The increasing geriatric population around the world coupled with rising diabetes cases are the prime factors that are estimated to influence the growth of the compression stockings market during the forecast period of 2021-2031. Furthermore, the rising prevalence of chronic diseases is also anticipated to increase the demand for compression stockings to a certain extent. All these factors are prognosticated to bring exponential growth prospects for the compression stockings market during the forecast period of 2021-2031.
Compression stockings are special types of socks used for enhancing blood circulation, blood clotting prevention, and leg ulcer. The pressure of the compression stockings exerted on the legs and ankles enables proper functioning of the vein valves and good blood flow to the heart without obstructions. These advantages prove to be growth accelerators for the compression stockings market.
The government bodies of numerous countries focus on improving their healthcare infrastructure to provide quality treatment to the citizens. Many areas such as the surgical section and the Intensive Care Unit (ICU) section are being revamped. Surgeries are increasing at a rapid rate around the globe. Patients undergoing surgeries due to severe injuries are advised to wear compression stockings for good blood circulation. Hence, these factors serve as growth propellers for the compression stockings market.
Transparency Market Research has conducted extensive analysis on numerous factors associated with the growth of the compression stockings market. The report on the compression stockings market by TMR comprises various elements that make the stakeholders and CXOs aware of the current market scenario. Key trends, industrial insights, COVID-19 impact, and the geographical perspective have been included in the report to enlighten the stakeholders about the different growth aspects. In addition, the researchers at TMR have taken insights from the experts in the compression stockings sector and systematically included the information in the report.
The compression stockings market is consolidated. A few key players are responsible for a significant growth share of the compression stockings market. The players in the compression stockings market are involved in intense R&D activities. They invest in these activities to innovate and develop novel strategies that help increase the players' revenues in the compression stockings market. Furthermore, these activities also aid in new material combinations and effective products at affordable prices. All these factors eventually increase the growth rate of the compression stockings market.
Strategic collaborations are vital for the overall growth of the compression stockings market. The players indulge in mergers, acquisitions, joint ventures, and partnerships for generating influence across various untapped regions. These collaborations ultimately contribute to the growth of the compression stockings market.
Some key players in the compression stockings market are Flow Aid medical technologies, Bio Compression System, Design Veronique, Medtronic SIGVARIS, Julius Zorn GmbH, Devon Medical Products, and BSN Medical.
Chronic diseases around the globe are rising at a rapid rate. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 adults have a chronic disease. These statistics highlight the rising prevalence of chronic diseases. Furthermore, people opt for surgeries due to the complications suffered mainly due to old age or change in lifestyle. After surgery, it is recommended to wear compression stockings for fixing blood circulation matters. Therefore, these factors churn many growth prospects for the compression stockings market.
North America is prognosticated to dominate the regional scenario of the compression stockings market. Among the North America region countries, the U.S. is attributed to adding considerable value to the growth of the compression stockings market. The rising popularity of compression stockings due to the high case quotient of people suffering from venous thromboembolism may serve as a vital growth indicator.