- Change in lifestyle, development in fabrics and garments designs, rise in number of Chronic venous leg ulceration (VLU) patients, increase in demand from geriatric population drive the growth of the global compression stockings market.
PORTLAND, Oregon, March 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Compression Stockings Market by Type (Knee High and Thigh high), Demography (Men and Women) and Distribution Channel (Departmental Stores and E-commerce): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global compression stockings industry was estimated at $1.6 billion in 2018 and is expected to hit $2.44 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Drivers, restraints & opportunities-
Change in lifestyle, innovation in fabrics and garments designs, increase in number of chronic venous leg ulceration (VLU) patients, surge in demand from geriatric population fuel the growth of the global compression stockings market. On the other hand, rise in awareness of probable side effects of compression garments restrains the growth to some extent. However, continuous product innovation, and advent of social media marketing are expected to pave the way for a number of opportunities for the frontrunners in the industry.
The thigh-high segment to retain its dominance during the estimated period-
Based on product type, the thigh-high segment accounted for more than half of the global compression stockings market share in 2018, and is expected to maintain the lion's share by the end of 2026. Some of the key features such as flexibility coupled with multiple benefits provided by thigh compression stockings boost the growth of the segment. The knee-high segment, on the other hand, is projected to register the fastest CAGR of 6.20% during the study period. Availability of the product in various designs and attractive colors is expected to fuel the segment growth.
The women segment to lead the trail during the study period-
Based on demography, the women segment held the largest share in 2018, generating more than half of the global compression stockings market. This is because majority of the compression stocking products are being designed targeting the female customers. Simultaneously, the men segment would grow at the fastest CAGR of 6.20% till 2026. Certain innovative products facilitated by manufacturers targeting the male population drive the segment growth.
North America to rule the roost by 2026-
Based on geography, North America contributed to two-fifths of the global compression stockings market revenue in 2018, and is anticipated to rule the roost during 2019–2026. Rise in popularity of compression wears in different sports coupled with continuous innovation being carried by regional manufacturers helps drive the demand for compression stockings in this province. At the same time, Asia-Pacific would cite the fastest CAGR of 6.90% throughout the forecast period. Governmental support and promotion of sports events, increase in media exposure, and rapid development of the economy in countries like Japan, China and India are the major factors that drive the growth of the market in this region.
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