Compression Garments and Stockings Market: Compression Garments Product Type Segment Expected to Retain Its Dominance Throughout the Forecast Period: Global Industry Analysis & Opportunity Assessment, 2017 – 2027
Recording an impressive CAGR during 2017 – 2027, the Compression Garments product type segment is the most attractive in the global compression garments and stockings market
The Compression Garments product segment dominated the global compression garments and stockings market in terms of revenue in 2016, and the trend is projected to grow throughout the forecast period. Compression Garments is the most attractive segment with a market attractiveness index of 1.9 over the forecast period. The Compression Garments segment is estimated to represent a little more than US$ 2,000 Mn, or nearly 92% share of the total market in 2017 in terms of revenue, registering a CAGR of 5.1% over the forecast period. Revenue from the Compression Stockings product segment is expected to increase 1.2X between 2017 and 2027. The Compression Garments segment is estimated to create absolute $ opportunity of a little over US$ 90 Mn in 2018 over 2017.
Increasing commercial promotion and surge in online shopping are the recent trends that are contributing to the growth of the Compression Garments product segment
The prominence of compression garments is rising in exercise settings and sports because of a lot of commercial promotion. Another reason for the increasing popularity of compression garments in sports is that it is believed that the compressive properties of garments can enhance performance and aid in recovery after strenuous training. Compression garments are particularly popular among athletes and those who participate in recreational exercises. The segment has sparked media attention in swimming and in other sports such as track and field events. For instance, Nike swift suits that are head to toe provide athletes with a swimsuit with reduced drag and increased aerodynamics. This swift suit is also suitable for other sports such as speed skating and cycling.
Online shopping is not only convenient but also economical as online stores offer prices at much lower rates than the physical stores. Besides, physical stores have a limited array of products. Physical stores always make sure that they lure the customer to buy additional items along with what they actually needed. Online shopping of compression garments is a new favourable trend that is automatically driving this segment’s growth.
Military and sports are two professions where there is always an experimentation with innovative research in textiles. Exciting innovations are emerging in smart textiles and nanotechnology and the sector’s growth prospects are helped by the fact that there has been an increase in demand for performance features in mainstream fashion. For instance, Nanotechnology has a real commercial potential in the textile industry. Nanotechnology can provide high durability fabrics because nano-particles have a large surface area-to-volume ratio and high surface energy, thereby presenting better affinity for fabrics and leading to an increase in durability as a function.
Regional overview and forecast of the Compression Garments product segment
The Compression Garments segment dominated the North America compression garments and stockings market in terms of revenue in 2016. This segment is the most attractive segment in the North America regional market, with a market attractiveness index of 1.9 over the forecast period. An increasing geriatric population base and rise in sports injuries are contributing to the rise in demand for compression garments in Western Europe. Developing markets in the rest of APEJ are expected to witness increased patient affinity towards consumption of compression garments, which is likely to positively impact the Compression Garments product segment in the APEJ compression garments and stockings market. The Compression Garments segment dominated the Latin America compression garments and stockings market in terms of revenue in 2016 and this trend is projected to continue during the forecast period.
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