by The global India Static Compression Therapy Market is estimated to be valued at US$ 181.1 Mn or 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:
Medical compression devices, including compression stockings, compression bandages, and compression pumps, are commonly used to treat chronic venous diseases, lymphedema, and deep vein thrombosis. These devices provide graduated, static pressure and help reduce swelling and promote blood flow in the veins.
Market key trends:
Increasing incidence of chronic diseases like diabetes, which often results in chronic venous diseases in India, is a key factor driving growth of the static compression therapy market. It is estimated over 70 million people in India suffer from diabetes. Prolonged diabetes can damage blood vessels and nerves, reducing blood flow and increasing chances of developing leg ulcers or wounds that are difficult to heal. Static compression therapy helps improve blood circulation and wound healing for diabetic patients, thereby boosting demand. Furthermore, growing awareness about preventive compression treatments to avoid severe conditions like deep vein thrombosis is also expected to support market expansion over the forecast period.
Market key trends:
The static compression therapy market in India has been growing at a steady pace. One of the key trends driving the market is the increasing prevalence of chronic venous insufficiency (CVI) and lymphedema in India. According to a study published in Indian Journal of Surgery, the occurrence of CVI was found to be around 29% in the Indian population. Rising geriatric population which is more susceptible to such conditions is also fueling the demand for static compression therapy products in India. Introduction of innovative compression garments and socks by market players is another factor contributing to the growth of this market.
SWOT Analysis
Strength: Growing incidence of CVI and lymphedema in India is leading to increased awareness and demand for effective treatment therapies.
Weakness: High cost of advanced compression therapy products limits their adoption in tier 2 and tier 3 cities of India.
Opportunity: Launch of customized and patient-friendly compression garments can help address unmet needs and expand market reach.
Threats: Alternate therapies like manual lymphatic drainage and complex decongestive physiotherapy pose competition. Lack of reimbursement policies impedes market growth.
Key Takeaways
The India Static Compression Therapy Market Size in India was valued at US$ 181.1 Mn in 2023. Driven by the aging population and increasing lifestyle diseases, the market is projected to reach US$ 316.1 Mn by 2030, expanding at a CAGR of 7.4% during the forecast period.
Regional analysis: The western region of India currently dominates the static compression therapy market with the highest number of lymphedema and DVT cases reported. However, northern and southern regions are expected to witness faster growth owing to growing medical infrastructure and availability of innovative products.
Key players: Major players operating in the India static compression therapy market include 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 established brands have a well-entrenched presence across the country.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
