The global compression garments market size to reach USD 4 billion by 2025, growing at a CAGR of 5% during the forecast period. The global compression garments market landscape is majorly driven by increased application in healthcare and sports end-users and the popularity of slimming practices among male and female consumers. The growth in per capita disposable income has increased discretionary spending, which bodes well for the manufacturers. An increase in disposable income and discretionary spending allow vendors to maintain their price points of compression garments and increase the probability of repeat purchases. The global demand for premium products influences the emergence of new production facilities in Asian countries, mainly in China, Vietnam, Thailand, Bangladesh, and India. It offers compression garments at lower prices than those in global markets.
The consumer market has taken a major hit since the outbreak of the COVID-19. The demand for luxurious and non-essential products declined considerably in Q1 2020. The demand for compression garments was hit largely due to the halt of non-essential travel, surgeries, overburdened healthcare institutions, and the general marketplace. Several countries imposed lockdowns with the consumer side portraying a decline in demand for new compression garments, especially for sports and slimwear applications. However, as of H2 2020, several economies have started to open markets and remove domestic and international travel; the demand is expected to come back to the pre-COVID trajectory slowly.
- The female segment is likely to reach revenue figures of over $2.1 billion by 2025 due to the increased use of female consumers garments in slimwear, post-operational, and therapeutic applications.
- The healthcare segment is expected to observe the highest incremental growth by 2025 on the increased prevalence of several acute and chronic diseases and the growing elderly population.
- The legs segment is projected to grow at the highest CAGR during 2019–2025 because of the high adoption of pneumatic compression garments.
- The pharmacy and offline retail segments are expected to grow at a CAGR of 5% during the period 2019–2025 due to the increased preference of professional sportspeople, athletes, and astronauts for retail outlets.
GLOBAL COMPRESSION GARMENTS MARKET SEGMENTATION
This research report includes a detailed segmentation of the following segments:
- Distribution Channel
- Compression Delivery
INSIGHTS BY GENDER
The adoption of sports and pneumatic compression devices in non-hospital settings is higher among males than females. This can be attributed to the general statistical and demographical factor that a higher number of men engaged in sports and fitness, public and private services, and non-female specialty hospitals and clinics. Europe leads the male segment with a revenue share of 34%, which is closely followed by North America, with a revenue share of 29%.
The female compression garments market is expected to reach over $2.1 billion by 2025. The acceptance of compression garments among female customers is driven primarily by healthcare, therapeutic, post-operative, slimming, and sports applications. The high revenue potential for female consumers lies in slimwear and post-op and therapeutic applications. This traction can be attributed to an increase in awareness regarding compression garments and easy availability.
INSIGHTS BY APPLICATION
The demand for compression garments among professional athletes has always been high, and the segment is one of the key drivers for the global compression garments market. Athletes and professionals in the sports and fitness segment account for recurring revenue opportunities. The growth in the health-conscious population is prompting individuals to join fitness clubs. Therefore, the growing market for fitness clubs is expected to drive the growth of the market.
The incidence of several chronic and acute wounds, including surgical wounds, is rising at a steady rate. Around 2% of the population in developed countries suffer from several chronic wounds. In the US alone, about 10–35% of the population suffers from chronic venous issues, with approximately 4% of the cases having active ulcers. Also, the prevalence of foot ulcers is approximately 4–10% annually, and the risk of development of such foot ulcers in the diabetic patient population is estimated to be between 15% and 25%. Therefore, the increasing demand for advanced and traditional wound care products is growing, thereby presenting growth opportunities for compression garments.
The slimwear segment is expected to grow at the highest CAGR during the period 2019–2025. The growing number of metabolic intervention and aesthetic plastic surgery procedures increases as people are keenly focusing on improving appearance. Hence, the increase in the number of aesthetic plastic surgeries for opportunities for compression garments in slimwear applications. Also, an increasing number of male and female consumers are buying slimming suits to wear them for special occasions, which is likely to increase revenue opportunities.
INSIGHTS BY TYPE
The abdomen and torso segment led the market with a revenue share of over 32% in 2019. Abdomen and torso compression garments have applications in sports, healthcare, and body slimming. One of the most common applications is in post-partum and post-aesthetic surgeries, which help enhance the body's appearance. The legs type segment accounted for the second-highest revenue share of 28% in 2019. Leg type compression garments are expected to grow at a CAGR of over 5%. As there is an increase in the number of childbirths, especially in developing countries, there is an increasing focus on post-delivery recoveries, increasing demand for compression garments. The increased availability of high-quality compression garments is expected to increase revenue prospects for the abdomen and torso segment.
The increased application of leg type compression garments by sports and healthcare segments, which account for key end-users, is expected to influence the segment's growth. They aid in the circulation of venous blood flow both to the heart and limbs, help in pain management, enhance athletics' performance, and help in recovering from lymphedema, fatigue, ulcers, and wound healing. Hence, the segment is likely to contribute significantly to the market growth.
INSIGHTS BY DISTRIBUTION CHANNEL
The pharmacy & offline retail compression garments segment is expected to reach over $2 billion by 2025. Europe led the market in 2019. However, APAC is expected to grow at the fastest CAGR by 2025. Pharmacy stores have a high share of post-operational, injury recovery, and therapeutic garments, whereas offline stores have a high share of slimming suits. Healthcare centers are the preferred choice for healthcare-related medical compression garments, pharmacy, and offline retail outlets to repeat purchases. Professional sportspeople, athletes, and astronauts are the major end-users of pharmacy and offline retail outlets.
INSIGHTS BY COMPRESSION DELIVERY
The elastic segment account for the largest revenue shares in 2019. The major key reasons for the high revenue share and sale of elastic compression garments are easy availability and lower price range. Another key use of elastic compression garments, underpinning their higher adoption is injury prevention, pain management, and post-op recovery phases.
INSIGHTS BY GEOGRAPHY
The Europe compression garments market is expected to reach $1.1 billion during the forecast period. The demand and sales of compression garments are likely to increase on account of a large patient pool with surgeries, wounds, pregnancies, sports injuries, and the aging population's presence along with the emergence of a large consumer base with diabetes, obesity, and lymphedema. The market in Europe is competitive and almost saturated. Declining birth and fertility rates and negligible product innovations can make the market competitive for abdominal binders and face, arm, and shoulders. However, the increasing awareness of these garments among women and the booming healthcare and general wellbeing specialty pharmacy stores are expected to drive the market. The UK, France, Germany, Italy, and Spain are the major countries for compression garments in the region.
INSIGHTS BY VENDORS
The global compression garments market is witnessing consolidation, with several vendors focusing on domestic brands' acquisition to strengthen the product portfolio. With the help of acquisitions, vendors are also trying to reduce market competition. The emergence of independent brands with different product portfolios rather than traditional ones have garnered global players' attention, thereby triggering acquisitions. The market is highly competitive, with most players competing to gain a greater market share. The competition has intensified with several vendors selling the same products with limited product differentiation at the regional level.
The global compression garments market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Gender
- Abdomen and Torso
- Joint Support
- Face, arms, and shoulder
By Distribution Channel
- Pharmacy and Offline Retail
- Healthcare Centers
By Compression Delivery
- North America
- South Korea
- Latin America
- Middle East & Africa