In a remarkable stride towards growth, the India Static Compression Therapy Industry is on the verge of significant expansion, with industry projections forecasting a valuation of US$ 112.0 million by the close of 2016. This surge is underpinned by a robust compound annual growth rate (CAGR) of 7.2%, fueled by escalating demand for compression garments and bandages, particularly driven by a burgeoning diabetic and geriatric population.
Static compression therapy stands as a non-invasive treatment methodology utilizing elastic bandages or garments to apply targeted pressure to affected areas. Its prevalence in addressing various health conditions, including venous diseases like varicose veins and deep vein thrombosis, as well as lymphedema, highlights its versatility in the medical landscape.
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Strong demand from diabetics and the geriatric population will continue to drive the growth of the India Static Compression Therapy Industry in 2016. Demand will also grow on account of the rising incidence of venous ulcers and other vein diseases. Compression bandages will continue to outsell compression garments, with the former accounting for a revenue share of over 60% in 2015. Overall, the India Static Compression Therapy Industry is anticipated to rake in US$ 112 Mn in revenues in 2016.
Retail pharmacies will remain the dominant distribution channel, accounting for over 62% revenue share of the market in 2016. Valued at US$ 63 Mn in 2015, the retail pharmacies distribution channel will grow at 7.4% in terms of revenues to reach US$ 67.6 Mn in revenues in 2016.
Sales of compression therapy products and services are also growing through online channels. Online pharmacies are leveraging on offering doorstep delivery and competitive pricing to appeal to end-users. Sales through online pharmacies totaled US$ 39.9 Mn in 2015, and are expected to grow at 5.5% in 2016 to reach US$ 42.11 Mn.
Several players are anticipated to enter the Indian Static Compression Therapy Industry, considering the steady growth that the market is currently experiencing. 3M Co., BSN Medical, Sigvaris AG, and Vissco Healthcare are some of the leading players in the India Static Compression Therapy Industry.
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The key players in the Indian Static Compression Therapy Industry market are focusing on establishing distribution channels and creating awareness about the benefits of compression stocks among patients. Coban 2 Lite Compression Systems, Jobst, and Vissco Platinum are some of the well-known static compression therapy products available in the market.
Long-term Outlook: The long-term outlook on the India Static Compression Therapy Industry is positive, with total revenues expected to increase at a CAGR of 7.2% during the forecast period 2015-2025.
Key Segments Covered
By Product Type
- Compression Bandages
- Compression Garments
- Upper Garments
- Lower Garments
By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
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Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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