Jan 06, 2020
Compression Socks Market to surpass US$ 900 Mn by 2029, with Brick and Mortar Stores being the Preferred Sales Channel, Opines Fact.MR
by Team Fact.MR
Compression socks having garnered significant demand for therapeutic purposes as the standard preventive measure for Deep Vein Thrombosis (DVT) propelling the market to reach a valuation pegged at US$900 Mn by 2029. Brick and mortar stores are competing intensely with digital shopping avenues and are experiencing greater penetration of compression socks. Hospital pharmacies and retail stores most accessible to consumers to purchase compression socks soon after a doctor’s visit. As a result, there will be an upswing in the demand for compression socks from retail stores and pharmacies which will see a steady growth in the foreseeable future. On this backdrop, the growth of the market will witness a moderate CAGR of 6% during the forecast period.
Key Takeaways of the Compression Socks Market
- North America is a matured market for compression socks. However, North America is expected to account for an absolute $ opportunity of more than US$ 100 Mn owing to higher market share during forecast period.
- According to Fact.MR, compression socks market in East Asia is expected to grow 2X by 2029 from 2019. The growth is expected to see a steady increase.
- Deep vein thrombosis and chronic venous disorder applications account for more than 60% of market share, with significant growth expected over mid-term forecast.
- Fact.MR says that demand for graduated compression socks exceeds standard compression socks in terms of value in global compression socks market, and is expected to witness an absolute $ opportunity of more than US$ 300 Mn during forecast period.
- Hospital pharmacies are the fastest growing sales channel in compression socks market and are expected to grow by more than 1.9X during forecast period.
“Companies offering standard compression socks have been shifting towards graduated compression socks to address consumer need for variable pressure. Companies investing in standard compression socks are expected to gain steady returns till mid-term forecast, while investments in graduated compression socks are expected to experience a northward trend”, says the Fact.MR analyst
Top Competitors in Compression Socks Market are focused on Geographical Expansion to Increase Market Share
Compression socks market can be construed as partially fragmented. Top players in compression socks market account for more than 60% share in the market. Juzo, Inc., Essity Aktiebolag (publ) and Medtronic Plc. are the largest competitors in compression socks industry. These competitors have been seen to be moving to East Asia to gain a foothold. New players in compression socks market on the other hand are focused on mature markets to gain short term returns. Sustaining the demand in mature economies like United States has been one of the impeding factors for these new players. In comparison with top tier players, new and emerging players in compression socks are expected to have higher growth potential during short term forecast.
Find More Valuable Insights on Compression Socks Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global compression socks market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the compression socks market on the basis of product type (standard compression socks and graduated compression socks), application (deep vein thrombosis, chronic venous disorder, diabetes wound and others) and distribution channel (hospital pharmacies, retail pharmacies & drug stores, online sales and others) across seven major regions.
>>> To Get more insights on compression socks market, visit- https://www.factmr.com/report/3519/compression-socks-market
About the Retail and Consumer Goods Division at Fact.MR
Being a consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. However, retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.