Global Compression Garments And Stockings Market, by Product Type (Compression Garments, and Compression Stockings), By Application (Varicose Veins, Wound Care, Burns, Oncology, and Others), By Distribution Channel (Hospitals, Ambulatory Surgical Centers, Clinics, Online Channel, and Other Healthcare Facilities), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,863.3 Million in 2023 and is expected to exhibit a CAGR of 5.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Partnerships/acquisitions or collaborations between the company is the major factor for the market growth of Compression Garments And Stockings. For instance, in December 2021, Symphony Holdings Limited, an Asia-Pacific focused strategic investment company, and ITOCHU Textile Prominent (Asia) Limited, a garment manufacturing company, entered into a Master Manufacturing and Licensing Agreement for the provision of services in sourcing, engaging, and managing manufacturers to manufacture "SKINS" Products and purchase a variety of Products from IPA, including but not limited to "SKINS" Products and other branded Products sourced by IPA. The term of the Master Manufacturing and Licensing Agreement is from December 20, 2021, to December 31, 2023. SYM ITO is a joint venture company incorporated in Hong Kong for the joint venture business between the Company, ITOCHU, and IPA. Its principal activities are designing, manufacturing, marketing, and distributing the compression and high-performance sportswear and apparel of “SKINS”.
Global Compression Garments And Stockings Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global compression garments and stockings market. The various nations implemented lockdowns & social distancing. As output was reduced during the shutdown, the compression market felt the brunt of the COVID-19 impact. The majority of people were kept inside their homes, which was the main cause of this.
However, industry analysts and researchers claim that this will only have a short-term effect rather than a long-term one. Eventually as a result of an increase in the number of orthopedic procedures in the coming years, a rise in the prevalence of compression garments among different age groups, and an increase in the number of chronic illnesses.
Global Compression Garments And Stockings Market: Key Developments
In September 2022, Cricket Scotland stated a new three-year partnership with CRX Compression. The men’s team will be wearing CRX compression wear for the flight to Australia this evening where they are off to compete at the ICC T20 World Cup. CRX Compression specialise in providing athletes with premium, high quality compression garments focused on improving recovery, preventing injury, and maximising performance.
Furthermore, it is anticipated that the market for compression garments and stockings may experience growth in the years to come as a result of the rise in muscle disorders and the trend towards functional sportswear and athletic goods.
Browse 30 Market Data Tables and 22 Figures spread through 156 Pages and in-depth TOC on “Global Compression Garments And Stockings Market”- Forecast to 2030, Global Compression Garments And Stockings Market, by Product (Compression Garments, and Compression Stocking), by Application (Varicose Veins, Wound Care, Burns, Oncology, and Others) by Distribution Channel (Hospitals, Clinics, Ambulatory Surgical Center, Clinics, Online Channels, and Other Healthcare Facilities), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/compression-garments-and-stockings-market-3401
Key Takeaways of the Global Compression Garments And Stockings Market:
- The global compression garments and stockings market is expected to exhibit a CAGR of 5.1% during the forecast period. The growth of the global market for compression apparel and stockings is anticipated to increase when more individuals become aware of the medical benefits of compression textiles, such as their healing characteristics and reduced bruising effectiveness. Due to the prevalence of varicose veins, lymphedema, and other muscular disorders, compression clothing, and stockings are becoming more and more fashionable. Compression clothing and stockings are becoming more popular among gymnasts and athletes because they fit perfectly, wick away perspiration, and reduce the risk of injury when participating in a sport or activity. Improvements in fabric quality and textile fashion, as well as growing public awareness of physical fitness, are further factors propelling the worldwide compression apparel and stockings market.
- Among applications, the product type segment is expected to grow in the global compression garments and stockings market over the forecast period. For instance, in March 2023, Hohenstein, a family-owned company that has specialised for over 75 years in the testing, certification and research of all kinds of textile products, conducted the first-ever measurement series on babies and toddlers. The data will aid the pattern development and fit assessment that is particularly challenging for children's clothing. The new database will help brands and manufacturers design their children's clothing in an accurate, efficient, and more sustainable way using fit testing and pattern optimization, the demand for compression garments and stockings is expected to grow significantly in the forecast years.
- Among region, North America is expected to be the dominant region in the global compression garments and stockings market, owing to the increasing launch of products. For instance, in January 2022, AIROS Medical, Inc., a designer, manufacturer, and distributor of compression therapy devices, and Fist Assist Devices, LLC (Fist Assist), an innovative medical device company, announced the launch of an e-commerce website, for the sale of the Fist Assist FA-1 compression device. In December 2021, Fist Assist Devices, LLC received the “Breakthrough Device” designation from the U.S. Food and Drug Administration (FDA) for the Fist Assist Model FA-1 device.
- Major players operating in the global compression garments and stockings market include 3M, BSN Medical, Covidien Ltd. (a Medtronic Plc. company), Medi GmBH & Co KG, SIGVARIS, Therafirm, 2XU Pty. Ltd., Santemol Group Medikal, Leonisa, Inc., Nouvelle, Inc., Medical Z, Pressio, Hyperice, Marena Group, LLC, AIROS Medical, Therabody, SYM ITO, Hohenstein, Koya Medical, Mueller Sports Medicine, and CRX Compression.
