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UK Medical Compression Garments Market Maximizing the ROI of Market Research Strategies for Data-Driven Decision Making | Medi GmbH and Co. Kg, Smith and Nephew Plc

UK Medical Compression Garments Market Maximizing the ROI of Market Research Strategies for Data-Driven Decision Making | Medi GmbH and Co. Kg, Smith and Nephew Plc

Report Ocean has published a new report on the UK Medical Compression Garments Market in diverse regions to produce a report with more than 250+ pages. 

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.

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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 worlds 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.

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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)

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

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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. Daviess 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.

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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

Continue……..

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

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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

Key Metrics Explored in Report Ocean Research Service:

Market Size: Quantifying the total value or volume of the market to provide a comprehensive understanding of its scale and potential.

Market Growth Rate: Measuring the rate at which the market is growing over specific periods to assess attractiveness and potential for investment.

Market Share: Analyzing the portion or percentage of the market captured by specific companies or products, providing insights into competitive positions.

Customer Satisfaction: Assessing levels of satisfaction or dissatisfaction among customers with a focus on products, services, or brands. This aids in gauging customer loyalty and identifying areas for improvement.

Pricing Analysis: Examining pricing strategies, including average prices, price differentials, and price elasticity, to understand market dynamics.

Market Segmentation: Dividing the market into distinct segments based on demographics, geography, behavior, or psychographics to understand varying needs and preferences.

Customer Acquisition Cost (CAC): Calculating the cost of acquiring a new customer to evaluate the efficiency of marketing and sales efforts.

Customer Lifetime Value (CLV): Measuring the total value a customer generates over their entire relationship with a company to assess long-term profitability.

Return on Investment (ROI): Evaluating the profitability and effectiveness of investments or marketing campaigns by measuring returns relative to costs.

Competitive Analysis: Assessing the performance and strategies of competitors, including market share, revenue growth, product portfolio, and customer satisfaction.

Key Performance Indicators (KPIs): Utilizing specific metrics to measure business or organizational performance, such as sales growth, market penetration, customer retention rate, and profitability.

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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