The India 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.
Static compression therapy uses compression garments, wraps and devices to apply direct and graduated pressure towards to venous system and lymphatic vessels. These products help in improving blood circulation and reducing leg swelling associated with chronic venous disease, post thrombotic syndrome and varicose veins. They provide relief from aching, cramping and leg tiredness caused by ineffective pumping of blood from legs back to the heart.
Market key trends:
The market is witnessing high growth owing to rising prevalence of chronic diseases such as deep vein thrombosis, lymphedema and chronic venous insufficiency in India. As per estimates, chronic venous disease affects around 2-5% of Indian population. Growing geriatric population which is more prone to such diseases, increasing healthcare expenditure and rising awareness about the effectiveness of static compression products in treatment are some key factors propelling the market growth. Moreover, advancement in compression garment designs providing better comfort and compliance along with expansion of e-commerce are also contributing to industry expansion.
Threat of new entrants: New players face high initial capital investments and established presence of existing players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes. Threat of new substitutes: Substitutes like compression pumps pose moderate threat. Competitive rivalry: Strong competitive rivalry exists among key established players.
Strengths: Established distribution network and brand loyalty. Weaknesses: High dependency on few therapeutic areas and price pressure from local players. Opportunities: Untapped rural markets and growth in vascular and orthopedic surgeries. Threats: Risk of price regulations and global economic slowdown.
The India Static Compression Therapy Market Size is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing incidence of varicose veins and diabetes in India. North India leads accounting for over 35% market share owing to increasing healthcare 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.
Regional analysis of North India is fastest growing region in India static compression therapy market. Northern states of India contribute over one-third of total market share due to growing awareness about compression therapies and lifestyle changes. Key players like 3M and BSN Medical have established their production facilities and distribution network in this region to tap the growth.
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 captured over 20% market share due to its brand presence and wide distribution network in urban India. BSN Medical and Sigvaris AG compete with 3M and hold around 15-17% market share.