The Indian static compression therapy market is estimated to be valued at US$ 181.1 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 is a non-surgical treatment method used to treat chronic venous insufficiency, deep vein thrombosis, lymphedema, and varicose veins. Compression garments such as stockings, bandages, and wraps are used in static compression therapy to apply graduated pressure to the legs. This helps improve blood circulation and reduces swelling and discomfort. Static compression therapy products are widely used in hospitals, clinics, and for homecare as they provide effective treatment without any side effects.
Market Dynamics:
The static compression therapy market in India is expected to witness high growth over the forecast period, owing to the rising geriatric population and increasing prevalence of varicose veins. As per estimates, around 15% to 20% of adult population in India is affected by varicose veins. Moreover, according to WHO, India had over 138 million people aged 60 years or older in 2020 and this figure is expected to rise to around 323 million by 2050. The rising risk of chronic venous disorders among the geriatric population is expected to drive the demand for static compression therapy products during the forecast period. Additionally, increasing awareness about the effectiveness of static compression treatment for various chronic venous disorders is also expected to propel market growth. Changing lifestyles leading to sedentary jobs and lack of physical activity have increased the prevalence of such disorders, thus favoring market expansion.
Segment Analysis
The India static compression therapy market is dominated by compression garments sub-segment. This can be attributed to widespread availability of compression garments and increasing awareness about their use in treating venous leg ulcers, lymphedema and deep vein thrombosis by improving blood circulation. Compression garments are very effective in reducing swelling and preventing blood clots.
PEST Analysis
Political: The government’s initiatives for promotion of healthcare infrastructure and favorable reimbursement policies are encouraging growth of static compression therapy market in India.
Economic: Rising disposable incomes and growing healthcare expenditure are fueling demand for advanced treatment options like static compression therapy.
Social: Increasing incidences of obesity, diabetes and sedentary lifestyles are leading to rise in varicose veins, deep vein thrombosis and lymphedema cases, driving need for static compression therapy.
Technological: Development of innovative, skin-friendly and comfortable compression garments incorporated with advanced fabrics is assisting patients in adhering to compression therapy for longer period.
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 preference for minimally invasive treatment options among physicians and patients alike.
Regional analysis: Among regions, West India holds the major share of static compression therapy market in India currently. This can be attributed to concentration of leading healthcare facilities in states like Maharashtra and Gujarat. However, South India region is anticipated to emerge as the fastest growing market owing to rising medical tourism and spread of advanced treatment centres in cities like Bangalore and Chennai.
Key players: 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. 3M has been the market leader with wide distribution network and diversified product portfolio of medical tapes and compression garments. Sigvaris AG too has a strong presence offering wide range specialized medical compression stockings, sleeves and wraps.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
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