Compression garments are types of clothes or part of clothing material designed in order to reduce recovery time and help improve performance. They aid in improving blood circulation to the muscles, which facilitates warming up of the muscles and their subsequent recovery before and after exercise. Compression garments include compression stockings, sleeves, body shapers, girdles & binders, chin straps, etc. These garments are also used to manage and prevent various medical disorders, such as, venous disorders, deep vein thrombosis (DVT), sports & recreational injuries, and follow-up therapy after surgeries.
Rising number of sports and recreational injuries observed across the world is a prominent factor fuelling the growth of the global compression garments market. According to a study published by the U.S. Department of Health and Human Services in 2014, an estimated 8.6 million injuries were reported in the U.S., primarily due to rise in physical activities undertaken by people in the country. As per CDC estimates, every year, millions of sports-related injuries are reported among children aged between 5-14 years. Out of the total number of sports-related injuries, a significant portion occurs to the foot and ankle. Sport injuries generally lead to damage to the veins. Treatment for damaged veins requires compression therapy products, such as, compression garments, for the effective management of these injuries. Rise in the number of sport-related injuries is likely to help in driving the adoption of compression garments, such as, stockings, sleeves, wraps, etc., which, in turn, is projected to drive the growth of the overall market.
Compression garment manufacturers are increasingly resorting to new product launches in order to provide enhanced treatment options to people suffering from conditions, such as, venous disorders, etc. In August 2017, medi GmbH & Co. KG, a leading developer of compression garments, launched two-tone compression stockings in the U.K. market, intended for use in oedema treatment. Launch of new compression garments is expected to address important unmet medical needs of millions of men and women who are suffering from different forms of venous disorders as well as undergoing rehabilitation therapies following surgeries.
Rising number of mergers and acquisitions is also likely to have a favorable effect on the global compression garments market in the near future. Manufacturers of compression products are increasingly adopting inorganic growth strategies in order to broaden their product offerings and boost their market presence. Companies are also pursuing acquisition as part of their market entry strategy, which facilitates quicker entry for international players through takeover of local companies.
The global compression garments market can be segmented based on product type, condition, distribution channel, and geography. In terms of product type, the compression garments market can be divided into compression stockings, compression sleeves, compression body shapers, compression girdles & binders, and others. By condition, the market can be classified into sports-related injuries, lymphedema, venous disorders, and others. Based on distribution channel, the compression garments market can be divided into retail stores, hospital pharmacies & clinics, online specialty stores, and others.
In terms of geography, the global compression garments market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market due to ongoing efforts of compression garment manufacturers to launch new products in the market. North America is followed by Europe and Asia Pacific in terms of leading the global compression garments market. In Asia Pacific, growing elderly population and rising incidences of venous disorders and other age-related injuries among the general population are likely to fuel the growth of the market in the region during the forecast period.
Prominent players operating in the global compression garments market are Design Veronique, BSN medical, Marena Group, Julius Zorn GmbH, medi GmbH & Co. KG, SIGVARIS MANAGEMENT AG., and Medico International Inc.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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