Increased Varicose Veins Frequency to Drive Sales of Compression Socks in North America – Fact.MR Study

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Compression Socks market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Compression Socks

The report offers actionable and valuable market insights of Compression Socks. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Compression Socks Market across various industries and regions. 

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This newly published and insightful report sheds light on Market Insights of Compression Socks, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Compression Socks Market.

According to Fact.MR’s recent study on 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.

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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

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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.

Key Takeaways of the Compression Socks Market

• North America is a matured market for compression socks. However, North America is expected to account for an absolute $ opportunity of more than US$ 100 Mn owing to higher market share during forecast period.
• According to Fact.MR, compression socks market in East Asia is expected to grow 2X by 2029 from 2019. The growth is expected to see a steady increase.
• Deep vein thrombosis and chronic venous disorder applications account for more than 60% of market share, with significant growth expected over mid-term forecast.
• Fact.MR says that demand for graduated compression socks exceeds standard compression socks in terms of value in global compression socks market, and is expected to witness an absolute $ opportunity of more than US$ 300 Mn during forecast period.
• Hospital pharmacies are the fastest growing sales channel in compression socks market and are expected to grow by more than 1.9X during forecast period.

 “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

Top Competitors in Compression Socks Market are focused on Geographical Expansion to Increase Market Share

Compression socks market can be construed as partially fragmented. Top players in compression socks market account for more than 60% share in the market. Juzo, Inc., Essity Aktiebolag (publ) and Medtronic Plc. are the largest competitors in compression socks industry. These competitors have been seen to be moving to East Asia to gain a foothold. New players in compression socks market on the other hand are focused on mature markets to gain short term returns. Sustaining the demand in mature economies like United States has been one of the impeding factors for these new players. In comparison with top tier players, new and emerging players in compression socks are expected to have higher growth potential during short term forecast.

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Key Question answered in the survey of Compression Socks market report:

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• Key Drivers Impacting the Compression Socks market
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More Valuable Insights on Compression Socks Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Compression Socks, Sales and Demand of Compression Socks, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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