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Compression Garments and Stockings Market - Size, Share, Outlook, and Opportunit

Posted by aditya450 on February 25th, 2020

Increasing prevalence of varicose veins is expected to boost growth of the global compression garments and stockings market over the forecast period. For instance, according to the American Vein and Lymphatic Society, 2019, over 40 million people in the U.S. suffer from varicose veins.

Moreover, increasing number of orthopedic surgeries is also expected to aid in growth of the market. For instance, according to American Academy of Orthopedic Surgeons, by 2030, primary total joint replacement is projected to increase by 171% and primary total knee replacement is projected to increase by up to 189%, for a projected 635,000 and 1.28 million procedures, respectively, in the U.S.

Europe region held dominant position in the global compression garments and stockings market in 2018, accounting for 46.9% share in terms of value, followed by North America.

Players in the market are required to follow stringent guidelines while production of medical compression garments. Three main objectives must be reached that is optimal therapeutic efficacy, product reliability, and best comfort. A patient with a weak skin, venous ulcer or some other wounds can suffer from shearing due to the garment. This in turn limits the design space for potential conceptual ideas as patient safety is a major concern.

Complications related to improper use of compression stockings, may also limit growth of the market. Although the application of compression stockings appear simple, inappropriately worn stockings can cause significant problems. Such as breaking of skin, especially in older, malnourished patients, and those with thin and brittle skin. 

Ensuring the consistency and repeatability of the applied pressure throughout its use is a major challenge for compression garments. This is owing to the limited sizing options of most compression garments. Key players in the market can focus on integrating sensors in compression garments to enhance their efficacy.

Market players can also focus on developing non-pneumatic anti-shock compression garments as an effective intervention for intradialytic hypotension.

Compression garments segment in the global compression garments and stockings market was valued at US$ 2,178.3 Mn in 2018 and is expected to reach US$ 3,456.7 Mn by 2027 at a CAGR of 5.1% during the forecast period.

The use of specialized compression stockings, sleeves and gloves has increased in patients suffering from lymphedema, an incurable disease. Use of compression stockings can help prevent complications such as tissue damage, swelling, and infection.

High cost of compression stockings has led to increasing demand for including these products under insurance.  Prices for garments vary considerably. According to the Lymphedema Advocacy Group, a patient volunteer organization seeking a federal mandate for insurance coverage, standard-fit arm sleeve costs US$ 81, whereas a custom-made equivalent costs US$ 202. The total cost of these garments can reach US$ 960 for patients that require custom garments. Moreover, compression garments are needed to be replaced two to four times a year, which further increases the healthcare expenditure.

Major players operating in the global compression garments and stockings market include, 3M, BSN Medical, Covidien Ltd. (a Medtronic Plc. company), Medi GmBH & Co KG, SIGVARIS, Therafirm, 2XU Pty. Ltd., Santemol Group Medikal, Leonisa, Inc., Nouvelle, Inc., and Medical Z.

Major players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in November 2018, DJO Global, a provider of compression garments, therapeutic shoes and inserts, partnered with SirenMD, becoming the exclusive sales representative for SirenMD’s sports team market.

In October 2018, Parasol Medical, a provider of compression garments used for pain management and physical therapy, signed an agreement with Professional Products, Inc., under which Professional Products, Inc. will have the global rights for the use of Parasol’s MicrobeCare antimicrobial technology in orthopedic and veterinary bracing markets.

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Also See: Compression Garments, Stockings Market, Global Compression, Compression Stockings, Stockings, Market, Garments

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