by The global India Static Compression Therapy Market is estimated to be valued at US$ 181.1 Mn or Mn in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Static compression therapy involves the application of compression garments such as stockings, bandages or wraps on the limbs to improve blood circulation. These products help reduce tissue damage caused by poor circulation and swelling. The growing geriatric population in India is prone to chronic venous diseases and needs compression therapy products. Static compression therapy products provide cost-effective treatment for conditions such as varicose veins, deep vein thrombosis and leg swelling. The easy availability and increased awareness about these products among doctors and patients has fuelled market growth over the years.
Market key trends:
The India static compression therapy market is witnessing increased adoption of sophisticated garments integrated with advanced textiles. Manufacturers are focusing on lightweight, breathable fabrics that are comfortable for all-day wear. For example, 3M’s graduated compression stockings use 3D knitting technology for graduated pressure across leg sections. Sigvaris offers Ulcer Care stockings made of silk-like material that wick moisture away and do not cause skin irritation. There is also a rise in online sales of medical compression garments through e-commerce websites. This has made products more accessible to people in tier 2 and tier 3 cities. The one-stop online platform provides a convenient shopping experience and product guidance to customers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Indian static compression therapy market due to availability of low cost raw materials and labors. However, established players hold strong brand presence with wider product portfolio which create entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative treatment options. However, growing awareness is positively impacting the demand for static compression therapy in India.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major suppliers have established supply chain and supply contracts with prominent players. However, new players can easily find substitute suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as alternative treatment therapies like compression garments and wound care dressings are available in the market. However, static compression therapy is clinically proven for certain medical conditions.
Competitive rivalry: The competitive rivalry in the Indian static compression therapy market is high due to presence of established multinational players.
Key Takeaways
The Global India Static Compression Therapy Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of varicose veins, deep vein thrombosis, and lymphedema.
Regional analysis – North India region dominates the India static compression therapy market and is expected to continue its dominance over the forecast period. Growing geriatric population and increasing healthcare expenditure in the region is driving the market growth.
Key players analysis – Key players operating in the India static compression therapy market are 3M, BSN Medical, Sigvaris AG, Cardinal Health, Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
