Rockville, June 21, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Compression Socks Market will be worth US$690.72 million in 2023. The market for compression socks is expected to be worth US$1.09 billion, growing at a CAGR of 4.7% by the end of 2033.
Compression socks are expected to become more popular as people become more aware of their advantages over other types of footwear for treating venous reflux, reducing leg and foot volume, and hypertension. Compression socks are frequently used in orthopedic surgery to minimize swelling, lessen discomfort, and hasten functional recovery.
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Key Companies Profiled
- Juzo Inc.
- SIGVARIS Group
- Medtronic Plc.
- Essity Aktiebolag
- 3M Company
- Sanyleg S.R.L.
- Santemol Group Medikal
- Calzificio ZETA S.R.L.
- Medi GmbH & Co. KG
- Thuasne SAS
Key Driving Forces Accelerating the Market Growth
- There has been a growing awareness among individuals about the benefits of compression socks, such as improved blood circulation, reduced leg fatigue, and prevention of various medical conditions. This increased awareness has led to a higher demand for compression socks in various geographies such as North America. Moreover, the aging population in North America has been a significant driver for the compression socks market. As people age, they become more susceptible to conditions like varicose veins, deep vein thrombosis (DVT), and edema. Compression socks are often recommended by healthcare professionals to manage these conditions, leading to increased adoption.
- Chronic diseases, such as diabetes and obesity, are on the rise across the globe. These conditions often result in circulatory problems and swelling in the lower extremities. Compression socks are effective in managing these symptoms and are increasingly being prescribed by healthcare providers.
- Athletes and fitness enthusiasts are commonly using compression socks to enhance performance, reduce muscle fatigue, and improve post-workout recovery. This trend has significantly contributed to the growth of the compression socks market.
- Many individuals in established countries such as US have jobs that require prolonged periods of standing or sitting. Professionals such as healthcare professionals, retail workers, airline staff, and office workers often involve long hours on their feet or in sedentary positions. Compression socks are used to alleviate leg fatigue, prevent swelling, and reduce the risk of conditions like deep vein thrombosis (DVT) associated with prolonged sitting or standing.
Vital indicators shaping the future of the industry
- Advancements in textile technology and manufacturing processes will influence the future of compression socks. Innovations in materials, such as the development of advanced compression fabrics with enhanced moisture-wicking properties and breathability, will contribute to the market's growth. Additionally, the integration of smart features, such as sensors for monitoring vital signs or incorporating graduated compression in wearable devices, may also impact the market.
- Continued research and development activities in the field of compression therapy will shape the future of compression socks. Ongoing studies to explore the effectiveness of compression therapy for various medical conditions, as well as advancements in understanding the physiological benefits of compression, will provide insights that can drive market growth. New findings and scientific evidence supporting the use of compression socks will influence consumer perception and increase their adoption.
- The state of the healthcare infrastructure in various geographies such as North America will have an impact on the compression socks market. Adequate access to healthcare facilities, including clinics and hospitals, will ensure that individuals with medical conditions requiring compression therapy can receive proper diagnosis and prescription of compression socks. The availability of healthcare professionals who are knowledgeable about compression therapy will also contribute to the market's growth.
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Challenges hindering the market growth
- Despite growing awareness about the benefits of compression socks, there is still a considerable portion of the population that remains unaware of their advantages. Limited knowledge about compression therapy and its applications can hinder the market's growth as potential consumers may not recognize the need for or understand the benefits of compression socks.
- Compression socks can be relatively expensive compared to regular socks. The higher manufacturing costs associated with specialized compression fabrics, as well as the inclusion of graduated compression technology, can result in higher retail prices. The cost factor can deter price-sensitive consumers from purchasing compression socks, limiting the market growth.
How competition influences the market
- Competition encourages companies to innovate and differentiate their compression socks. Manufacturers invest in research and development to create new materials, designs, and features that provide unique benefits to customers. The need to stay ahead of competitors can drive advancements in compression technology, leading to improved product performance and increased customer satisfaction.
- For instance, Thusane SAS is a leading manufacturer that acquired Knit-Rite Inc. along with its Therafirm division, which is working to offer compression products that include compression socks.
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Segmentation of Compression Socks Industry Research
- By Product Type:
- Standard
- Graduated
- By Application:
- Deep Vein Thrombosis
- Chronic Venous Disorder
- Diabetes Wounds
- By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies & Drugs Stores
- Online Sales
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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