Compression stockings are medical hosiery worn to improve blood circulation in the legs and to prevent deep vein thrombosis (DVT). These stockings put gentle pressure on the leg veins and muscles and help improve blood flow back to the heart. The pressure is greatest at the ankle and gradually decreases up the leg. Compression stockings are available in different compression ratings and are prescribed based on individual health needs and severity of circulation problems.

The global compression stockings market is estimated to be valued at US$14,869.5 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Preventing DVT and other circulation issues is a major opportunity for the compression stockings market. DVT occurs when a blood clot forms in one or more of the deep veins in the legs. Compression stockings help improve blood flow and circulation which prevents such clots from forming. With a rapidly aging global population and rising prevalence of lifestyle diseases like diabetes which impact circulation, the risk of DVT and other circulation problems is increasing worldwide. Compression stockings can effectively minimize this risk and thereby improve quality of life for those affected. The stockings are also a cost-effective and non-invasive solution compared to alternative treatments. This growing opportunity for preventive healthcare through compression stockings is expected to drive significant market growth during the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to moderate capital requirements however established brands and regulations act as a barrier.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of various substitutes and undifferentiated products leading to price sensitivity.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are available and supplier base is large.

Threat of new substitutes: The threat of new substitutes is high due to availability of alternative compression garments and therapies.

Competitive rivalry: Competitive rivalry is high due to established brands, undifferentiated products and price wars.

SWOT Analysis
Strength: Products are medically tested and approved. Wide availability through hospitals, clinics and online stores. Effective in reducing pain, swelling and fatigue.

Weakness: High costs affect compliance. Require fitting by trained professionals. Issues like slipping and discomfort reduce usage.

Opportunity: Growing diabetic and obese population increases demand. Untapped markets in developing regions present scope. Usage expanded to deep vein thrombosis and post-surgical cases.

Threats: Alternate therapies and surgeries pose competition. Reimbursement issues and regulations and pricing pressures impact sales.

Key Takeaways
The global Compression Stockings market is expected to witness high growth. The market size for 2023 is US$ 14,869.5 Mn and is forecast to reach US$ 24,772.9 Mn by 2030 at a CAGR of 9.3% during the forecast period. North America dominates the market currently owing to high awareness and growing obese population. However, Asia Pacific is expected to be the fastest growing region due to rapid economic development, rising healthcare expenditure and growing medical tourism.

Key players operating in the Compression Stockings market are Bio Compression Systems, BSN medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. Regional analysis shows North America dominates with a share of over 35% due to advanced healthcare facilities and infrastructure. Asia Pacific is expected to grow at a CAGR of over 11% during the forecast period.

The global Compression Stockings market is driven by the growing obese and diabetic population globally. Rise in sports injuries and varicose veins cases along with an aging population positively impact sales. Expanding applications from DVT to post-surgical cases and lymphedema management present opportunities for manufacturers. However, high costs of products compared to alternative options and lack of awareness in developing regions impede market potential. Stringent regulations pertaining to product approvals also pose challenges.