As per the Centers for Disease Control and Prevention (CDC), sedentary lifestyle has been reported to be one of the major causes of deep vein thrombosis (DVT) and similar venous disorders. Every year, around 2 Mn deaths are attributable to a sedentary lifestyle. As a preventive measure, people have been using compression garments, including compression socks, as a therapy or as a precautionary measure. While this factor has impacted the global compression socks market at a moderate level over the past five years, its impact is further expected to amplify as a potent driver in the following decade.
Growing Collaborations and Acquisitions to Drive Compression Socks Market
Companies in the global compression socks market are trying to consolidate their position through acquiring small and medium manufactures in the market. Manufacturers are making strategies to expand their products portfolios in compression socks by entering into mergers, acquisitions, and collaborations. In April 2017, Essity acquired BSN Medical for the integration of BSN Medical’s portfolio with its product offerings. The acquisition included the integration of BSN Medical’s brands - Leukoplast, Cutimed, JOBST, DeltaCast, DeltaLite, and Actimove.
Development of Innovative Products Offering Better Services to Prevent Venous Diseases
Manufacturers of compression socks have been striving to differentiate their products from competitors to meet consumer needs as well as an increase consumer convenience. Manufacturers are focusing on introducing new functionalities such as padding on the footbed and moisture control to their products. Padded compression socks have seen positive consumer perception after their introduction. Moisture control and patterns to improve the breathability of products are expected to increase demand in the coming years.
Market leaders and top competitors have been working to have a differentiated product portfolio with these added functionalities to sustain in the market. These efforts, as well as the concentration of consumers on therapeutic care, are expected to drive the growth of the compression socks market through 2029.
North America to Dominate Global Compression Socks Market
North America holds a noteworthy market share in the global compression socks market with around 43% of total revenue, and the market is expected to expand at a CAGR of 5% during the forecast period. Growing incidence of venous diseases and rising awareness among individuals are factors expected to contribute to the dominance of North America in the compression socks market. Increase in research & development activities, favourable reimbursements, and increase in the demand for innovative products have represented Europe to be the second-most lucrative region in the compression socks market for the forecast period. Continuous government support for new healthcare product development is one of the factors expected to boost the demand for compression socks in Asia Pacific.
COVID-19 Impact on Compression Socks Market
The global Covid-19 pandemic is expected to leave a negative mark on the compression socks market. A fall of sales is inevitable as distribution channels are closed down. Adding to the burden, the import of raw materials such as nylon, spandex and covered yarn is on indefinite hold on the back of travel restrictions. Furthermore, production lines are standing still due to manpower shortages. Moreover, the priority of consumers in these tiring times has shifted from purchasing lifestyle needs such as apparel to daily needs such as food and beverages. Owing to the aforementioned factors, the compression socks market will witness a dent in global sales in the coming months.
Competitive Landscape of Compression Socks Market
The compression socks market is characterized as a consolidated market, with key players across the globe, such as SIGVARIS, Juzo, Inc., 3M Company, Essity Aktiebolag, Medtronic Plc., mediGmbH & Co KG, Therafirm, Santemol Group Medikal, SanylegS.R.L., and Calzificio ZETA S.R.L. Manufacturers are actively involved in new product launches and acquisition of companies to gain a larger market share in the compression socks market. Further, investments toward product development and collaboration with different healthcare organizations are key strategies being adopted by manufacturers in the compression socks market.
Increasing prevalence of venous diseases and the growing adoption of compression socks among consumers are expected to accelerate market growth during the forecast period. Besides, the continuous focus of manufacturers toward improvements in the functionalities of compression socks is also responsible for market growth at an impressive rate. North America and Europe hold a considerable share of the global compression socks market. Moreover, increasing demand for compression socks for sports, travel, and maternity are promising factors for investors to invest in the compression socks market.
Compression Socks Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global compression socks market. The study provides detailed assessment of key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the compression socks market structure. The market study presents exclusive information about how the compression socks market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR), are explained in PMR’s study in a comprehensive manner. Other information includes definition, drivers and opportunity analysis by region and by product type, which helps in the deep understanding of the market segment details by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the compression socks market during the forecast period.
The study is relevant for manufacturers, physicians, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on future trends in the compression socks market. Furthermore, small businesses and new entrants in the compression socks market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
PMR’s study on the compression socks market offers information divided into four important segments— by product, application, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Segments of Compression Socks Market
Questions Answered in PMR’s Compression Socks Market Report
Compression Socks Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the compression socks market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the compression socks market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as validation from companies in the compression socks market, and makes PMR’s projections on the growth prospects of the compression socks market more accurate and reliable.