Compression Socks Market

Compression Socks Market Outlook

The global compression socks market, the market is gaining traction steadily and is expected to swell 1.6x through 2031, registering an impressive valuation of nearly US$ 1 Bn, and reaching US$ 630 Mn by 2021. Treatment for deep vein thrombosis will remain the key application area, slated to reach US$ 900 Mn by 2031.

Key Points Covered in Compression Socks Industry Survey

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• Assessment by Product Grade / Purity / Formulation Standards
• Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
• Certifications and Compliance Requirements
• COVID-19 Impact on the Compression Socks Industry and How to Navigate
• Recommendation on Key Winning Strategies

Consumption Analysis of Compression Socks from 2016-2020 Vs Market Outlook for 2021 to 2031

As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded at a CAGR of around 4%. Globally, there is a rise in the number of patients with venous disorders. This is a key factor that is driving the growth of the compression socks industry.

Venous disorders include conditions such as varicose veins, spider veins, leg pain, leg swelling, chronic venous insufficiency, leg ulcers, deep vein thrombosis (DVT), and others. According to the Society for Vascular Medicine, an estimated 30 million people in the U.S. suffer from venous disorders.

Considering these factors, the global compression socks market is slated to expand at around 6% CAGR over the next ten years (2021-2031), and reach a valuation of over US$ 1 Bn by 2031-end, expanding at a CAGR of around 4.7% in value terms.

Will Increasing Burden of Deep Vein Thrombosis Catalyze Growth of Compression Socks?

Thromboembolic conditions were estimated to account for at least 25% of deaths by the end of the previous decade. A comprehensive scientific review undertaken by the World Thrombosis Day Steering Committee revealed that 10 million cases of venous thromboembolism occur annually.

Documented studies suggest that the short-term consequences of deep vein thrombosis include the absolute need for anticoagulant therapy, which is inevitably associated with an increased risk of bleeding. Consequently, patients are seeking alternative therapeutic approaches, which has increased the popularity of compression socks.

Furthermore, the demand for compression socks is also increasing on the back of the long-term consequence of a high risk of recurrence of thrombosis (approximately 20-25% within 5 years), if left untreated.

How will Increasing Venous Disorders Amongst the Elderly Drive Compression Socks Adoption?

According to the United Nations’ World Population Ageing Report, the number of people above the age of 60 years stood at 962 million in 2017, which is anticipated to rise two-fold to reach 2.1 billion by 2050. This rise in the elderly population is anticipated to increase the number of individuals suffering from venous disorders.

One of the root problems affecting the elderly is Chronic Venous Insufficiency. A study published in the National Center for Biotechnology Information estimates that the condition commonly affects lower limbs, with a prevalence rate ranging between 25-40% in women and 10-20% in men.

In order to reduce discomfort caused by the resultant swelling in the legs, compression socks have been engineered to keep graduated pressure on the same. As gravity exerts a downward force on the veins, these stockings exert a counterforce, thus reducing load on the heart.

Region-Wise Analysis 

How is Increased Varicose Veins Frequency Driving Compression Socks Sales in North America?

North America remains the largest market for compression socks, accounting for 1/3rd of the value share in the market. The region is set to grow 1.7x over the forecast period. Demand is surging primarily due to increasing instances of varicose veins, especially in the U.S.

As per the Department of Surgery, University of Wisconsin School of Medicine and Public Health (2018), 1 in 4 adults were diagnosed with varicose veins in the United States. This incidence increased to 1 in 2 in people aged above 50 years. In addition, people affected by varicose veins also experience a high risk of chronic venous ulcerations.

According to the American Heart Association, Chronic venous ulcerations result in the loss of 2 million workdays and cost an estimated US$ 33 billion in treatment. As a result, patients are seeking treatment approaches which are inexpensive as well as time saving, impelling growth prospects for compression socks.  

Surging Cardiovascular Problems to Drive Compression Socks Sales in Asia?

Asia is likely to be one of the most opportunistic markets for the growth of compression socks sales. The region is anticipated to register a CAGR exceeding 5% across the 2021-2031 assessment period, according to Fact.MR.

Amongst all markets, India and China are expected to emerge as the frontrunners of the Asian demand. Surging incidences of cardiovascular ailments is likely to spur expansion prospects across both countries. The AHA estimates that nearly a quarter of all mortality in India is attributable to CVD, representing a death rate of 272 per 100,000 people.

Likewise, 45.5% of the rural and 43.16% of urban Chinese population  was at risk of CVDs in 2016. A plethora of prominent compression socks manufacturers have therefore made inroads across both regions. In 2019, for instance, CEP introduced its CEP Progressive+ Compression Run Socks 2.0 which provides all-day comfort, offering precise 20-30 mmHg graduated and consistent compression.

Category-wise Insights

Deep Vein Thrombosis to Remain Primary Application Area?

According to Fact.MR, compression socks for treating deep vein thrombosis is likely to be the dominant segment, expected to surpass US$ 900 Mn during the forecast period. Compression socks help prevent onset of DVT symptoms in most cases.

When worn, these socks squeeze limbs in a manner which stimulates adequate blood flow through the veins. They tend to apply maximum pressure at the ankles, which gets lighter farther up the leg, compelling the blood to flow upward. This therapeutic squeezing can ease swelling, blood build-up and discomfort.

Why are Graduated Compression Stockings Highly Demanded?

Graduated compression stockings have garnered significant attention from consumers in the recent past. These stockings exert the greatest degree of compression at the ankle, which gradually decreases up the garment. They are being deployed to treat chronic venous disease and edema.

Graduated compression stockings are designed for ambulatory patients and are manufactured under strict medical and technical specifications to include consistency and durability. Fact.MR expects the segment to surge 1.8x by 2031.

Competitive Landscape  

The market for compression socks is largely consolidated, with top players accounting for more than 60% of the market share. Despite fewer top competitors in the compression socks market, competition among top-tier players has been high.

Companies are focusing on new product introduction and product differentiation to maintain a foothold in the market. Sigvaris Group is the top player accounting for a majority share in the market for compression socks. Juzo, Inc., Essity Aktiebolag (publ), and Medtronic Plc. are mid-tier competitors in the compression socks industry. Notable developments in the industry are as follows:

• In January 2021, Thuasne SAS, a prominent medical devices manufacturer in Europe, acquired Knit-Rite Inc. and its division Therafirm which is dedicated to providing compression products, including compression socks
• 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.

Report Scope 

Report Attribute	Details
Market Size Value in 2021	USD 630 Million
Market Size Value in 2031	USD 1 Billion
Growth Rate	4.7% CAGR from 2021 to 2031
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	Value (US$ Mn) & Volume (Th. Units)
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
Key Countries Covered	U.S. Canada Germany U.K. France Spain Italy Russia China Japan South Korea India Thailand Indonesia Malaysia Australia New Zealand Brazil Mexico Argentina GCC Turkey South Africa
Key Market Segments Covered	Product type Application type Distribution Channel Region
Key Companies Profiled	SIGVARIS Group Juzo Inc. Essity Aktiebolag Medtronic Plc. 3M Company Santemol Group Medikal Calzificio ZETA S.R.L. Sanyleg S.R.L Thuasne SAS Medi GmbH & Co KG
Pricing	Available upon Request

Key Segments Covered

• Product Type

  • Standard Compression Socks
  • Graduated Compression Stockings

• Application

  • Compression Socks for Deep Vein Thrombosis
  • Compression Socks for Chronic Venous Disorder
  • Compression Socks for Diabetes Wounds
  • Compression Socks for Other Applications

• Distribution Channel

  • Compression Socks via Hospital Pharmacies
  • Compression Socks via Retail Pharmacies & Drug Stores
  • Compression Socks via Online Sales
  • Compression Socks via Other Distribution Channel