India Static Compression Therapy Market to reach US$ 241.8 million by 2027 | CAGR: 7.4%: Coherent Market Insights
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Static compression therapy products are highly effective in treating spider veins and varicose veins. The adoption of compression bandages is higher compared to compression socks and stockings due to low cost of the former. Socks used in static compression therapy are effective for leg pain in diabetic patients. Stockings are effective in the treatment of spider veins and varicose veins.
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In 2019, the India static compression therapy market was valued at US$ 138.6 million and is expected to reach US$ 241.8 million by 2027.
India Static Compression Therapy Market: Drivers
Growth of the India static compression therapy market during the forecast period (2019 – 2027) is expected to be driven by the increasing prevalence of venous ulcers and other vein diseases. According to a study titled ‘Estimation of Prevalence of Varicose Veins Formation and Associated Risks in North Indian Population’ which was published in 2019 in Research & Reviews: A Journal of Health Professions, the prevalence of varicosities formation was high among the Northern Indian population with around one-third of women (in the study group) and one-fifth of men found affected by this disorder.
India Static Compression Therapy Market: Opportunities
It is difficult to use compression stockings for older debilitated patients with comorbidities, which is likely to create opportunities for key market players to focus on developing products for the geriatric age group.
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India Static Compression Therapy Market: Restraints
Availability of alternatives is expected to hamper the India static compression therapy market growth. Dynamic compression therapy is a substitute for static compression therapy. Furthermore, the increasing use of compression devices is expected to hamper demand for stockings and bandages.
Key Takeaways:
Based on the product type, the compression bandages segment was estimated to account for US$ 78.3 million in terms of value in 2018. Moreover, the segment is expected to witness a CAGR of 7.4% during the forecast period and is expected to reach US$ 148.4 million by 2027. The compression bandages provide compression to the injured blood vessels by facilitating the formation of a blood clot, thereby treating hemorrhage or rapid blood loss. Compression bandages are highly suited for stabilizing wounds on limbs. The bandages also have application in the treatment of venomous snake bites to avoid the progression of venom in the bloodstream. Pressure bandages are ideal emergency tools for severe injuries such as accidents and sports injuries.
In 2018, the retail pharmacies segment dominated the India static compression therapy market, accounting for 63.6% of market share in terms of value, followed by the online pharmacies segment. There are many retail pharmacies in the country that provide new products easily in the market. Moreover, the growth of the segment during the forecast period is expected to be driven by the increasing spending capacity of the population.
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Market Trends
Key players are focused on technological innovations to enhance their market share. For example, Sigvaris AG offers the Sizing App for smartphone which helps the user to find the suitable compression stockings and provides size recommendations and product suggestions.
The increasing use of static compression therapy in gyms helps to increase blood flow to specific parts of the body, providing more oxygen and nutrients to those areas for a speedy recovery, relieving pain, and improves performance during various gym activities.
India Static Compression Therapy Market: Competitive Landscape
Major players operating in the India static compression therapy market are 3M, BSN Medical, Sigvaris AG, and Vissco Healthcare.
India Static Compression Therapy Market: Key Developments
Key players are engaged in launching new products to expand their product portfolio. For example, in May 2018, Sigvaris AG launched DELILAH, a support stockings in the fine-structured 140D FLAT.
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Segmentation
- By Product Type
- Compression Bandages
- Compression Garments
- Upper Garments
- Lower Garments
- Compression Stockings
- Diabetic Socks
- By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
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