In a recent business intelligence study, FactMR presents the nitty-gritty of the global compression socks market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting compression socks market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume. The compression socks market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions.
Compression socks are type of specialized hosiery product, which is primarily used by patients who have issues of bolstering blood flow to the legs, higher chances of blood clotting, and other venous ailments, which can be associated to the lower extremities. Compression socks work by compressing the legs, which reduces the width of swollen veins, while boosting the effectiveness of blood flow. Such accessories help in cutting down incidences of venous stasis and impairment in the walls of veins, reducing pressure and aches in the legs.
Medical disorders relevant to the field of phlebology account for around 60 per cent of a large portion of deaths in diabetes patients. This trend is a key factor behind the sustained demand for preventive and therapeutic solutions and products such as compression socks. The growing consumer preference for preventive solutions is expected to bolster market growth and generate opportunities for players. The steady growth of the compression socks market will account for an absolute opportunity figure of USD 400 million for the forecast period.
Product Differentiation is Key to Business Strategy
The global compression socks market is largely consolidated, with select major players accounting for substantial market shares, with intense competition occurring within such top tier players. Major players are focusing their efforts on the introduction of new product offerings, to develop a strong foundation here.
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Product differentiation has become a key part of the global business strategy. Some of the main factors in this aspect is the introduction of compression socks in various classes of compression, based on the pressure imposed by the socks on the legs. Other compression socks are designed with specialized fabrics, which are primarily designed to cater to the patients suffering from unique ailments such as edema. Other materials are primarily used for compression socks which get only seasonal use. Graduated and padded variants of compression socks are also gaining attention from consumers in recent times, which although not as popular for sports applications, are gaining traction among patients suffering from deep vein thrombosis (DVT).