Global compression hosiery market is expected to grow at a CAGR of 5.3 per cent between now and 2024, driven by an increasing prevalence of venous diseases, growing adoption of compression therapy and rising old age population. A new report from Research Nester, “Compression Hosiery Market: Global Demand Analysis & Opportunity Outlook 2024”, suggests that the global compression hosiery market will be worth $3.7 bn by the end of 2024.
Women’s compression hosiery is projected to witness a significant CAGR during the forecast period and is expected to account for the largest share of revenue across the globe. A high incidence rate of chronic venous insufficiency among women is believed to be the foster the growth of the women compression hosiery market. Further, wide scale utilization of compression hosiery in various cases such as pregnancy and breast cancer is anticipated to intensify the growth of this segment.
Growth will also be driven by an increasing adoption of compression therapy as an alternative to DVT (deep vein thrombosis) and other prophylaxis while rising demand for compression products among athletes is expected to further supplement the expansion of market. In terms of innovation, advances in technology and continuous innovation with the materials and design are expected to drive the growth of the compression hosiery market in the long run. Manufacturers of compression hosiery are also providing custom fit compression hosiery which further is anticipated to drive the growth of the market.
The report also notes that the high cost of advanced compression hosiery products and lack of awareness are some of the factors that are likely to inhibit the growth of the compression hosiery market in the near future.
