Future Outlook of the UK Medical Compression Garments Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ UK Medical Compression Garments “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The UK Medical Compression Garments market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The UK medical compression garments market held a market value of USD 150.27 million in 2021 and is estimated to reach USD 238.66 million by the year 2030. The market is anticipated to register a CAGR of 5.5% during the forecast period. Moreover, the market volume is accounted to grow at the rate of 4.6% over the anticipated period.
The rising sports activities and the increasing inclination of people to engage in sports create substantial demand for supportive garments and medical compression garments. Moreover, the rising incidence of sports accidents and injuries fuel the demand for medical compression garments over the historic period.
The increasing number of wounds intricates the demand for compression garments in the country. For instance, according to Wounds UK, during the period 2012-13 to 2017-18, a 71% increase in the annual prevalence of wounds from 2.2 million to 3.8 million, with the largest increase related to acute wound types (80%) was observed. Thus, this boosts the market growth for medical compression garments in the UK.
On the other hand, the concern regarding skin issues, breakouts, allergies, is a restrictive factor for medical compression garments market. In addition to that, body fitting issues post usage is also hindering the market growth.
Growth Influencers:
Rise in sports activities in U.K.
The rise in sports activities aid the increased demand for medical compression and support garments. According to a survey done by Strava, the UK came out on top as the world?s most active nation, with an increase of 82% in outdoor activity, compared to a 45% increase in Germany and a 28% increase in the US in the year 2020. In the UK, 17% of the adult population is on the platform, and in total there are more than nine million UK athletes on Strava. Thus, such statistics create high demand for medical compression garments in the country.
Advancements in compression fabrication technology
The technological advancements aid the growth rate of the market by increasing demand. For instance, in July 2020, the Compression Closet, a virtual compression closet for lymphedema therapists, expanded with new products to its inventory. These products included Sigvaris CompreShort Capri, which is supportive to mild compression for truncal or abdominal Edema. The CompreShort Capri is made with a soft, breathable fabric that reduces moisture containment. Thus, the rising availability of many such advanced products aid the growth of the market.
Segments Overview:
The UK medical compression garments market is segmented into product, class, application, and end user.
By Product,
? Upper Compression Garments
? Lower Compression Garments
? Anti-embolism Stockings
? Others
The upper compression garments segment held the largest market share of more than 40% in 2021, whereas the lower compression garments is expected to be the fastest growing segment with a CAGR of 6% over the anticipated period.
By Class,
? Class 1 (14-17 mmHg)
? Class 2 (18-24 mmHg)
? Class 3 (25-35 mmHg)
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The class 1 segment is projected to hold an opportunity of more than USD 35 million during 2022 to 2030.
By Application,
? Varicose Vein
? Deep Vein Thrombosis
? Wound Care
? Burns
? Oncology
? Others
The varicose vein segment is likely to hold the highest growth rate of 6.1% owing to the rising incidence and prevalence rates of this disorder. Davies?s review from 2019 states that the trends of varicose vein case rates of 51.9 cases per 1,000 women and 39.4 cases per 1,000 men. Moreover, globally, the incidence of varicose veins varies between 10% and 60%.
In addition to that, the deep vein thrombosis segment is projected to cross USD 50 million market value by 2023.
By End User,
? Hospitals
? Clinics
? Ambulatory Surgical Centres
? Others
The hospitals segment held the largest market share of more than 40% in 2021.
Country Overview
The UK industry for medical compression garments is increasing at a steady rate owing to the rising chronic wound diseases, varicose veins incidence rates, as well as the rising sports injuries in the country. For instance, according to the statistics published by the Children’s Burns Trust, a registered charity in England and Wales, on an average, 110 children per day are seen in emergency departments with burn injuries. Moreover, the average cost to the NHS for a major burn is 1,68,155 pounds (USD 1,98,973.61). Thus, such high statistics push the market growth.
Competitive Landscape
Key players operating in the UK medical compression garments market include Bio Compression Systems, 3M Company, Cardinal Health, Eurosurgical, Essity AB, Judd Medical, LIPOELASTIC, Juzo, Medasun Medical, Sigvaris (Switzerland), Medi GmbH and Co. Kg, Smith and Nephew Plc., among others.
The major four players in the market hold more than 35% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in July 2021, Essity acquired ABIGO Medical, a Swedish medical solutions company operating in wound care.
The UK medical compression garments market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the UK medical compression garments market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various types and other components used in the manufacturing of medical compression garments
? Manufacturing Cost Analysis: Cost-share of various medical compression garments materials, cost analysis of medical compression garments materials, Unit Cost Analysis of medical compression garments materials
? Epidemiology of Deep Vein Thrombosis & VTE in UK
? Quality Standards: VTE Prevention
? Estimated Compression Garment Usage-Based on Various Factors
The UK medical compression garments market report answers questions such as:
? What is the market size and forecast of the UK medical compression garments market?
? What are the inhibiting factors and impact of COVID-19 on the UK medical compression garments market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the UK medical compression garments market?
? What is the competitive strategic window for opportunities in the UK medical compression garments market?
? What are the technology trends and regulatory frameworks in the UK medical compression garments market?
? What is the market share of the leading players in the UK medical compression garments market?
? What modes and strategic moves are considered favorable for entering the UK medical compression garments market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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