by Static compression therapy involves the application of compressive pressure to the veins and lymphatics with the objective to improve blood circulation and edema reduction. It is commonly used to treat chronic venous insufficiency, deep vein thrombosis, lymphedema and other venous disorders. These therapies include compression stockings, bandages and wraps that provide graduated compression around the leg from the ankle to the upper thigh. The products offer different levels of graduated compression ranging from 15-30 mmHg based on the severity of the condition. They work by applying external pressure to the leg veins and lymphatics to prevent backflow of blood and lymphatic fluid accumulation while promoting antegrade flow. This helps reduce swelling and symptoms like aching, fatigue, heaviness and skin changes associated with venous disorders.
India Static Compression Therapy market is estimated to be valued at US$ 100 million in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fuelling growth of India static compression therapy market is the rising prevalence of venous diseases in the country. Venous disorders are quite common in India and affect a significant percentage of the population. For instance, chronic venous insufficiency alone affects over 42 million people in India according to estimates by the International Venous Forum. The condition is more prevalent among women than men and risk factors like obesity, prolonged standing and sedentary lifestyle have contributed significantly to the high caseload. This has increased demand for compression stockings, wraps and other venous therapies to manage associated symptoms like leg pain, swelling and skin changes.
Another significant trend is the increasing awareness about treatment and management of venous disorders. Various awareness programs by healthcare providers and patient advocacy groups have educated people on the importance of compliance to compression therapy regimes for effective disease management. This has boosted adoption of medical compression garments and accessories in India. Additionally, growing focus of government initiatives on non-communicable diseases is also drawing attention to venous illnesses, thereby driving the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in India static compression therapy market due to the presence of major players who have a strong hold on the market.
Bargaining power of buyers: The bargaining power of buyers is high since static compression therapy products and devices are homogenous in nature. Buyers can switch between brands easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several suppliers involved in providing raw materials required for manufacturing static compression therapy products.
Threat of new substitutes: The threat of new substitutes is low in India static compression therapy market as there are limited substitutes for compression therapy for treating circulatory issues and lymphedema.
Competitive rivalry: The competitive rivalry is high among existing players like 3M, BSN medical, DJO Global, medi GmbH & Co., PAUL HARTMANN AG, etc. who are focusing on expanding their product portfolio and investing in marketing.
Key Takeaways
India Static Compression Therapy Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
The western region is expected to dominate India static compression therapy market owing to higher awareness regarding compression therapy and rising prevalence of circulatory diseases and lymphedema in the region.
Key players operating in India static compression therapy market are 3M, BSN medical, DJO Global, medi GmbH & Co., PAUL HARTMANN AG. 3M is one of the leading players in compression therapy market with products like Coban 2 and Coban Lite. BSN medical offers compression therapy products under brands Jobst, Sigvaris and Delta-Cast.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
