19 on Compression Socks Market
The explosive nature of the recent virus outbreak has led to factories in garment-producing regions being closed down. Furthermore, China, being the epicenter of the initial outbreak, has put the export of raw materials on hold due to travel restrictions. Shortage of raw materials coupled with declining sales due to changing priorities is causing a decline in the sales of the compression socks. This decline is further complemented by the freeze in production in the virus-hit regions, and other manufacturers operating with limited manpower and shortage constraints. While China gradually recovers from the catastrophe, the market in other regions will take some more time to stabilize, and in the interim, the compression socks market will witness a downtrend.
Launching New Products – Imperative Strategy for Market Players
Introduction of new innovative products as per patient needs is a major factor responsible for intense competition among market players in the global compression socks market. Several companies are focusing on launching comfortable compression socks to increase their product sales and expand their market share. For example, in April 2019, medi GmbH & Co KG launched a new product line – duomed relax – of compression socks with extra padding comfort, to meet the growing demand for comfortable compression socks.
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What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the compression socks market in its latest study, presenting historical demand assessment of 2014–2018 and projections for 2019–2029, based on product (standard compression socks and graduated compression socks), application (varicose veins, wound care, burns, oncology, and others), and distribution channel (hospitals, ambulatory surgical centres, clinics, online sales, and other healthcare facilities), across seven key regions.