Sales of Compression Socks Ride High on Increasing Preventive Measures for Phlebelogical Disorders
Phlebelogical medical disorders account for over 60% of mortality rate among diabetes patients, inadvertently increasing demand for therapeutic and preventive devices and products such as compression socks. Mature markets like North America and Europe have been at the forefront for demand of compression socks.
The shift seen in consumer preference for preventive usage from the erstwhile therapeutic usage is expected to further fuel growth and create untapped market potential. Owing to steady demand for compression socks is expected to observe an absolute $ opportunity of around US$ 400Mn during the forecast period.
North America at the Forefront, as Collaborations with Pharmacies and Drug Stores Heighten, China Close Behind
North America remains largest market for compression hosiery including compression socks, accounting for 1/3rd of the value share in the market and set to grow 1.7X over the forecast period. While North America remains one of prominent regions for compression socks demand, the market has been highly saturated.
On the back of these factors, top competitors have been realigning their focus and have been seen to be expanding in emerging regions such as China. Investments of companies in China are expected to exponentially increase with imposition of the new Foreign Investment Law.
The changes in trade policies and large untapped market for therapeutic devices are expected to drive the demand for compression socks in China. This in turn will propel growth of East Asia compression socks market projected to grow 2.4X through 2029.
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Manufacturers Leveraging Consumer Purchases Through Brick and Mortar Stores
Market leaders as well as new emerging players in compression socks are seen to have higher focus on development of contracts with ground level distributors and institutions than online retail.
The increase in focus is further intensifying in emerging countries such as China and India, due to the low presence of market leaders. This is expected to increase revenue share of retail pharmacies as well as hospital pharmacies, which are expected to grow 1.8X during forecast period.
Innovative and Graduated Compression Socks to Give Traction to the Market
Graduated compression socks have garnered significant attention from consumers in the recent past. To meet this increasing consumer demand, manufacturers are focusing on product development in graduated compression socks. Padded compression socks are one of the latest products introduced in the market.
While the concept of padded compression socks has been lower in sports, demand has been substantial in consumers with DVT. Customization of graduated compression socks in terms of length and fitting has also been offered by multiple small players in the market.
This has been instrumental in the growth of graduated compression socks, which are expected to portray more than 1.8X growth by 2029 over 2019.
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Companies are Focusing on Product Differentiation to Sustain in Compression Socks Market
The market for compression socks is largely consolidated, with top players accounting for more than 3/5th of the market share. Despite fewer top competitors in compression socks market, competition among top tier players has been high.
Companies are focusing on new product introduction and product differentiation to maintain foothold in the market. Sigvaris Group is the top player accounting for majority share in compression socks market. Juzo, Inc., Essity Aktiebolag (publ) and Medtronic Plc. are mid-tier competitors in the compression socks industry.
- In April 2019, medi GmbH & Co KG launched padded compression socks in 15-20 mmHg and 20-30 mmHg compression classes. Adding functionality for compression socks was aimed to increase consumer convenience and comfort at an affordable price.
- In September 2019, Sigvaris launched a new variety of compression socks, which were claimed to be made from innovative hybrid containment and compression garments. These compression socks were developed for usage in patients to alleviate edema.
- In May 2018, Sigvaris launched “Delilah-140D”, compression socks made with 140 denier material to promote seasonal usage of compression socks.
Global Compression Socks Market: Segmentation
Segmentation table of the global Compression Socks market has been provided below on the basis of type, application, distribution channel and region.
Global Compression Socks Market: Scope of the Report
The compression socks market is anticipated to observe a significant growth in the forecast period of 2019 to 2029, according to the Fact.MR study. The study propounds key trends that are currently shaping the growth of the compression socks market.
This newly published and insightful report sheds light on the key dynamics, which are expected to transform the future of the Compression Socks market. This, in turn, is creating flourishing avenues for prominent companies as well as emerging players associated with the manufacturing of Compression Socks.
The compression socks market study is a sinuous market intelligence on the key drivers, challenges, industry trends and opportunities, which is likely to influence growth trajectory of the Compression Socks market.
The report initially imparts an overview of the compression socks market, considering current and future prospects in the growth, to unveil attractive facets pertaining to the adoption of compression socks across key regional markets.
An in-depth assessment on few of the compression socks manufacturers offered in the report enables the report readers to gain detailed insights that are derived from compression socks manufacturers across regional markets.
A list of key companies operating in the compression socks market provided in the report adds to the credibility of this exhaustive research study.
Global Compression Socks Market: Opportunity Analysis
The report offers a detailed study on different factors influencing demand, sales, and revenue generation in the compression socks market around the world. The opportunity analysis included in the report is beneficial for readers to better understand opportunities in the compression hosiery industry, which in turn, is likely to trigger the adoption of compression socks.
An elaborated cost structure analysis provides the report with an innate completeness, and analysis offered on the cost structure involves all the regional markets incorporated.
A detailed forecast on the global Compression Socks market has also been offered by experts, who have categorized market forecasts into a likely scenario, a conservative scenario, and an optimistic scenario regarding adoption and involvement of the global market during the forecast period.
Analysis and assessment of price point by region has also been included in this study. The study also exerts details on aspects impacting strategies of manufacturers within the global compression socks market.
Global Compression Socks Market: Analysis on Market Size Evaluation
Market valuation at the global and regional scale for the global compression socks market is offered in terms of “US$ Mn.” A Y-o-Y growth comparison on the key compression socks market segments, along with the market attractiveness assessment quantifies insights delivered in the report.
Metrics mentioned above are also tracked based on consumption across several regions where compression socks is witnessing a growing demand.
Global Compression Socks Market: Scrutinized Assessment on Regional Segments
Weighted chapters have been included in the report on the global compression socks market, which imparts a forecast on the regional markets recognizing the regional macros (business, economic and political environment outlook), which are expected to have an impact on the growth on the global compression socks market in the near future.
Country-specific assessment on the demand for compression socks has also been provided for each regional market, along with the market size valuation, price point assessment, price index, and impact analysis of key regional and country-wise dynamics.
Y-o-Y growth projections have also been offered on all regional markets that are incorporated in the report.
Global Compression Socks Market: In-depth Analysis on Competitive Landscape
The report concludes with a weighted chapter on the competition landscape considering up-to-date and essential developments related to market players, who are predominantly engaging in the production and distribution of compression socks, along with company’s strategies, identification, and analysis.
Market share comparison and analysis of these market players offered in the report enables readers to devise strategies for their businesses.
The intensity mapping of the market players operating in the global compression socks market provides readers with actionable intelligence, which helps in understanding the current market status and prospects determining the competition levels in the global compression socks market.
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