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Compression Garments and Stockings Market will grow at 5.1% CAGR to exceed $ 3,216.7Mn by 2022

News   •   Jan 17, 2018 08:46 EST

Compression stockings are elastic hosiery garments applied to a lower limb to achieve graduated compression. They are used for management of venous hypertension, lymphedema, and venous ulcers to reduce edema and aid return of venous blood to the heart. Whereas compression garments are skintight apparels, which stimulate blood circulation and stabilize muscles by exerting pressure on specific parts of the body. Compression apparel helps to improve stamina & body balance and control the body temperature. Compression garments are available in various fits and sizes and often considered as the first line of treatment. Apart from this compression therapy is largely exploited by athletes with venous insufficiency. Exciting innovations are emerging in smart textiles and nanotechnology and the sector’s growth prospects are propelled by the fact that there has been an increase in demand for performance features in mainstream fashion.

According to the report, Global Compression Garments and Stockings Market was valued at approximately USD 2,387.4 million in 2016 and is expected to generate revenue of around USD 3,216.7 million by end of 2022, growing at a CAGR of around 5.1% between 2017 and 2022.

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Growing caseload for varicose vein treatments and orthopedic surgeries is observed as a key driver boosting the sales of compression garments & stockings. Meanwhile, advancements in fabric and garment designer are serving as a blessing in disguise for compression garment & stocking manufacturers. Moreover, rising sports injuries, increase in the number of orthopedic surgeries, and rapidly growing obese population witnessed in several parts of the world is boosting the global demand for compression therapy products. However manufacturing medical compression garments require strict guidelines to be followed. Manufacturers are prioritizing optimal therapeutic efficacy, product reliability, and best comfort while producing compression garments and stockings. Faulty products and poorly-designed garments & stockings can cause shearing, a potential problem if the patient has weak skin, a venous ulcer or some other wounds. This constraint limits the design space for potential conceptual ideas as patient safety continues to be the most crucial concern and constraint for manufacturers

Based on product type, compression garments and stockings market has been segmented into compression garments and compression stockings. Compression garments market is further sub-segmented into upper compression garments and lower compression garments. Compression stockings market is sub-segmented into anti-embolism stockings and gradient stockings. The compression garments segment is expected to grow at the fastest rate during the forecast period. Based on applications the compression garments and stockings market is segmented into varicose veins, wound care, burns, oncology, and others. In terms of revenue, varicose veins segment dominated the market in 2016. On the basis of end-user, the compression garments and stockings market is segmented into hospitals, ASC’s, clinics, online sales and other healthcare facilities. In terms of revenue, hospitals segment dominated the market in 2016.

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North America is expected to remain the dominant region over the forecast period. Increasing healthcare expenditure is expected to boost the market in this region. An increasing geriatric population base and rise in sports injuries are contributing to the rise in demand for compression garments in Europe. Developing markets in the Asia Pacific is expected to witness increased patient affinity towards consumption of compression garments, which is likely to positively impact the compression garment products segment in the APAC market.

Some of the key players in compression garments and stockings market include 2XU Pty. Ltd, 3M, BSN Medical, Leonisa, Inc., Medical Z, medi GmbH & Co., KG, Nouvelle, Inc., Santemol Group Medical. Companies are involved in collaboration agreements for R&D to exploit maximum potential.

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