India’s static compression therapy market is on a steady growth trajectory, estimated to reach a value of USD 112.0 million by the end of 2016. With a projected compound annual growth rate (CAGR) of 7.2% in the coming years, the market is driven by rising demand for compression garments and bandages, particularly among diabetic and elderly populations who require solutions for managing conditions such as foot ulcers, varicose veins, and spider veins.
Static compression therapy applies targeted pressure to body parts, reducing swelling and enhancing blood flow, offering relief to patients with circulatory and venous issues. This therapy is gaining traction in India due to growing healthcare expenditure and improvements in the distribution channels of static compression therapy products. As demand rises, new companies are entering the market, leveraging technological advancements to offer high-quality compression garments and bandages.
Drivers and Trends
Increasing diabetic population in India is expected to create increasing demand for compression stockings and diabetic socks. Around 5.4% of the total world population is expected to be diabetic by 2025. By 2030, 80 Mn people are expected to suffer from diabetes, creating significant opportunity for the static compression therapy market. Indian healthcare spending is increasing rapidly and the healthcare industry in the country is expected to reach US$ 280 Bn by 2020. This is in turn expected to boost growth of the static compression therapy market in India over the forecast period.
Favourable government schemes such as Jan Aushadhi Scheme, which is focused on reducing prices, and providing quality medicines to poorer masses in the country, and is expected to boost demand for static compression therapy products. Also, geriatric population in India is expected to reach 198 Mn by 2030. Growing geriatric population is expected to drive growth of the static compression therapy market as almost 70% of pressure ulcers occur among this age group.
Currently, in India, the use of compression bandages is higher than that of compression stockings, mainly because compression bandages are relatively cheaper. However, ease of wearing compression stockings is one of the major factors expected to lead to increasing shift in preference for compression stockings and diabetic socks over compression bandages over the forecast period.
Competitive Landscape
Key market participants covered in the report include 3M Co., BSN Medical., Sigvaris AG and Vissco Healthcare. The primary focus of these companies is towards establishing distribution channel and creating awareness about benefits of static compression therapy in India. The report covers several important developments in these companies as well as their SWOT analysis.
A Detailed Full Report
Key Segments Covered
By Product Type:
- Compression Bandages
- Compression Garments
- Upper Garments
- Lower Garments
By Distribution Channel:
- Retail Pharmacies
- Online Pharmacies
Author By:
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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