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Compression Socks Market

Compression Socks for Deep Vein Thrombosis to be Widely Sold, Surpassing US$ 900 Mn by 2031: Fact.MR

Published : 11 Oct 2021 Industry: Consumer Goods

A recently published report by Fact.MR reveals that the global compression socks market is projected to grow at a modest CAGR of 4.7% during the forecast period 2021-2031, surpassing nearly US$ 1 Bn by 2031. Compression socks having garnered significant demand for therapeutic purposes as the standard preventive measure for Deep Vein Thrombosis (DVT).

From 2016-2020, sales of compression socks grew steadily at a CAGR of 4%. By 2021, the value of the market is expected to reach US$ 630 Mn. Sales further spiked during the COVID-19 pandemic, as work from guidelines issued by offices and the imposition of lockdowns compelled people to stay indoors with little to no physical activity. This led to an increase in cases of leg joint problems and swollen veins.

Over the years, it is projected that cardiovascular ailments will continue to rise. As per the American Heart Association, CVD is a prevalent problem in the U.S, with varicose veins affecting more than 25 million adults, or less than 30% of the population. Likewise, the U.K National Health Service estimates that treating venous ulcers costs it £ 1.94 billion annually. Hence, prominent manufacturers are introducing a flurry of innovative compression socks to provide relief at a relatively cheaper cost.

Key Takeaways from the Market Study

  • By product, graduated compression stockings to experience 1.8x growth by 2031
  • Compression socks for deep vein thrombosis to surpass US$ 900 Mn by 2031
  • Hospitals to be primary distribution channel, surging over 1.9x during the forecast period
  • North America to account for 1/3rd of global compression socks market revenue
  • Asia to be one of the fastest growing markets, registering a CAGR worth 5% through 2031

“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. 

Market Competition

The market for compression socks is largely consolidated, with top players accounting for more than 3/5thof the market share. Despite fewer top competitors in the compression socks market, competition among top-tier players has been high.

  • In July 2021, VIM & VIGR announced the launch of its fall 2021 collection of graduated compression socks, leg sleeves, and tights, hitting retail in August. The collection offers a range of compression levels from moderate 15-20 mmHg, moderate-firm 20-30 mmHg, and firm 30-40 mmHg
  • In 2020, Hatch announced the launch of Hatch Compression Sock, and the Swell Relief Duo to help mommas-to-be soothe swollen feet and ankles in order to stay on toes all day long.

More Insights Available

In its latest report, Fact.MR offers an unbiased analysis of the compression socks market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. 

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 (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

Fact.MR’s Domain Knowledge in Consumer Products

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the consumer products industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Sr. Consultant - Consumer Products

E-mail: shambhu@factmr.com

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Compression Socks Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031