July 19, 2024
India Static Compression Therapy Market

Rising Healthcare Expenditure to Boost Growth of the India Static Compression Therapy Market

The global India Static Compression Therapy Market is estimated to be valued at US$ 181.1 Mn in 2023 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 is used to treat chronic venous disease, deep vein thrombosis, and lymphedema. The major products in the market are compression garments, compression braces, compression pumps, and compression tapes. These products provide balanced compression and help circulatory and lymphatic system function better. Compression garments are continuously worn daily to compress the limbs such as legs and arms. They help relieve symptoms, prevent recurrence and progression of venous disorders and lymphedema. Compression braces are medical devices used to support and provide mild compression to injured limbs. Compression pumps intermittently inflate and deflate to provide sequential compression from bottom to top of the limb, imitating muscle pump function. This helps drive blood and lymph circulation.

Market key trends:

One of the key trends in the India static compression therapy market is growing popularity of customizable compression garments. Manufacturers are offering a wide range of compression levels and styles as per the requirements of the patients. Digitally printed compression garments that can be customized as per the dimensions of the patient’s limb are gaining traction. These garments improve compliance and provide proper fit for effective therapy. Furthermore, introduction of bio-based fabrics for compression garments is also a notable trend. For example, Actiloha is a natural fiber made from algal sugars that provides breathability and moisture-wicking properties for enhanced comfort in compression therapy.

Porter’s Analysis

Threat of new entrants: The threat is moderate as the industry requires high initial investments and there are regulatory compliances. However, the market is expanding at a rapid pace.

Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing substitutes. Buyers can negotiate on price and demand high quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are commoditized. However, large buyers can impact profit margins of suppliers.

Threat of new substitutes: The threat is moderate as new alternative therapies are emerging but static compression therapy is well established for certain indications.

Competitive rivalry: Intense as the key players aggressively compete on the basis of product differentiation, quality and price.

Key Takeaways

The India Static Compression Therapy Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing incidence of chronic diseases and rising sports and accident-related injuries.

India dominates the South Asia static compression therapy market due to large population base and improving healthcare infrastructure. Northern region is the fastest growing market due to increasing awareness.

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. These players compete on the basis of product differentiation relying on technology and design.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it